Bass Oil Limited

Logs and mud logs show a third oil zone, the M sand, in Bunian 6. It has not been seen before in the Bunian field but is the main producing zone in the neighbouring Tangai field. It will be tested when the well starts; reserve impact is yet to be quantified.

drilling result

Bunian 6 reached 1,807.9 m and logs show oil pay in the TRM3 and K1 sandstones, in line with pre-drill expectations. It will be completed as a producer and come online in early September, targeting field output rising from 250 to 750 bopd. Well flow rates are not yet tested.

drilling result

Bass completed the acquisition of 100% of the Vanessa gas field (PPL 268 and PRL 135) after South Australian regulator approval, the last step pending since the earlier transfer paperwork. First gas sales are expected by end 2026 after recommissioning.

asset acquisition disposition

Drilling of Bunian 6 in Indonesia began 5 June, about a month later than the 'early May' timing previously given. It targets ~1,820 m over about 30 days, aiming to lift field output from 250 to 750 bopd, online early July. Bass (55%) rates success at 80%; cost recoverable.

drilling spud

Bass signed the Deed for the A$3.5m South Australian Government grant for the Kiwi gas pipeline, with 25% advanced on signing. This resolves the earlier condition on signing a grant agreement. Final investment decision is targeted for late 2026; balance funding still being pursued.

material agreement

The rig is mobilising for Bunian 6 in Indonesia, with drilling due to start in early May and the well online in mid June. Bass (55%) rates success at 80%, targeting about 1,820 m, lifting field output from 250 to 750 bopd. Costs are recoverable against existing production.

drilling scheduled

At 31 December 2025, 2P oil reserves were 0.796 million barrels, largely unchanged from 0.789m. 2C contingent resources were 1.824 million barrels of oil equivalent (from 1.792m). Kiwi gas resources are unchanged, with front-end engineering work planned in 2026.

resource reserve update

Indonesia's regulator approved the drilling contract for the Bunian 6 oil well, with the rig expected to start in May. Bass (55%) forecasts it will add 500 bopd to the current 250 bopd. Delivers the long-awaited approval for the final firm work commitment.

contract award

Bass raised A$3.0m via a placement of 47,619,050 shares at A$0.063 (13% below last price), with one free A$0.0945 option per two shares, subject to shareholder approval. Funds go to Vanessa completion and recommissioning, Bunian 6 and Kiwi toward a final investment decision. Follows the A$0.92m December cash balance.

capital raising announcement

Bass received a A$3.5m South Australian Government grant toward the pipeline connecting Kiwi to Cooper Basin infrastructure, subject to signing a grant agreement. It covers only part of the cost; farm-in talks continue for the rest of the funding.

material agreement

Bass signed a binding three-year gas sales agreement with Origin Energy for all Vanessa gas, up to 12.045 PJ from 2026. It resolves the open gas buyer search. Still depends on completing the Vanessa acquisition and recommissioning.

material agreement

The rights issue closed with only a 30% take-up, raising A$925,180 at A$0.032 against up to about A$3.1m sought. About 67.9m shortfall shares remain for the board to place within 3 months via PAC Partners and AE Advisors; funds go to Vanessa.

capital raising announcement

Bass will buy 100% of the Vanessa gas field (PPL 268 and PRL 135) from Beach Energy, with a shut-in well, processing plant and 5 km pipeline, subject to regulatory approval. It raises up to A$3.1m at A$0.032 per share (1-for-3 entitlement offer, free options at A$0.05). This is Bass's route to first gas sales.

asset acquisition disposition

At 31 December 2024, 2P reserves were 0.789 million barrels, largely unchanged. Cooper Basin 2C contingent resources rose 52% to 1.735 million boe because of Kiwi's high condensate yield; Kiwi alone is 1.178 million boe (up from 1.016 million in November).

resource reserve update

Bass will study the wider Triassic gas play around the Arrabury Trough, where it holds 100% of several licences, and plans to reprocess 3D seismic. Kiwi 2C is 3.6 bcf gas and 416,000 bbl condensate. FEED has started; FID is targeted for 2025.

regulatory community update

Amended Kiwi release: the mean case is replaced by 2C and 3C cases. After-tax NPV (10%) is A$24m at 2C, A$73.5m at 3C and A$2.8m at 1C, on A$16m capex. The 2C was raised from 0.601 to 1.016 million boe on the lab results. This supersedes the A$36m figure.

resource reserve update

Kiwi 1 screening economics gave an after-tax NPV of A$36m on a mean case, with a 2C of 1.016 million boe. Bass has started working towards a final investment decision and is looking at off-balance-sheet funding. This was amended two days later, with the mean case removed.

resource reserve update

Kiwi 1 flow period ended early because condensate storage ran out; the well is shut in for a pressure build-up of up to 20 days. Condensate yield is 235 bbl/mmscf, over 10 times expected, with 5% CO2. Bass is weighing early condensate sales.

flow test result

Kiwi 1, drilled in 2003, flowed 4.1 mmcfd of gas plus 988 barrels of condensate a day in its extended test, with low CO2 (4.5%) and no H2S. Condensate yield beat expectations; storage limits capped rates. Early positive result for the gas project.

flow test result

The SPP raised only A$442,598 (6.32m shares at A$0.07), well short of the A$2.0m target. Combined with the placement, total proceeds are about A$1.54m to fund Kiwi 1 and PEL 182 work.

capital raising announcement

Bass raised A$1.1m through a placement of 15.71m shares at A$0.07, mostly to one Tier 1 institutional resources investor, and will offer an SPP of up to A$2.0m at the same price. Funds go to PEL 182 studies, the Kiwi 1 test and oil development.

