3 Apr 2018investor presentation● Neutral
Hong Kong investor presentation repeating the east coast gas shortfall pitch and the 100% owned Vic/P47 with 1.8 Tcf gas-in-place. Lists 865m shares, share price $0.004 and market cap $3.5m. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2018resource reserve update▲ GoodMajor
Petrophysical review of the Judith-1 well finds four gas reservoirs with 162m net gas pay, porosity 13-14.9%. Comparison with Longtom field suggests commercial potential, with better reservoir expected up-dip. No new volume estimate; the 1.8 Tcf is unchanged.
15 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss $761,287 (prior year $1,299,220). Net assets rose to $3,952,513 and working capital turned positive at $747,454 after the $1,554,154 rights issue. Also notes 60m shares issued to directors in lieu of fees.
22 Feb 2018regulatory community update▲ GoodMajor
Vic/P47 five-year renewal granted; EMP keeps 100% of the permit. This resolves the pending Commonwealth approval. Work program requires an exploration well in Judith North by February 2021. Gas-in-place stays at 1.8 Tcf (1.17 Tcf recoverable).
20 Feb 2018other● Neutral
Unmarketable parcel facility completed: 18.9m shares sold on market, cutting holders by 1,238 to 569. Shares on issue now 865.9m, which differs from the 805.9m after the rights issue (the text does not explain the gap).
7 Feb 2018regulatory community update▲ Good
Vic/P47 five-year renewal has cleared the Victorian Minister (17 January 2018) and awaits final approval from the Commonwealth Minister. Company is approaching reservoir engineers and plans a resource certifier. Backreef rehabilitation in July 2018 is contracted within budget.
5 Jan 2018other● Neutral
Company starts a sale facility for shareholders holding under $500 of shares (166,666 or fewer at $0.003). About 1,732 of roughly 2,000 holders qualify, together about 3.09% of shares. Aims to cut the cost of servicing small holdings.
8 Dec 2017other● Neutral
Company released its top 20 shareholders, citing heightened interest in the energy sector. Outlook: revise the Judith resource statement, cost a Judith well and seek partners, aiming to spud in 2020. Restates earlier plans.
6 Dec 2017security holder rights change● Neutral
Following the rights issue, exercise price of the 6.7m unlisted options expiring 17 November 2018 adjusts from $0.04658 to $0.046 on 14 December 2017. Minor technical adjustment.
29 Nov 2017investor presentation● Neutral
London investor presentation pitching the east coast gas shortfall and the 100% owned Vic/P47 permit with its 1.8 Tcf gas-in-place estimate. Lists scoping studies as commenced and market cap of about $2.6m. No new results.
24 Nov 2017other● Neutral
Following shareholder approval at the 21 November AGM, the company is now Emperor Energy Limited and its ASX code changes from OBL to EMP, effective immediately.
21 Nov 2017investor presentation● Neutral
AGM presentation covering the nine resolutions, including re-electing Hovanessian and the name change, plus a Vic/P47 update restating the 1.8 Tcf unrisked gas-in-place estimate. No new information.
14 Nov 2017regulatory community update● Neutral
Environmental inspection of the Backreef well with the WA regulator raised no significant new issues. OBL will amend its plan to add plugging and abandonment, planned for July 2018, after which Backreef costs should be negligible. This replaces the earlier hope of a farmout with abandonment.
14 Nov 2017other▲ Good
Court summarily dismissed former director Neil Doyle's $519,655 claim, finding his December 2016 settlement deed fully bars it. OBL will seek costs. Resolves the Doyle thread opened in October.
10 Nov 2017capital raising announcement▲ GoodMajor
Rights issue completed, raising $1,554,154 before costs through 518.05m new shares at $0.003 plus 518.05m attaching options. Shares on issue rise from 287.8m to 805.9m. Resolves the raise that was delayed twice; the full amount was raised including the underwritten shortfall.
