Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Sept 2019half year report▲ GoodMajor
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.
12 Aug 2019production update▲ Good
July production averaged 755 bopd JV (12,870 bbl net), the second highest on record, at US$61.26, after Bunian-1 and Tangai-1 pump repairs. A workover rig is contracted for September. Bunian-5 rig award awaits Pertamina approval; spud still expected October.
1 Aug 2019debt financing▲ GoodMajor
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.
30 July 2019capital raising announcement▼ BadMajor
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.
17 July 2019regulatory community update▲ Good
Bass received water treatment equipment at Tangai for its first water injection field trials. It targets about 10% more production and recovery per well, with a six-month pilot planned from January 2020, subject to trial results and Pertamina approval. Advances the ITB low-salinity MoU.
17 July 2019investor presentation● Neutral
Noosa conference presentation repeating known points: the A$3m placement and rights issue, Bunian-5 drilling planned for October 2019 to lift output to about 1,400 bopd, and shortlisted Indonesian acquisitions. No new information seen. Text truncated.
12 July 2019capital raising announcement● Neutral
Bass confirmed it has sent the rights issue prospectus and entitlement forms to eligible shareholders. The offer, about A$2.68m at A$0.002, closes 25 July 2019. Administrative notice with no new information.
8 July 2019production update● Neutral
June production fell to 18,968 bbl (100%), 10,432 net, about 632 bopd, at US$61.01. Bunian-1 and Tangai-1 pumps are repaired and back on, with output expected above 700 bopd in July. Rig contract is being finalised with the preferred tenderer; Bunian-5 now likely October.
8 July 2019capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand they are ineligible for the rights issue. Administrative notice; no new terms or figures beyond the already announced offer.
8 July 2019capital raising announcement● Neutral
Letter to shareholders restating the rights issue terms: 1-for-2 at A$0.002, up to 1,340,583,741 new shares, about A$2.68m before costs, not underwritten. Record date 10 July, closing 25 July. Administrative notice with no new terms.
5 July 2019capital raising announcement● Neutral
Prospectus for the rights issue announced the same day: 1 new share for every 2 held at A$0.002, with a free option at A$0.004 expiring 30 July 2021, to raise up to about A$2.7m. Closes 25 July 2019. Shareholders not taking up are diluted. Text truncated.
5 July 2019capital raising announcement● NeutralMajor
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.
13 June 2019production update● Neutral
May production was 22,249 bbl (100%), 12,237 net, about 717 bopd, up 5%, at US$67.78. A well service rig reached site for Bunian-1 and Tangai-1 repairs; Tangai-3 also shut in. Bunian-5 rig tenders are being evaluated. Cooper agreed to delay the final A$770,000 to 31 July 2019.
24 May 2019investor presentation● Neutral
AGM presentation repeating 2018 highlights: 115,559 bbl produced at the 55% share, proved reserves up 76% to 0.5 MMbbl, and a plan to double production to about 1,400 bopd with first drilling in 2019. Text truncated; no new information seen.
16 May 2019investor presentation● Neutral
Hong Kong conference presentation repeating known points: 76% rise in proved reserves, record 850 bopd in October 2018, plan to double production to about 1,400 bopd, and a search for company-changing Indonesian acquisitions. Text truncated; no new information seen.
13 May 2019production update● Neutral
April production was 20,273 bbl (100%), 11,150 net, about 676 bopd, slightly down on March, at US$67.39. Bunian-1 and Tangai-1 remain shut in awaiting a well service rig. Bunian-5 rig tender issued. Cooper's A$500,000 instalment paid; final A$770,000 due 30 June 2019.
9 Apr 2019production update● Neutral
March production was 22,957 bbl (100%), 12,626 net, about 740 bopd, up 7%, at US$62.49. Bunian-1 remains shut in; Pertamina approved tendering a 750hp rig for Bunian-5, to drill once a rig is available.
29 Mar 2019other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, stating governance disclosures as at 29 March 2019. Administrative filing with no new operating or financial information.
29 Mar 2019annual report● Neutral
2018 annual report: net entitlement oil 57,222 bbl, gross revenue A$3.84m, EBITDA A$102,546 and net loss after tax A$419,615. Production at the 55% share was 115,559 bbl, with no injuries reported. Text truncated.
19 Mar 2019production update● Neutral
February production was 19,329 bbl (100%), 10,631 net, about 690 bopd, down 3%, at US$60.51. Bunian-1 and Tangai-1 pumps failed; Tangai-1 is back, Bunian-1 awaits a service rig. Pertamina approval sought to tender a 750hp rig; Bunian-5 by mid-year.
11 Mar 2019investor presentation● Neutral
Proactive CEO Sessions presentation repeating known points: 76% rise in proved reserves, aim to double production in 2019 via drilling from Bunian-5, and a search for company-changing acquisitions. It cites current capacity of about 700 bopd. Text truncated.
25 Feb 2019resource reserve update▲ GoodMajor
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%).
11 Feb 2019production update▼ Bad
January production was 22,000 bbl (100%), 12,100 net, about 710 bopd, flat on December, at US$55.74. Rig delay continues: Bass will tender for 750hp rigs, and Bunian-5 drilling now expected by mid-year, later than the earlier Q1 target.
30 Jan 2019other● Neutral
Company released a Proactive Investors video interview on recent activity and results. No new operating, financial or reserve information in the announcement.
15 Jan 2019production update● Neutral
December production was 22,071 bbl (100%), 12,139 net, at 712 bopd, with US$53.86 realised, down from US$62.25. Bunian-5 site is built, but rigs are not available until March 2019, so drilling is expected in Q1 subject to rig availability.
20 Dec 2018asset acquisition disposition▼ BadMajor
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.
17 Dec 2018security holder rights change● Neutral
All 366,688,205 BASOA options at 0.6c lapsed unexercised on 15 December 2018. The roughly A$2.2m of potential funding therefore did not arrive; share count is unchanged, with no dilution from exercise.
14 Dec 2018security holder rights change▼ Bad
Notice that the 366.7m BASOA options at 0.6c expire 15 December 2018, with no individual notices sent under an ASX waiver. Exercise is not underwritten and the share price was 0.3c, below the exercise price. The roughly A$2.2m of potential funding is unlikely to arrive (inference).
13 Dec 2018other● Neutral
Company released a video interview with Proactive Investors on record production and growth strategy. No new operating, financial or reserve information.
13 Dec 2018production update▼ BadMajor
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.
