Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Mar 2018security holder rights change● Neutral
180m shares issued to Cooper Energy as part consideration for the Tangai-Sukananti acquisition were released from 12-month voluntary escrow on 28 February 2018. The shares are now freely tradable, so Cooper could sell them (inference); no sale is stated.
2 Mar 2018admin correction▼ Bad
Company lodged a notice late that 180m escrowed shares were due for release on 28 February 2018, citing an administrative oversight. Compliance paperwork only; this is the second late lodgement disclosed in 2018 after the Lindh Appendix 3Y.
21 Feb 2018security holder rights change▲ Good
366,688,205 Piggy Back Options (0.6c, expiring 15 Dec 2018) were issued, a 99.9% take-up, and are quoted on ASX as BASOA. This completes the option offer that followed the December 2017 option exercise; no cash is raised unless exercised.
12 Feb 2018production update● Neutral
January production fell to 13,256 bbl (100%), 7,290 net, because of scale removal on a water separation tank. Sales of 9,493 bbl net were at a record US$64.20/bbl. Bunian-3 flowline upgrade should add about 75 bopd; UNPAD results are imminent.
30 Jan 2018security holder rights change● Neutral
Piggy Back Option offer closing date extended from 31 January to 14 February 2018 so all eligible option exercisers can accept. Issue is now 16 February and quotation planned 21 February, subject to ASX approval. Other terms unchanged.
12 Jan 2018production update▲ Good
December production was 17,078 bbl (100%), 9,393 net, up 2.2%; price US$59.17/bbl. Bass is planning a two-well program, Bunian-5 and Tangai-5, for early Q3 2018, plus facility upgrades. UNPAD results are due in January, with regulator review in February.
9 Jan 2018admin correction● Neutral
Company explains that director Mark Lindh's Appendix 3Y (change in director's interest) was lodged late due to an administrative oversight. It calls this an isolated incident. Compliance paperwork only.
8 Jan 2018security holder rights change● Neutral
Prospectus offers 366,949,897 free Piggy Back Options, exercisable at 0.6c and expiring 15 Dec 2018, to those who exercised options. Offer closes 31 January 2018; quotation on ASX is not assured. It fulfils the 2016 rights issue terms and raises no money now.
8 Jan 2018security holder rights change● Neutral
Letter to option holders explains their entitlement to free 0.6c Piggy Back Options (expiring 15 Dec 2018) for each option exercised. Applications must reach the company by 31 January 2018. Administrative follow-through on the option terms.
20 Dec 2017capital raising announcement▲ GoodMajor
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.
13 Dec 2017security holder rights change▲ Good
Acceptances plus pledges cover 332.1m of 386.1m options (~86%) days before the 15 Dec 2017 expiry. Option funding is heading well above its early pace.
8 Dec 2017production update▲ Good
November production was 16,706 bbl (100%), 9,188 net, up 8.6% on October; price US$57.34/bbl. Bunian-1 rate doubled from 55 to 110 bopd, later 150. Bunian-4 still offline. UNPAD study now expected to finish in January 2018.
4 Dec 2017security holder rights change▲ Good
Over two months, 143.7m options (~37.2%) exercised at 0.3c, raising about A$431,000 in total. Shares on issue now 2,382.9m, with 242.5m options left before the 15 Dec 2017 expiry.
28 Nov 2017investor presentation● Neutral
AGM presentation repeating known points: 55% of Tangai-Sukananti, over 600 bopd (100%), cash A$1.63m, no debt, UNPAD study underway and acquisitions sought. Remaining options 335.1m, shares 2,290.3m. No new events.
20 Nov 2017other● Neutral
Board changes the financial year end from 30 June to 31 December to align with Indonesian operations. A six-month transitional year runs to 31 Dec 2017, with audited accounts due by 31 March 2018 and an AGM by 31 May 2018.