What it means for a shareholder
518m new shares at A$0.003 to raise about A$1.6m. That's 39% dilution: every existing holder's slice gets 39% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0414% to 0.0252% of the company. To keep it you'd need 214,285 more shares - about A$643 at the issue price.
Create a free account to see this worked out for your own holding.
7 Nov 2017capital raising announcement● Neutral
Rights issue closed with applications for 341.3m of the 518.1m new shares, about $1.02m. The remaining 176.7m shares are a shortfall for underwriter Patersons to place. Shares expected to be issued 9 November.
20 Oct 2017capital raising announcement▼ Bad
A second supplementary prospectus extends the rights issue closing date again, from 27 October to 2 November 2017, so the company can attend the 30 October Doyle dismissal hearing. Second delay to the raise.
19 Oct 2017other● Neutral
OBL obtained an expedited court hearing for its summary dismissal application against Doyle, set for 30 October 2017. It will seek costs if successful.
18 Oct 2017capital raising announcement● Neutral
A supplementary prospectus extends the rights issue closing date from 20 to 27 October 2017, on lawyers' advice to deal with the Doyle claim and give investors time to assess it. Restates the 1.8 Tcf Vic/P47 estimate.
17 Oct 2017other▲ Good
OBL says Queens Counsel advice is that Doyle's claim is very likely to fail because he signed a release. It has filed a defence and applied for summary dismissal and costs, requesting an urgent hearing.
11 Oct 2017other▼ BadMajor
Former director Neil Doyle has sued for $519,655 in unpaid salary and fees, arguing the 2015 shareholder pay cut was invalid and that his December 2016 settlement does not bind him. OBL says the claim is without merit and will defend. Reopens the Doyle settlement thread.
5 Oct 2017capital raising announcement● Neutral
Confirms the rights issue offer document was posted to eligible shareholders on 5 October 2017. The offer closes 20 October. Administrative only.
4 Oct 2017admin correction● Neutral
Rights issue timetable amended after consultation with ASX: record date 2 October, offer documents and opening 5 October. Closing remains 20 October. Administrative only.
27 Sept 2017capital raising announcement● Neutral
Letter to shareholders restating the rights issue terms (9-for-5 at $0.003, about $1.55m). It says proceeds will fund working capital to finalise legacy issues from the previous board and management pending Vic/P47 renewal. Notice only; no new terms.
27 Sept 2017capital raising announcement● Neutral
Notice to option holders: they can join the rights issue only if they exercise existing options before the record date and have an Australian or New Zealand address. Administrative notice.
27 Sept 2017capital raising announcement● Neutral
Prospectus lodged for the rights issue: 9 new shares for every 5 held at $0.003, raising about $1,554,154, with one attaching option per share (exercise $0.005, expiring 31 March 2020). Patersons is lead manager and underwriter. Offer closes 20 October 2017. Formal document for the announced raise.
27 Sept 2017capital raising announcement● Neutral
Letter to overseas shareholders says they are excluded from the rights issue. Patersons will sell their rights as nominee and pay any net proceeds back. Administrative notice.
26 Sept 2017admin correction● Neutral
Clarifies the rights issue record date as 2 October 2017 and says the company will apply to quote the attaching options under code OBLO, subject to ASX approval and valid acceptances. Administrative only.
25 Sept 2017capital raising announcement● NeutralMajor
Oil Basins announces a 9-for-5 renounceable rights issue at $0.003 per share to raise about $1.55 million, with a free option (exercise $0.005, expiring 31 March 2020) per share. Patersons is intended to underwrite. Funds go to exploration ($870k), environmental costs and working capital.
25 Sept 2017investor presentation● Neutral
September 2017 investor presentation pitches Vic/P47 as an east coast gas opportunity and repeats the 1.8 Tcf gas-in-place estimate. Repeats the 287.8m shares, $394k cash at 30 August and $280k debt from the earlier presentation. No new results.