Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2010drilling scheduled▲ GoodMajor
Oil Basins conditionally commits to drill Backreef-1 to 1,600m, signs a letter of intent for Hunt Energy Rig 3, and lodges its drilling approval application. Spud is targeted for early October; dry-hole cost about $1.9m, conditional on the rights issue raising $5.262m.
8 July 2010resource reserve update▲ GoodMajor
A second independent report estimates in-situ coal of 50.6 to 118.2 billion tonnes and gross prospective coal seam gas of 4.3 to 10.0 TCF (mean 6.8). It also estimates unrisked shale gas in place of 106.5 to 527.5 TCF (mean 263.8). Prospective only, with no gas proven.
1 June 2010resource reserve update▲ GoodMajor
An independent coal report finds the Permian Lightjack Formation coal is deep enough for coal seam gas across all of the 50% 5/07-8 EP permit, best near Booran-1 by Derby. Oil Basins' acreage is assessed at up to 2 billion tonnes of potential coal. Desktop study only; Backreef-1 would test coal at a suboptimal 150 m.
4 May 2010farm in farm out agreement● Neutral
Oil Basins, appointed by the Vic/P41 joint venture to manage the farm-out, publishes a permit summary seeking farminees. All partners (Bass Strait Oil 45%, Moby 30%, Strategic 25%, Oil Basins 12.5% rights) want to sell down to fund drilling. No deal yet.
17 Aug 2009farm in farm out agreement▲ GoodMajor
Oil Basins signs conditional heads of agreement with Backreef Oil. Subsidiary Canning Basin Oil could earn 25% of Backreef and 25% of DR9 by funding Backreef-1 ($3.0m minimum) and Emika-1 ($6.0m), potentially lifting Oil Basins' stakes to 90% and 53%. It depends on funding and a rig; lapses 31 Dec 2009.
18 Feb 2009resource reserve update▲ GoodMajor
An independent geologist's report assesses the Backreef Prospect at a median 270 MMbbl of oil (or 500 Bcf of gas) and also covers Emika in DR9. These are prospective, undrilled estimates, not discoveries. Oil Basins says its Backreef interest was registered in January 2009 and it is now ready to seek a farmout.
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.
2 Apr 2007farm in farm out completion▲ GoodMajor
Oil Basins exercises its option for a further 15% of Blina Back Reef, lifting its rights to 50%. Terratek holds 30% and Backreef Oil 20% as operator. This follows the option extended in December 2006 for a $450,000 drilling contribution.
2 Apr 2007farm in farm out agreement▲ GoodMajor
Oil Basins signs a conditional farm-in to Canning Basin drilling reservation DR 1/06-7: it funds 33% of the Selene-1 well (capped at $2.0m) for a 20% interest. A well may be drilled in late 2007 once native title and approvals are finalised. A new Canning asset.
23 Jan 2007farm in farm out completion▲ GoodMajor
Oil Basins formally executes a deed assigning it 35% of Blina Back Reef (subject to regulatory approvals), with an option to take a further 15% for $450,000 by 31 March 2007. This completes the October 2006 farm-in and could lift its stake to 50%.
21 Dec 2006farm in farm out agreement● Neutral
Oil Basins extends its option on a further 15% of the Canning Basin Blina Back Reef area to 31 March 2007; the initial option and extension cost $15,000 in total. It notes Arc Energy's planned $2.8m purchase of operator Terratek, which is conditional.
16 Oct 2006farm in farm out agreement▲ GoodMajor
The 35% Canning Basin Blina Back Reef farm-in is now formally executed, at a net cost of about $1.05m. Oil Basins also gets an option on a further 15% for $450,000, open to 31 December 2006 and extendable to March 2007. A well is likely in Q2 2007.
23 Aug 2006farm in farm out agreement▲ GoodMajor
Oil Basins signs formal farm-ins for 7.5% (Eagle Bay, promote capped at $2,437,500) and 5% (Moby, capped at $1.65m) of Vic/P41, a total of 12.5%. All pre-emptive rights are waived. It pays $500,000 and $333,333 non-refundable down-payments. It only observes JV votes until the caps are paid.
22 Aug 2006farm in farm out agreement● Neutral
Moby confirms the formal 5% Vic/P41 farm-in with Oil Basins: it funds 12.5% of the next well, with promote capped at $1.65m. Moby's stake falls from 30% to 25% once complete, subject to consents.
11 May 2006farm in farm out agreement● Neutral
Vic/P41 partner Moby Oil & Gas says it has granted Saxon an option to earn a 5% interest in Vic/P41. Exercise costs $333,333 by 31 July 2006, plus funding 12.5% of the next well, with promote costs capped at $1.65m.