capital raising announcement

Bass formally engaged SLB to study commercialising the PEL 182 deep coal gas (21 TCF gas in place estimate). Geomechanical results are due mid-year and a resource assessment by end-September. This turns the study scoped since late 2023 into active work.

contract award

FY2023 result: record revenue US$6.56m (up 14.6%) and net profit US$0.27m, versus US$43k a year earlier. Cash fell to US$0.93m, debt free. Focus for 2024 is entering the east coast gas market via Kiwi and PEL 182; a new Tyrell oil prospect is under evaluation.

annual report

Bass will start the Kiwi 1 extended production test once road access is restored. Approvals and equipment are in hand; the Wild Desert Rig 4 is expected on site around end April, with results within 60 days. Kiwi's 2C is 5.24 bcf; gas buyers have made enquiries.

drilling scheduled

Year-end 2P reserves rose 17% to 0.805 million barrels (Australia 0.366, Indonesia 0.439), mainly from the KSO extension moving Indonesian resources into reserves. 2C contingent resources are 1.229 million barrels, with Cooper 2C up 110% as Kiwi gas is booked for the first time.

resource reserve update

Chairman Peter Mullins retired after nine years, and director Hector Gordon (Cooper Energy's representative) becomes Chairman. Laura Reed, former Spark Infrastructure CEO, joins as non-executive director and Audit and Risk Committee chair from 18 December 2023.

director officer appointment

Bass began buying long lead items for the Kiwi 1 gas well extended test, targeted for Q4 2023. Seismic mapping gives Kiwi a revised 2C contingent resource of 5.24 bcf and 3C of 11.5 bcf. Kiwi 1 discovered gas in 2003 and has never been completed for production.

resource reserve update

Bass signed a 10-year extension of its 55% Tangai-Sukananti KSO from July 2025 to 16 September 2035, on improved terms: profit oil split up to 35% with no DMO, versus a fixed 15% before. Firm two-year US$3.25m work program (100% share), including a Bunian 6 well in 2024. Reserves expected to rise.

material agreement

At 31 December 2022, 2P reserves were 0.688 MMbbl, up 62%, and 1P 0.382 MMbbl, up 21%, driven by the Cooper Basin acquisition. Indonesian 2P fell to 0.300 MMbbl as drilling delays pushed output beyond the July 2025 permit expiry. 2C contingent resources are 1.341 MMbbl.

resource reserve update

FY22 result: oil revenue about A$5.72m (up 95.6%) and net profit of A$42,593, described as only the second profit in five years. Cooper Basin output rose from 65 to 120 bopd, with ~300 bopd targeted after Worrior 11 perforations.

annual report

Worrior 11 workover is complete and the McKinlay zone is producing, confirming undrained attic oil. Cooper Basin output rose from 95 to about 120 bopd. Extra perforations are planned to reach the 300 bopd target, with 120,000 barrels of developed reserves expected.

well test result

Bass secured a rig for a two-well workover: Worrior 11 from about 2 March (5 days), expected to add 200 bopd and 120,000 barrels of reserves, and Worrior 8 tubing leak repair (20-40 bopd). Resolves the long-delayed rig availability; targets 300 bopd Cooper Basin output.

drilling scheduled

Independent assessment puts a best estimate of 21 TCF gas in place in deep coals in PEL 182 (Bass 100%), with a 568 bcf prospective resource at Moolion East. These are prospective, undrilled volumes. Bass will study self-funding, farm-out or third-party investment.

resource reserve update

Bass placed a further 32,124,628 shortfall shares to raise A$1.446m, taking total rights issue and shortfall funding to A$4.02m, the full amount originally sought. Funds are for enhancing the Cooper Basin assets, including the October Worrior-11 workover.

capital raising announcement

Bass completed the Cooper Basin purchases from Beach and Cooper Energy, effective 1 August 2022, for A$1.3m plus restoration liabilities. It now holds eight tenements covering 2,259 km2, including 100% of Worrior and Padulla (~75 bopd). Worrior-11 recompletion comes first.

asset acquisition disposition

Peak placed 48,688,889 shortfall shares (A$0.045) raising A$2.191m, taking the rights issue total to A$2.8m. Bass says this fully funds the Cooper Basin deals, which it expects to close by 1 August. Up to 27.3m more shortfall shares remain available.

capital raising announcement

The rights issue closed with only a 15% take-up, raising A$599,614 (13,324,765 shares) against up to A$4.0m. Peak has up to three months to place the remaining 75,981,330 shortfall shares. Funding for the Cooper Basin deals is only partly raised.

capital raising announcement

Tangai-5 commissioning is complete and the well is producing about 750 bopd (JV share), lifting KSO exports to the 1,000 bopd limit, up 330% from 30 April. Bass expects to repay its investment within two months. The M reservoir has about 435,000 bbl of recoverable reserves (JV share).

production update

Bass launches a 1-for-2 non-renounceable rights issue at A$0.045 to raise up to A$4.0m, with a free A$0.12 option per share, to fund the Cooper Energy and Beach deals and later work. Peak leads; directors intend to take up all or much of their entitlements.

capital raising announcement

Tangai-5 flowed 1,120 bopd for 2.5 hours on a clean-up test, then was connected at a controlled rate of about 250 bopd. Bass targets a steady 500 to 750 bopd, tripling output towards the 1,000 bopd export limit. Cost about $2.2m, with payback under three months.

