Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2017annual report● Neutral
2017 annual report calls it a difficult year after the September 2016 management change, with the EP487 and OBR sales done and Vic/P47 seismic finished. A five-year Vic/P47 renewal was lodged in August 2017, including a well in year 3 (2020).
20 Sept 2017admin correction● Neutral
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the company website. Administrative only.
13 Sept 2017investor presentation● Neutral
Perth conference presentation pitching Vic/P47 as an east coast gas opportunity, repeating the 1.8 Tcf gas-in-place estimate. Shows share price $0.005, 287m shares, market cap $1.4m, cash $394k at 30 August and debt $280k. No new results.
17 Aug 2017other▲ Good
OBL received $650,530 from the R&D Tax Incentive for the year to 30 June 2017. This is a large cash injection relative to the $58,000 held at 30 June, though the text gives no detail on use.
10 Aug 2017resource reserve update▲ GoodMajor
Reprocessed seismic points to much larger gas potential at Vic/P47's Judith structure: 1.8 Tcf unrisked gas-in-place (P50) and 1.17 Tcf recoverable. This compares with the earlier 101 Bcf contingent estimate, a different measure that is unrisked and not a booked resource.
30 June 2017other● NeutralMajor
OBL confirms the OBR sale and EP487 settlement (16 June), and says Vic/P47 seismic reprocessing is complete with final results due July. It has filed its defence to McGrath and dropped Zeecol after due diligence, saying it didn't represent value. Sydney office moves.
28 June 2017asset acquisition disposition● Neutral
Ochre Group Holdings says it completed buying Oil Basins Royalties (OBR) from OBL, with $400,000 of loans forgiven as payment. OBR holds 2% royalties on Vic/P47, Cyrano and (effectively) EP487. Closes the open OBR sale thread.
16 June 2017asset acquisition disposition● NeutralMajor
Rey Resources says it completed the purchase of OBL's 50% of EP487 on 16 June 2017 and now holds 100%, after FIRB and other approvals. Rey's option over the OBR royalties company remains if the third-party OBR sale doesn't proceed. Completes the exit from EP487.
9 May 2017other▼ BadMajor
Former Executive Chairman Kim McGrath has sued for $551,632 in unpaid salary, fees and expenses, arguing the 2015 shareholder vote cutting his pay was invalid. OBL will defend and seek advice on a cross-claim. This is the McGrath claim flagged earlier.
13 Apr 2017business combination● NeutralMajor
OBL received an unsolicited approach from Zeecol International (OTC-listed) saying it intends to acquire a controlling interest through a merger, subject to due diligence. The board hasn't yet considered it and says there is no guarantee of a deal; shareholders need take no action.
5 Apr 2017investor presentation● Neutral
Presentation at a Hong Kong energy conference pitching Vic/P47 as an east coast gas shortage opportunity. It says seismic reprocessing is under way and a scoping study of the resource and market has begun. No new results.
16 Mar 2017asset acquisition disposition● NeutralMajor
Rey says it will buy OBL's 50% of EP487 in exchange for waiving about $577,000 of cash calls and $32,000 of legal fees, with completion expected April 2017. If the OBR sale doesn't proceed, Rey has an option to buy OBR for up to $400,000.
16 Mar 2017asset acquisition disposition▼ BadMajor
OBL agrees to transfer its 50% of EP487 to Rey at nominal value, relieving it of about $577,000 of cash calls plus $32,000 legal fees. It says it won't fund the work program or raise capital for it, and will focus on Vic/P47. Resolves the Buy-out dispute.
16 Mar 2017half year report▼ Bad
Half-year to December 2016: loss $1,299,220 (prior year $232,533), mainly an $851,057 write-off of the EP487 interest being sold to Rey. Net assets $3,256,113; working capital deficit $269,464.
31 Jan 2017regulatory community update▲ GoodMajor
WA regulator intends to renew the Cyrano retention lease (R3, 100% OBL) for 5 years. Contingent oil resource is 2C 2.68 million barrels (as per April 2016 announcement). Resolves the pending renewal.
30 Jan 2017regulatory community update▲ GoodMajor
NOPTA approved a suspension and extension of the 100%-owned Vic/P47 permit, giving time to finish reprocessing old 3D seismic by end June 2017. Judith gas field estimate stays at 101 Bcf. Resolves the pending permit renewal.
5 Jan 2017other● Neutral
Principal place of business moves to Level 10, 65 York Street, Sydney. Registered office stays in South Melbourne. Administrative only.
29 Dec 2016material agreement● Neutral
Settles with former CEO Neil Doyle: $20,000 plus $3,800 superannuation and 5 million new shares (subject to shareholder approval). OBL says this is well below the amount Doyle claimed and avoids further legal costs. Resolves the Doyle part of the dispute.
5 Dec 2016admin correction● Neutral
Share registry moves from Computershare to Automic effective 5 December 2016. Administrative only.
29 Nov 2016investor presentation● Neutral
2016 AGM presentation, mainly disclaimers and background on the company's assets. The text provided shows no new results or figures.
28 Nov 2016other▼ Bad
OBL has received notice of a possible claim by former executive directors McGrath and Doyle for outstanding amounts. It says it will defend and is preparing a counterclaim, alleging they are refusing to return company property and records.
21 Oct 2016capital raising announcement● NeutralMajor
The Share Purchase Plan closed 19 October raising $315,000 from 32 shareholders through 39,375,000 shares at 0.8 cents, allotted 26 October. This is well short of the $516,000 maximum.
What it means for a shareholder
39.4m new shares at A$0.008 to raise about A$315,000. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.058% to 0.0491% of the company. To keep it you'd need 22,851 more shares - about A$183 at the issue price.
Create a free account to see this worked out for your own holding.
20 Oct 2016joint venture update● Neutral
OBL disputes the validity of Rey's Buy-out Notice for its 50% of EP487 and the process behind it, and says it will strongly defend its rights. Continues the dispute with Rey, now over whether OBL keeps its interest.
20 Oct 2016joint venture update▼ BadMajor
Rey says OBL has not paid cash calls made by Rey Lennard Shelf as EP487 operator, so on 19 October it issued OBL a Buy-out Notice to acquire OBL's 50% interest under the operating agreement. A threat to OBL's main asset.
12 Oct 2016capital raising announcement● Neutral
OBL extends the Share Purchase Plan again, now closing 19 October 2016, with allotment on 26 October. Price still 0.8 cents. Administrative timetable change.
3 Oct 2016asset acquisition disposition● Neutral
Bass Strait Oil confirms it and OBL plan to surrender their joint Vic/P41 interest as the work program is uneconomical. Counterparty version of OBL's 30 September notice.
30 Sept 2016annual report● Neutral
2016 annual report. The board is now Carl Dumbrell, Justyn Peters and Vaz Hovanessian. It says Lind's conversions and share selling depressed the share price, and the Lind loan was repaid. It records the $400,000 royalties sale to Ochre.
30 Sept 2016asset acquisition disposition● NeutralMajor
OBL, Shelf Oil and Bass Strait Oil apply to surrender Vic/P41, calling the forward work program uneconomical. OBL will have no further interest or costs there. The new board says Western Australian projects are its cornerstone assets.
30 Sept 2016other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, pointing to the website. Administrative compliance filing with no new business substance.
29 Sept 2016director officer appointment● NeutralMajor
Following the 19 September general meeting, Kim McGrath and Neil Doyle are no longer directors. They are told they cannot bind the Company or speak for it pending legal clarification of their executive roles. This resolves the shareholder requisition in favour of the challengers.