10 Nov 2017production update▲ Good
October production was 15,407 bbl (100%), 8,474 net; sales realised US$52.17/bbl. Workovers at Bunian-1, Tangai-1 and Tangai-3 added about 95 bopd combined. Bunian-4 expected back in November (+50-100 bopd); capacity forecast stays above 700 bopd.
10 Nov 2017security holder rights change● Neutral
Expiry notice mailed to BASO option holders: options exercisable at 0.3c lapse 15 Dec 2017, and trading stops 11 Dec. Exercisers get a free 0.6c option expiring 15 Dec 2018, issued via a later prospectus. Not underwritten; shares last traded 0.4c.
9 Nov 2017investor presentation● Neutral
IABC Surabaya conference deck repeating known points: 55% of Tangai-Sukananti, over 600 bopd (100%), cash A$1.63m, no debt, Bunian-West appraisal maturing in 2018, and acquisitions. States cash flow is expected to pay all deferred acquisition costs by Dec 2018. No new events.
2 Nov 2017security holder rights change▲ Good
About 41.7m BASO options (~10.8%) exercised at 0.3c, raising ~A$125,000. Shares on issue now 2,280.9m, with 344.4m options still to expire 15 Dec 2017. Early, modest take-up of the option funding.
12 Oct 2017production update● Neutral
September production was 16,089 bbl (100%), 8,848 bbl net, down from August because the Bunian-1 well was shut in to replace a pump running at 30% efficiency. Sales averaged US$50.97/bbl. Bass forecasts capacity above 700 bopd after workovers; UNPAD study on track.
11 Oct 2017security holder rights change● Neutral
Bass reminds holders of its 386.1m listed options (BASO) that they can be exercised at 0.3c until 15 December 2017. Each exercised option brings one share plus an attaching 0.6c option expiring 15 December 2018. Full exercise would raise about A$1.16m.
27 Sept 2017annual report● Neutral
Annual report for the year to 30 June 2017. It recaps the Cooper Energy purchase (A$500,000 cash, 180m shares, A$2.27m deferred), the A$772,000 rights issue, and the shift to an Indonesian oil producer. The excerpt shown gives no new financial figures.
27 Sept 2017admin correction● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2017, lodged with the annual report. Compliance paperwork only, with no substance for shareholders.
27 Sept 2017resource reserve update▼ BadMajor
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.
13 Sept 2017regulatory community update▲ Good
Bass says a substantial quantity of undeveloped oil remains in the Bunian and Tangai fields. It is maturing development wells (Bunian-5, Bunian-6, Tangai-5) and a Bunian-West appraisal well for 2018. An Indonesian consultancy study, UNPAD, is due by year end 2017. No wells are committed yet.
13 Sept 2017investor presentation● Neutral
RIU Good Oil Conference deck repeating known points: 55% of Tangai-Sukananti, over 600 bopd (100%), Tangai-1 up from 50 to 150 bopd, undeveloped reserves and UNPAD study due year end. Cash estimate A$1.35m, no debt. No new events.
8 Sept 2017production update▲ Good
August production was 18,590 bbl (100%), 10,225 bbl net, up 4.6% on July; sales averaged US$47.08/bbl. Tangai-1 rose from 50 to 150 bopd after the flowline fix. A workover rig is due in September for pump maintenance on other wells.
7 Aug 2017production update▲ Good
July production was 17,781 bbl (100%), 9,779 bbl net, up 1.9% on June; sales averaged US$44.24/bbl. Removing scale in the Tangai-1 flowline raised that well's output in late July. This is the first visible result of the optimisation work.
11 July 2017production update● Neutral
June production was 17,447 bbl (100%), 9,595 bbl net to Bass; sales 18,196 bbl at US$42.07/bbl, below May's US$45.68. June quarter production was about 7% above March. Work to add up to 350 bopd still due early Q3.
22 June 2017investor presentation● Neutral
June roadshow deck repeating the Tangai-Sukananti story: 55% interest, output at or above 600 bopd (100%), cash about A$1.3m, no debt, and three acquisition targets in due diligence. Expects about 30,000 bbl (100%) for the June quarter. No new events.