flow test result

Tangai-5 is completed as an oil producer with 5.5 m of net oil pay in the M reservoir; the rig was released 27 April. Online expected mid-May. Management expects at least double field output and payback under three months; the K reservoir showed only 1-2 m of gas pay.

drilling result

Tangai-5 reached 1,663 m, hitting the M reservoir on prognosis with 5 to 6 m of high-quality oil pay on preliminary logs. Bass will now case and complete it for production. Early good news against the 85% pre-drill odds.

drilling result

Tangai-5 spudded on 1 April 2022, in line with the late-March plan. Surface casing is set at 405 m, and the next step is drilling to 1,354 m. The well targets the M reservoir, with 85% success likelihood, 32 days planned and cost recoverable.

drilling spud

At 31 December 2021, net entitlement reserves fell to 1P 0.316, 2P 0.425 and 3P 0.644 MMbbl, from 2P 0.549 a year earlier. The company cites delayed 2021 drilling and higher oil prices. 100% field 2C rose to 0.891 MMbbl.

resource reserve update

Rig 25.2 is at the Tangai-5 site, with spud expected 29 March 2022 and a 32-day plan to about 1,650 m. Bass rates success at 85% and hopes to lift output from about 350 to up to 1,000 bopd JV. Cost is recoverable against production.

drilling scheduled

Bass signed a deal to buy Beach Energy's interests in eight Cooper Basin tenements for A$650,000, lifting Worrior from 30% to 100% and adding Padulla. It also has commitments for a A$1.2m placement at A$0.0015 (800m shares), plus a 30-to-1 consolidation and small-holding buy-back, subject to an 8 April vote.

asset acquisition disposition

The raise is complete at A$2,537,560 after Peak placed the 312m shortfall shares, resolving the earlier 60% take-up. Funds cover the A$650,000 Cooper purchase, Tangai-5 and working capital. New options now trade as BASO.

capital raising announcement

Rights issue closed 30 September with only a 60% take-up, raising A$913,211; with the placement, A$1,913,211 is in. The 312m shortfall shares (40%) fall to underwriter Peak to place within 30 days. Non-participating holders are diluted.

capital raising announcement

Bass raises A$1.0m via a 500m-share placement at A$0.002, plus a fully underwritten 1-for-5 rights issue at A$0.002 for up to about A$1.54m, with free options at A$0.004 to 2024. Funds go to the A$650,000 Cooper Basin purchase, Tangai-5 and working capital.

capital raising announcement

Bass agrees to buy Cooper Energy's Cooper Basin interests for A$650,000, including 30% of the producing Worrior oil field (over 40 bopd) plus exploration acreage, operated by Beach. It adds 54,000 bbl (10%) to 2P. Completion needs funding, approvals and financier consent.

asset acquisition disposition

Bass plans a drilling program from late 2021: one firm well (likely Tangai-5) and two contingent wells (Bunian-6 and a Bunian 3P extension appraisal). It aims to lift output from about 500 bopd in 2022, the first drilling since COVID began. Financing is still to be planned.

drilling scheduled

Year-end 2020 reserves: 1P net entitlement 0.436 MMbbl (from 0.483) and 2P 0.549 MMbbl (from 0.567); 3P of 0.842 MMbbl is reported for the first time. 2C contingent resources rose to 0.836 MMbbl (from 0.426) after the Bunian-5 model update.

resource reserve update

In response to COVID-19 and low oil prices, directors' fees and salaries are cut 50% from 1 April and discretionary spending is deferred. Acquisition talks are suspended. Production is largely unaffected, opex is about US$20/bbl, and the company reports no debt.

other

At 31 Dec 2019, 2P net entitlement reserves were 0.567 MMbbl, down 6% from 0.602, and 1P was 0.483 MMbbl, down 4%. Bunian-5 added the K reservoir to reserves for the first time, partly offsetting 2019 production. 2C contingent resources fell to 0.426 MMbbl (100% field).

resource reserve update

November production hit a record 975 bopd JV (16,074 bbl net), up 36% on October and 9% above the October 2018 record, at US$62.32, driven by Bunian-5. The field now runs over 1,100 bopd; the Smart-Water pilot at Tangai-4 slips to late Q1 2020.

production update

Bunian-5 testing finished: TRM3 stabilised above 860 bopd (3.5% water cut) and the K sandstone above 650 bopd (35% water cut). The well is being brought online from TRM3. Reserves models are being updated to guide the 2020 drilling program.

well test result

Bunian-5 flowed 1,128 bopd at a 2% water cut from the TRM3 sandstone in the first 12 hours of testing from 2 November, on an open choke. A seven-day TRM3 test, then a K sandstone test, follow. Supports the aim to double Bunian output.

flow test result

Bunian-5 hit both primary reservoirs (TRM3 and K) at or slightly above Bunian-3ST2 levels, with 5m of net oil pay in each, at TD 1,662 mKB after 23 days. Results are consistent with the pre-drill 750 bopd model; 7in casing is set and the well will be completed as a producer.

drilling result

Bunian-5 spudded at 1600hrs on 24 September 2019, the company's first development well under this plan. It will drill to 1,700 mKB, expecting the primary target at 1,392 mKB. This follows the rig mobilisation and starts the push to double output.

drilling spud

Rig PDSI Rig 20 is mobilising to drill Bunian-5, planned to spud late September, taking about 30 days to a depth of about 1,700 m. It targets 750 bopd initial output and 0.546 MMbbl undeveloped oil. Costs are recoverable against existing production.

