Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2008other▼ BadMajor
Oil Basins sues Arc Energy in the WA Supreme Court, alleging Arc misused confidential Canning Basin information when it bought Terratek in 2006. It seeks transfer of Terratek and permits L6, EP129 and others, or damages. This puts the Blina partner relationship in dispute.
30 July 2008quarterly activities report● Neutral
June 2008 quarterly: Vic/P41 seismic finished, an application was made for 17% of Gippsland block V07-3, and Oil Basins is seeking to sell part of its Blina Back Reef interest. Cyrano interest rose to 25%. No new drilling result.
11 July 2008asset acquisition disposition● NeutralMajor
Oil Basins agrees to buy a further 10% of the undeveloped Cyrano oil field (R3) from a Norwest subsidiary for $26,667 plus 333,333 shares (about $60,000), lifting its stake to 25% once approvals are met. Operator Tap Oil does not plan development.
3 July 2008joint venture update▲ Good
Oil Basins agrees drilling protocols with Arc Energy's subsidiary, the permit holder of L6, for the Backreef-1 well, which the operator plans to 1,600m depth. This clears a procedural step toward drilling; no spud date is given in the text shown.
17 June 2008drilling scheduled● NeutralMajor
Remapping turns the Selene prospect in DR9 (Oil Basins 20%) into the deeper Emika prospect, with a 2,400m target. Emika-1 is budgeted at $2.7m, with Oil Basins' share about $800,000. It could be drilled in Q3 or Q4 2008 if a rig is secured.
16 June 2008asset acquisition disposition▲ GoodMajor
Oil Basins agrees to buy a 15% interest in the undeveloped Cyrano oil field (Retention Licence R3, Carnarvon Basin) from Black Rock Oil & Gas for $40,000 plus 500,000 shares, about $95,000 in total. Net recoverable is about 150,000 barrels. This is a new asset beyond the Canning and Gippsland basins.
4 June 2008joint venture update▲ Good
Operator says the Vic/P41 survey finished, recording 295 km and meeting the Year 3 work commitment early. Data processing will take several months. Drilling the 3D-defined prospects still depends on a rig, possibly late 2009, and on farmouts.
2 June 2008joint venture update● Neutral
Operator Bass Strait Oil says the 250 km 2D seismic survey in the east of Vic/P41 began 1 June 2008. This is the survey Oil Basins' partners brought forward. A rig slot is not expected before late 2009.
26 May 2008investor presentation● Neutral
Investor presentation seeking farminees for Blina Back Reef. It shows cash of $0.60m, 33.884m shares at 10c and a market capitalisation of about $2.5m (basic), down from $0.905m cash at September 2007.
7 May 2008investor presentation● Neutral
Media presentation on the Backreef prospect, a large stratigraphic trap in the Clanmeyer Formation. It restates the March work and 50% interest; no new result or deal.
28 Apr 2008quarterly activities report● Neutral
March 2008 quarterly: reprocessing found two Blina Back Reef traps, and Backreef-1 is now expected in July 2008, later than the first-half target. Vic/P41 exclusivity ended, but Oil Basins reports unsolicited approaches after APPEA. The 250 km seismic survey is expected in May or June.
4 Apr 2008investor presentation● Neutral
Deal Day presentation for the Blina Back Reef farm-out, showing prospective recoverable resources up to 270 million barrels (undrilled) and a proposed 1,800m well. It repeats the 27 March material and adds farmout terms; no new result.
1 Apr 2008joint venture update▼ BadMajor
Oil Basins says it is 'deal ready' for the Blina farm-out. The Selene-1 (DR9, 20%) farm-in option is extended to the earlier of 60 days after heritage approval or 31 March 2009. The Vic/P41 third-party exclusivity agreement ended with no terms agreed.
27 Mar 2008investor presentation● Neutral
Detailed Canning Basin presentation on the Blina Back Reef play, in which Oil Basins holds rights to 50%, ahead of offering a portion to farminees at the 6 April deal day. It restates the Backreef-1 prospect and prior seismic work; no new result.
12 Mar 2008investor presentation● Neutral
Chairman Kim McGrath is to present a paper titled 'Emerging opportunities in a rapidly evolving upstream sector' at the Victoria Power & Gas Conference on 12 to 14 March 2008. The announcement is a cover note pointing to the website; it contains no new company information.
