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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2017quarterly activities report● Neutral
September 2017 quarter: cash rose to $186,958 from $58,686, helped by the $650,530 R&D refund against $523k of operating payments. Next-quarter outflow is estimated at $368k. The rights issue is expected to complete around 10 November 2017.
31 Oct 2017quarterly activities report● Neutral
September 2017 quarter report: cash $187,000, rights issue closing 2 November, and the Doyle dismissal hearing held 30 October with the decision reserved. OBL plans to plug and abandon Backreef in the new year. McGrath trial is listed for 20 June 2018; OBL paid $199,850 of his claim.
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.
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.
10 July 2017quarterly activities report▼ Bad
June quarter recap: OBR and EP487 sales completed, seismic reprocessing finished, APPEA membership granted, Zeecol dropped. Cash $58,000. A court dismissed OBL's appeal in the Nyikina Mangala costs case, so held funds and about $90,000 more are expected to be payable.
10 July 2017quarterly activities report▼ Bad
June 2017 quarter: cash fell to $58,000 from $230,000 after a $171k operating outflow, with no financing. Estimated outflow next quarter is $270k, well above cash on hand, although a separate R&D refund was announced later.
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.