drilling scheduled

First-half 2019 production rose 31.2% to 69,370 bbl net, revenue 26% to US$2.09m, and EBITDA to US$0.36m. Net loss narrowed to US$38,844 from US$554,050. Cash US$0.77m at 30 June; debt free since 31 July. Rights issue raised A$480,000.

half year report

Bass paid Cooper Energy the final A$770,000 plus interest for the 2017 Tangai-Sukananti purchase (A$2.27m deal), leaving it debt free with unencumbered ownership of its 55% interest. This resolves the deferred payment thread.

debt financing

The July placement and rights issue raised only $631,945 in total, against about A$3m targeted. Rights issue applications were $481,945 (192.6m shares), with 48.3m shortfall shares; total shares become 2,922,140,096. Remaining shortfall may be placed until 25 October.

capital raising announcement

Bass is raising about A$3m at A$0.002 per share: a A$0.15m placement plus a roughly A$2.7m 1-for-2 rights issue, each with a free option at A$0.004. Funds go to Cooper's A$770,000, up to two Bunian wells (first October 2019) and acquisitions.

capital raising announcement

At 31 Dec 2018, Tangai-Sukananti net 1P reserves rose 76% to 0.505 MMbbl; net 2P fell 2% to 0.602 MMbbl (100% field 2P 2.019 MMbbl). Bunian-3 debottlenecking and a new dynamic model moved oil into proved. 2C contingent resources rose to 0.882 MMbbl (100%).

resource reserve update

Bass withdrew from buying 100% of the North Madura PSC from AziPac, because no sale agreement was signed and due diligence on the two AziPac subsidiaries did not satisfy it. Ends the November heads of agreement; other Indonesian targets are being pursued.

asset acquisition disposition

November production was 23,434 bbl (100%), 12,889 net, at US$62.25/bbl, down from US$76.69 in October. The drilling rig contract is delayed, as submissions indicate no rigs available in the area until March 2019. This pushes back the December Bunian-5 spud. North Madura due diligence is expected to finish in December.

production update

Bass signed a heads of agreement to acquire 100% and operatorship of the North Madura PSC, offshore east Java, in under 50m of water. The PSC requires one well; the Reog prospect is the lead candidate. Completion needs a sale agreement and regulatory approval. Price not stated; farm-out is planned.

asset acquisition disposition

October production hit a record 27,795 bbl (100%), 15,287 net, averaging 896 bopd, 7% above the October 2015 record of 26,077 bbl. Resolves the scale and pump problems that cut output in June to August. The field is now producing about 850 bopd.

production update

Pertamina approved the budget for the Bunian-5 and Tangai-5 development wells, a prerequisite to procuring drilling services. Bunian-5 is intended first, in December 2018. This resolves the pending budget approval for the drilling program.

regulatory community update

Cooper Energy agreed to defer the A$500k payment due 30 Sep 2018 to 31 Mar 2019, and the final A$770k due 31 Dec 2018 to 30 Jun 2019, with 7.5% interest on the A$1.27m outstanding. Bass says this avoids raising capital.

material agreement

Field output rose 20% to 650 bopd (100%) at Tangai-Sukananti, mainly from the larger Bunian-3 flowline, which doubled that well's capacity to about 700 bopd. A further 150-250 bopd is expected over coming weeks. Follows the January-February bottleneck work.

production update

First UNPAD study results identify two new near-field prospects, Sukananti Updip and Bunian West, with 1.62 MMbbl best-estimate unrisked prospective resource (0.893 net to Bass), at 30% and 32% chance of success. Added to the 2018/19 drilling plan, subject to regulator approval.

resource reserve update

Option exercise closed with 366.9m of 386.1m options (95%) exercised at 0.3c, raising A$1,100,850. That is close to the ~A$1.16m full-exercise figure. Free 0.6c options expiring 15 Dec 2018 are to be offered via a prospectus in early January.

capital raising announcement

At 30 June 2017, gross (55%) 2P reserves are 1.35 million barrels, with net 2P of 0.70 million barrels, and 2C contingent resources 0.17 million barrels. This is lower than the 1.73 million barrels 2P reported at 30 June 2016. A fuller reassessment is due by year end.

resource reserve update

Tino Guglielmo, executive director since 2015, became permanent full-time Managing Director from 22 March 2017 on a A$328,500 package, with a short-term incentive of up to 20% of base salary and six months' notice. Follows completion of the Indonesian deal.

director officer appointment

Bass completed the purchase of Cooper Energy's 55% Tangai-Sukananti interest, paying A$500,000 and issuing 180m shares. Some US$688,000 of net cash has accrued since 1 October 2016, leaving A$1.2m cash at bank. Bass is now an oil producer and has begun due diligence on further acquisitions.

asset acquisition disposition

Shareholders approved the Tangai-Sukananti acquisition at the 13 February 2017 meeting, with over 98% of votes in favour of each resolution. This satisfied the final condition, so completion can proceed; the field is producing over 700 bopd (100%).

agm notice

Pertamina EP approved the sale of the 55% Tangai-Sukananti interest to Bass, satisfying the last condition apart from the shareholder vote on 13 February 2017. An independent expert found the deal fair and reasonable. Bass will take on the Indonesian staff.

material agreement

NOPTA approved suspension of Vic/P68's Year 3 work commitment (225 sq km seismic), now due 3 November 2017, and extended the permit to 3 May 2020. This reverses the earlier rejection. Bass keeps 100% and may sell or seek a partner.

regulatory community update

The rights issue raised the maximum A$772,207 (772.2m shares at 0.1c) and was oversubscribed, with shortfall applications of A$406,215 to be scaled back. About 386.1m options will also be issued. This funds the upfront cost of the Indonesian acquisition.