6 Mar 2008regulatory community update● Neutral
Oil Basins releases an article on a 'new play' in Blina Back Reef after reprocessing two old seismic lines showed a bright spot. It offers 5%, 10% or 15% stakes to farm-in partners ahead of drilling Backreef-1, which is likely by the end of the first half of 2008.
3 Mar 2008half year report● Neutral
Half-year report to 31 December 2007 shows a net loss of $171,366 (prior year $191,687). It repeats the strategy of farmouts, swaps and cash trades across its 8 drill-ready prospects, and adds 50% of the new L07-1 application to its Canning Basin interests.
24 Jan 2008quarterly activities report▼ BadMajor
December 2007 quarterly: Vic/P41's operator failed to attract any farm-in partner by late October, and a rig may not be available until 2009. Oil Basins funded its own peer review and signed an exclusive agreement with a third party over part of its rights. Backreef-1 farm-out is aimed at first half 2008.
19 Dec 2007asset acquisition disposition▲ GoodMajor
Oil Basins and Backreef Oil are notified they were successful in applying for Canning Basin permit area L07-1, about 5,062 sq km, to be held 50/50. Native title negotiations come first, with no significant spending until approvals are in place.
7 Nov 2007investor presentation● Neutral
AGM presentation restates the portfolio and strategy of monetising assets through farmouts. It shows cash of $0.905m at end September 2007 and a $3.75m market capitalisation at 11c. It also notes the Backreef-1 prospect is under technical review by the operator.
30 Oct 2007agm notice● Neutral
A shareholder plans to amend AGM resolution 5 (7 November 2007) so approval covers issuing up to 15,000,000 shares within three months of the meeting. The board says it is substantially the same and supports it.
27 Sept 2007annual report● Neutral
Annual report for the year to 30 June 2007 says the company consolidated its tenure in the Canning and Gippsland Basins and aims to be 'deal ready' for farmouts. It notes the $2.528m 2006 raising was the only one in the year, and that several other farm-in opportunities were declined.
12 Sept 2007capital raising announcement▼ BadMajor
The Backreef Resources IPO closing date is extended to 10 October 2007, with ASX quotation now expected 25 October. Oil Basins says the Selene-1 and Backreef-1 wells, planned for Q4 2007, now depend on that listing, as no suitable Canning Basin rig is available.
3 Sept 2007investor presentation● Neutral
September 2007 presentation restates the strategy and portfolio. It shows cash of $0.91m, market capitalisation of $3.75m at 11c, and 33.884m shares with 67.154m fully diluted. Nothing new beyond known facts.
1 Aug 2007capital raising announcement● Neutral
Backreef Resources, the Canning Basin partner, lodges a prospectus to raise up to $8.0m at 20c a share (minimum $6.0m), with listing expected 27 September 2007. Oil Basins shareholders get priority on up to 5m shares. This is not an Oil Basins raising; Oil Basins does not endorse the prospectus.
31 July 2007quarterly activities report● Neutral
June 2007 quarterly: the Vic/P41 operator's AVO seismic work leaves 6 drill-ready prospects, net 95.9 MMBOE to Oil Basins (prospective, undrilled). Blina Back Reef dealings for 35% are registered, giving rights to 50%. Selene-1 (20%) is targeted for possible drilling in the fourth quarter of 2007.
29 June 2007joint venture update● NeutralMajor
Operator Backreef Oil has been granted 100% of drilling reservation DR9 (formerly 1/06-7), where Oil Basins can earn 20%. Selene-1 may be drilled in late 2007 after heritage approval. Oil Basins now plans to sell part of its Blina Back Reef rights to third parties.
28 June 2007investor presentation● Neutral
June 2007 presentation restates the portfolio: 12.5% of Vic/P41, 50% of Blina Back Reef and 20% of Selene, and says eight prospects are drill-ready and available for farm-out. Nothing new beyond known facts.
7 June 2007joint venture update● Neutral
Western Australia approves the Blina Back Reef dealings, giving Oil Basins legal rights to 35% and the right to reach 50%. It splits 35% of that into three subsidiaries holding 5%, 10% and 15%, to make farm-in easier, and invites farm-in partners.
31 May 2007other● Neutral
Notice that 750,000 shares and 16,000,000 options are released from escrow on 13 June 2007. Administrative, though the option release is a large share of the 22m escrowed options.