capital raising announcement

Bass launches a non-underwritten 3-for-5 rights issue at 0.1c to raise up to about A$772,207, with a free option for every two new shares. Funds pay the upfront cost of the Indonesian acquisition announced 19 October.

capital raising announcement

Production optimisation lifted Tangai-Sukananti output over 60% to over 800 bopd (100% basis) from 500 bopd, about 450 bopd to Bass. Because the deal is effective 1 October 2016, Bass gets the extra cash flow; completion now expected late January 2017.

production update

Bass agrees to buy Cooper Energy's 55% of the Tangai-Sukananti KSO in Indonesia, about 250 bopd net: A$0.5m cash, 180m shares at 0.15c, then A$2.27m after 12 months. It moves Bass from explorer toward producer; it needs a capital raising and shareholder vote.

asset acquisition disposition

Bass and Oil Basins plan to apply to surrender Vic/P41 (Bass 64.565%), agreeing the forward work program is uneconomic. Bass will then have no further interest or costs in it. This ends the permit that was written down in FY2016 and leaves Vic/P68.

asset acquisition disposition

The rights issue closed with acceptances for 439.6m shares (about $439,619). The remaining 43.0m shares (about $43,010) go to underwriter Adelaide Equity Partners, so the full roughly $483,000 is raised. New shares are expected to trade on 14 June.

capital raising announcement

Bass launches a fully underwritten 3-for-5 rights issue at 0.1c per share to raise up to about $483,000, underwritten by Adelaide Equity Partners. Funds are for finding new oil and gas project interests and working capital, following the unsuccessful farm-out marketing.

capital raising announcement

Technical review gives Leatherjacket (100% BAS) net unrisked 2C contingent resources of 8 million barrels (1C 6.0, 3C 10.9). It also reports new gross Emperor Formation gas prospective resources of over 1.75 TCF (best estimate) and an LJ 3 oil lead (best 22 MMbbl). Farm-in talks start now.

resource reserve update

BAS reports its new mapping shows oil and gas targets on trend with Longtom, Kipper and BMG. NOPTA approved 6-month work program suspensions for Vic/P41 and Vic/P68. Technical review continues; no drilling or resource figures are given.

regulatory community update

The rights issue closed with shareholders taking 127.8m shares, about $639,170. The remaining 73.3m shares go to underwriter Merchant Corporate Finance, so the raising is completed in full, about $1m in total, as underwritten.

capital raising announcement

BAS launches a 1-for-3 non-renounceable rights issue at 0.5c to raise up to about $1m (about 201m shares), fully underwritten by Merchant Corporate Finance. Directors and Cooper take up entitlements, and Cooper sub-underwrites up to 20m shares. Funds go to seismic interpretation and new projects.

capital raising announcement

Following a new strategic review, director Tino Guglielmo becomes Executive Director to complete the review. CEO Steven Noske, re-engaged only in September 2014, ceased employment on 2 February 2015. The entitlement issue is still planned.

director officer appointment

Gordon and three incoming directors commit to a placement of 85 million shares at 0.5c to raise $425,000, subject to shareholder approval and their election. A non-renounceable entitlement issue at the same price will follow the AGM. ASIC extended the AGM deadline to 16 December.

capital raising announcement

Cooper Energy (22.9%), with Adelaide Equity and Karl Paganin, wants the board restructured. Nominees Guglielmo, Mullins and M. Lindh would join. If shareholders approve at the AGM, Chairman McInnes and Whittle resign and D. Lindh will not stand. A capital raising is sought.

director officer appointment

Re-mapping of the new 3D data lifts the best-estimate prospective resource across Vic/P41 and Vic/P68 to 1,197 Bcf (unrisked), up 62% from the earlier 740 Bcf. Formal farm-out is planned for early November. These are undrilled prospects.

resource reserve update

Hector Gordon, an executive director of Cooper Energy, joins the BAS board as a non-executive director. Cooper is BAS's 22.9% shareholder and the earlier rejected farm-in partner. The chairman says the company is entering a delivery and growth phase.

director officer appointment

Vic/P41's Year 3 work program and permit term are extended six months. BAS says the new 3D mapping is positive, and it expects to open the farm-out dataroom shortly, with early talks with international partners under way.

regulatory community update

The sale of PEP 167 and PEP 175 to Lakes Oil's subsidiary has completed, with regulatory approval received and the balance of the A$300,000 paid. Steven Noske is re-engaged as permanent CEO, ending the uncertainty from his March termination notice.

asset acquisition disposition

BAS agrees to sell 100% of onshore PEP 167 and PEP 175 to Lakes Oil for A$300,000 cash, subject to regulatory approval. The permits are called non-core. BAS keeps PEP 150 (15%), which gets a 12-month work program suspension. The Gippsland review continues.

asset acquisition disposition

BAS starts a formal sale process for its Gippsland offshore portfolio (Vic/P41 at 64.565%, Vic/P68 at 100%), engaging GMP Securities. It cites higher gas prices and nearby deals. Proceeds would go into new oil and gas opportunities. Cooper now holds 22.9%.

asset acquisition disposition

The board gave new CEO Steven Noske two months' notice of termination from 14 March 2014, saying it is not about his performance. He stays on while a strategy assessment runs, and discussions on continuing in the role will follow.

director officer appointment

HIREX found no significant drillable prospects in Vic/P42 and will not farm in. BAS has agreed to cancel the permit, now approved by the regulator. This ends the HIREX collaboration announced in September 2013.

asset acquisition disposition

December quarter: shareholders did not approve the Cooper farm-ins at the AGM, so BAS keeps its interests and funds its share of the work. Vic/P47 withdrawal done, Steve Noske becomes CEO on 6 January 2014, and cash is $1.382m.

quarterly activities report

AGM address: CEO Terry White is stepping down to consult on technical matters, with a replacement expected shortly. The company has exited Vic/P47 and Vic/P66, will stage Otway activity due to the fraccing moratorium, and says more capital will probably be needed.

agm notice

BAS signed a collaboration agreement with HIREX (Hibiscus and Rex JV) to reassess Vic/P42 over three months. HIREX may then take 51% of the permit and a well could be drilled in 2014/15. Subject to government approval of a work variation.

material agreement

Binding farmin agreements signed with Cooper Energy. Cooper earns 25.8% of Vic/P41 (BAS falls to 38.765%) and has an option over 50% of Vic/P68 before 18 April 2014. Subject to JV and government approvals.

farm in farm out agreement

BAS signed non-binding letters of intent with Cooper Energy: Cooper gets 25.8% of Vic/P41 and an option over 50% of Vic/P68 by funding seismic reprocessing. First concrete step in the Gippsland farmout; binding terms still to come.

farm in farm out agreement

Updated Judith gas estimate cuts 2C to 101 Bscf from 194 and 3C to 276 Bscf from 934. Seismic inversion shows complexity may limit reservoir connectivity. A downgrade of the resource BAS has promoted since 2008.

resource reserve update

PEP 175 in the onshore Otway Basin is granted to BAS (100%) from 18 April 2013 for five years, resolving the native title condition. It covers 1,410 sq km, mainly the Casterton unconventional play, adding to BAS's Otway acreage.

regulatory community update

BAS exercised its pre-emptive right over Moby's 25% of Vic/P41 for a nominal sum, lifting its interest to 64.565% as operator, pending regulatory approval. Oil Basins would hold 17.935% and Strategic Energy 17.5%.

asset acquisition disposition

PEP 167 in the onshore Otway Basin was renewed for five years from 1 March 2013, with BAS holding 100%. BAS considers it prospective for the Waarre conventional gas and Casterton oil shale plays.

regulatory community update

After a strategy review, BAS will rationalise its portfolio to focus on high-impact targets. It will keep pursuing the Gippsland farmout or sale, and look for onshore conventional oil and gas farmins and acquisitions in Australia, New Zealand and Indonesia, favouring shorter-cycle growth.

other

BAS signed a services agreement with Cooper Energy, giving access to Cooper's technical and commercial staff from 1 March 2013 to 1 March 2014. This formalises the in-principle deal announced earlier.

material agreement

Terry White is appointed CEO from 3 December 2012, ending the search after Dr Mackie's resignation. He previously worked at Esso, BHP Billiton, Santos and Cue Energy, and was BHP's Vice President for Bass Strait operations from 2001 to 2006.

director officer appointment

The Federal Court refused Oil Basins' bid to set aside the shares issued to Somerton (Cooper). It found a Listing Rule 7.1 breach, but said the earlier ASX undertaking had addressed any prejudice. This resolves the dispute in BAS's favour; BAS will seek its legal costs.

other

BAS issued 74.04m shares, completing the entitlement issue and raising about $1.1m after GMP placed the shortfall. Shares on issue are now 518.3m. Chairman says BAS is funded for its near-term committed work programme.

capital raising announcement

BAS confirms Oil Basins is suing it and Somerton Energy, seeking to set aside the 56.2m-share placement or at least 10m of those shares. BAS says it acted properly and will defend. First court hearing is 18 September, after the offer closes.

other

Oil Basins, now BAS's largest shareholder, began Federal Court action questioning whether the discounted Cooper/Somerton placement and the 1-for-6 rights issue were properly authorised. This disputes the capital raising and sets Oil Basins against BAS.

other

BAS engaged IndigoPool, a Schlumberger subsidiary, to market its five Gippsland Basin permits for farmout or divestment. This followed incomplete, non-binding talks with several potential farminees.

other

BAS placed 56.2m shares at 1.5c with Cooper Energy ($843,089, taking Cooper to 16.7%) and launched a fully underwritten 1-for-6 entitlement issue at 1.5c to raise about $1.1m. Dr Mackie leaves; Andrew Whittle becomes interim Managing Director. Company says it is funded through 2013.

capital raising announcement

Oil Basins, already a Vic/P41 and P66 partner, agreed to buy the Albers Group's 57.76m BAS shares for $250,000 plus OBL shares, lifting its stake to 19.87%. This is a trade between shareholders; BAS itself receives no funds.

asset acquisition disposition

BAS won 100% of new onshore Otway permit PEP 175 (1,419 sq km), subject to native title steps within 2 years, and confirmed the PEP 167 five-year renewal. Together with the 15% PEP 150 farmin, net onshore acreage is 2,315 sq km.

regulatory community update

BAS was granted 100% of new Gippsland permit Vic/P68 (1,082 sq km), next to the Kipper gas field. Company cites 1.7 TCF gas and about 86 mmbbls condensate of 2C contingent plus P50 prospective resource (100% case). Says no meaningful 2012 cash impact.

asset acquisition disposition

Partner Interra is withdrawing from PEP 167 effective 30 June 2012 and assigning its 50% to BAS, lifting BAS to 100%. BAS will relinquish half the area and apply to renew for five years, targeting Casterton oil shale and Waarre gas.

farm in farm out completion

BAS decided not to renew its 100%-owned frontier Bass Basin permits T/42P and T/43P after their six-year initial term. This lets it focus on its more advanced Otway and Gippsland Basin opportunities.

asset acquisition disposition

Board released an independent PetroVal valuation of its assets, commissioned after an unsolicited preliminary approach from an unnamed third party about a possible corporate action. Talks are incomplete and may not lead to a deal. No valuation figure is given in the text.

material agreement

The Windermere-3 drill stem test found no hydrocarbons or formation water, so the reservoir is too tight for commercial production. The well will be plugged and abandoned, a dry hole for the Heathfield play that the 1987 Windermere-1 had tested.

drilling result

Windermere-3 began drilling on 7 December 2011 in PEP 167, targeting 1,815 metres over about two weeks, with a result expected within three weeks. It follows the 1987 well that flowed 32 barrels then failed. Success would be Victoria's first commercial onshore oil field.

drilling spud

Corrected re-release: Vic/P41 is renewed for five years from 29 November 2011, with interests of BAS 45% operator, Moby 25%, Strategic 25% and Oil Basins 5%. Resolves the permit-term question; farmin talks continue.

regulatory community update

Jayme McCoy and David Lindh join the board and Jack Tuohy resigns, after substantial holder Adelaide Equity threatened to requisition a general meeting to replace two directors. The board says it was given no indication of future direction.

director officer appointment

BAS allotted 97.0m shares, completing the underwritten rights issue at 2.5c and raising about $2.43m after the underwriter placed the shortfall. Shares on issue are now 388.04m. Funds are for Windermere-3 and Gippsland/Bass Basin work.

capital raising announcement

BAS launches a fully underwritten (GMP Securities) 1-for-3 non-renounceable rights issue at 2.5 cents, raising up to about $2.43 million, a 20% discount to 3.1 cents. Funds include $1.56 million for Windermere-3. Cash was $2.1 million at end August.

capital raising announcement

BAS signs a Joint Study Agreement with CNOOC Australia, the local arm of China's CNOOC. Terms are confidential, so scope and any funding commitment are unknown.

material agreement

The Victorian government formally accepted the Windermere-3 Operations Plan and a land access agreement was signed. Drilling fluid lab tests are done. This clears the approval hurdle, with the well still scheduled for Q4 2011.

regulatory community update

Dr Steve Mackie is confirmed as permanent CEO, replacing the acting arrangement after Adams' exit. The board says it will pursue more proactive opportunities in tight/unconventional onshore and tight offshore petroleum, alongside conventional exploration.

director officer appointment

Windermere-3 drilling is delayed from Q2 to Q4 2011. New studies on oil migration and the 1987 well's formation damage are said to make commercial success a 'realistic expectation'. Lab tests on drilling fluids continue.

drilling scheduled

The board terminated Managing Director Andrew Adams from 31 March 2011; he also left the board and as company secretary. Exploration Manager Dr Steve Mackie becomes Acting CEO and Robyn Hamilton company secretary. No reason is given.

director officer appointment

New 3D-seismic mapping gives the Greater Windermere feature (6 sq km) a P10 upside prospective resource of 35.5 million barrels of oil-in-place. The planned Windermere-3 well targets a P50 of 3.36 million barrels in-place (0.95 million recoverable) in the 'A' closure, still due Q2 2011.

resource reserve update

The PEP 167 joint venture (BAS 50% operator, Interra 50%) agrees to drill a new well near the 1987 Windermere-1 oil discovery, targeting the second quarter of 2011, subject to approvals. This resolves the open drilling decision after the 3D survey.

drilling scheduled

Preliminary 3D mapping confirms a significant structure at Windermere-1 reservoir level, broadly supporting the oil case, with possible extra leads nearby. The joint venture will review drilling options in the fourth quarter; drilling could follow in 2011. The reservoir is about 1800m deep.

drilling result

Government approval received and the Interra farmin completed: 50% of PEP 167 is transferred to Interra, which paid BAS $250,000 and funds the 3D survey up to $1.75 million. BAS keeps 50% and operatorship. Survey start slips to February 2010.

farm in farm out completion

BAS signs a farmin with Interra Resources (ITR): Interra funds the Windermere 3D survey and other costs, worth $2 million in total, to earn 50% of PEP 167. BAS stays operator. This delivers the partner the company was seeking; it is conditional on government approval.

farm in farm out agreement

The rights issue closed oversubscribed, raising $3.11m at 3 cents from 103.6m shares. A further 31.9m shares were placed to sub-underwriters at 3 cents for $958,360, taking the total to $4.07m before costs. Shares on issue rise to 291,030,250, from about 155m. This resolves the funding thread for now.

capital raising announcement

The Joint Authority has offered a new 5-year term for Vic/P47 (Judith gas field), and the joint venture will accept. Committed work for the first three years is only reprocessing and studies. No farmin offers yet. This resolves the pending renewal.

asset acquisition disposition

BAS announces a fully underwritten 2-for-3 renounceable rights issue at 3.0 cents, a 40% discount to the 5.0 cent close, raising up to about $3.11m. Proceeds are for exploration ($2.0m) and working capital. This follows the earlier funding-need comments; first raising since March 2008.

capital raising announcement

BAS has been offered a 100% interest in a new five-year term for Vic/P42 (about 930 sq km, covered by 3D seismic) and intends to accept. The commitment is a modest three-year programme ending in reprocessing. This confirms the earlier June expectation.

asset acquisition disposition

BAS says its studies of Bass Basin permits T/42P and T/43P (100%) define prospects each able to hold several hundred million barrels of recoverable oil, with basin modelling indicating large oil and gas generation. It will now seek partners to fund exploration. These are interpretations, not drilling results.

regulatory community update

BAS expects to take 100% of Vic/P42 and operate it, subject to government approval and registered joint venture documents. Apache's farmin (about $35m funding, including the dry Speke South well) is superseded, and BAS proposes a three-year reprocessing programme. This changes the 20% interest noted earlier.

joint venture update

BAS and partners won new Gippsland exploration permit Vic/P66 (2,160 sq km, deep water, eastern Gippsland). BAS holds 60% as operator, Strategic Energy 23%, Oil Basins 17%. Two years of studies come first, then 2D seismic in year three.

asset acquisition disposition

Chairman Bernard Wheelahan resigned on 18 November 2008, as foreshadowed. John McInnes, who joined the board in October, becomes Non-Executive Chairman. The board is now McInnes, Askin, Albers and Managing Director Adams.

director officer appointment

Independent consultant GCA certified the Judith gas discovery in Vic/P47 (BAS 40%, operator): best-estimate recoverable contingent resource 193.7 Bscf, and 403.5 Bscf including prospective volumes (100% basis). GCA recommends appraisal drilling; commerciality is not yet proven.

resource reserve update

Speke South-1 has been plugged and abandoned after formation evaluation, and the rig has left Vic/P42. This confirms the dry hole. Final report; BAS was free-carried, so no cost to it.

drilling result

Speke South-1 reached 3,138 m in the interpreted Golden Beach Subgroup, but Apache sees no significant shows or signs of hydrocarbon pay on real-time logs. The prospect that carried BAS's 20% appears to have failed.

drilling result

Speke South-1, the Apache-funded Vic/P42 farmin well, spudded on 7 April and is drilling at 334 m toward about 3100 m. Target is the Golden Beach Subgroup, with a 38.8 million barrel risked prospective resource. BAS is carried for 20%.

drilling spud

Rights issue result: only 60% was taken up, with 723 of 2,235 shareholders subscribing for $1.95m. The remaining $1.29m (10.3m shares) falls to the underwriter, Albers' company, so Albers' holding rises. The full $3.24m is covered.

capital raising announcement

BAS announces a 1-for-5 non-renounceable rights issue at 12.5 cents (share price 16.5c), raising up to about $3.24m. Underwritten by a company controlled by director Albers. Funds mainly go to 2D seismic ($1.5m Bass Basin, $250k Gippsland); Speke South-1 is not funded from it.

capital raising announcement

BAS's review of the 1987 Windermere-1 oil discovery in 100%-owned PEP 167 supports an appraisal well, with drilling targeted for Q2 2008. Preliminary recoverable oil is 0.78/2.3/5.78 million barrels (P90/P50/P10). Unrisked value is stated as $57.5m-$92m; a partner is sought.

resource reserve update

Apache proposes Speke South-1 as the Vic/P42 farmin well, testing an unrisked mean 36 million barrel prospect to about 2740 m, with drilling in March. It favours Speke South over the earlier SE Tarra target. BAS stays free-carried with 20%.

drilling scheduled

Apache has committed to fund a Vic/P42 exploration well, now scheduled for March 2008 on the new West Triton rig. BAS is free-carried through drilling and testing and keeps 20%. The well earns Apache 60% and operatorship, firming up the earlier 'planned' well.

farm in farm out completion

BAS won new onshore Otway Basin permit PEP 167 (833 sq km, 100% interest) near Port Fairy, which contains the Windermere-1 oil and Port Fairy-1 oil and gas discoveries. Studies come first, with field work in permit years two and three.

asset acquisition disposition

Farmin pack for Judith in Vic/P47 (BAS 40%, Moby 35%, Eagle Bay 25%) gives prospective recoverable gas of 185 PJ and 413 PJ in two scenarios. Partners are sought for 2008 appraisal drilling. Prospective, not booked.

resource reserve update

Recording of the 503 sq km Marie survey in Vic/P42 is complete, without incident. Processing finishes September/October 2007, with early data from June. This advances the Apache farmout toward a planned 2008 well.

drilling result

Operator Essential Petroleum confirmed BAS will be assigned 25% of PEP 151, earned through the dry Pritchard-1 well. BAS will also earn 15% of PEP 150, which holds the Lindon oil discovery, by contributing to a future well on promoted terms. This resolves the pending Otway decision.

farm in farm out completion

CEO Andrew Adams, in the role since August 2005, was appointed Managing Director and joins the board.

director officer appointment

BAS and Inpex farmed out Vic/P42 to Apache, which will fund about 500 sq km of 3D seismic and one well, estimated at $25 million, to earn 60% and operatorship. BAS drops from 50% to 20%, fully funded through the well. This resolves the P42 farmout negotiations; it is conditional on approvals.

farm in farm out agreement

Pritchard-1 is a dry hole: logs showed the gas-bearing sandstones are water bearing, and the well will be plugged and abandoned. The operator notes good reservoir and seal were found, which it says supports further exploration.

drilling result

Pritchard-1 spudded at 1900 hours on 27 March 2006 and reached 239m by the next morning, drilling ahead. This starts the first well in Bass Strait Oil's new Otway Basin farm-in.

drilling spud

Bass Strait Oil was awarded two new Bass Basin permits, T/42P and T/43P, covering about 6,120 sq km off Tasmania. It calls them early-stage 'grass roots' exploration, with the play still conceptual. Completes the permit applications lodged in October 2005.

regulatory community update