Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
4 Dec 2018investor presentation● Neutral
December roadshow presentation repeating known points: about 850 bopd capacity, a two-well drilling plan and acquisition strategy. It adds that 60 opportunities were screened, 5 shortlisted and 2 heads of agreement signed, with North Madura in final due diligence. Text truncated.
15 Nov 2018production update▲ Good
October production was a record 27,795 bbl (100%), 15,287 net, with sales of 15,422 bbl net at US$76.69. Bunian-5 site construction has begun and the drilling contract is out to tender. Repeats the record already announced on 8 November.
13 Nov 2018asset acquisition disposition▲ GoodMajor
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.
8 Nov 2018production update▲ GoodMajor
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.
1 Nov 2018drilling scheduled▲ Good
Construction of the Bunian-5 well site began. It will be drilled vertically from the Bunian-4 pad to save cost and time. The rig contract is expected to be awarded in December 2018, with spud soon after.
30 Oct 2018quarterly activities report● Neutral
September quarter net production was 21,774 bbl, down 14.9%, at US$70.28/bbl. Cash fell to US$0.73m, excluding the expected royalty settlement receipt. The drilling rig contract is now expected in December 2018, with Bunian-5 spudding soon after.
29 Oct 2018material agreement● Neutral
Bass signed a further MoU with Bandung Institute of Technology and Sejong University to study CO2 enhanced oil recovery for its current and future fields. It extends the earlier low-salinity waterflood MoU. It is research only; no costs or results are given.
25 Oct 2018production update▲ Good
October production is averaging almost 900 bopd (100% JV), putting the field on track to challenge the KSO record of about 26,000 bbl set in October 2015. Completed scale remediation and optimisation are credited; Bunian-5 is still expected in December.
11 Oct 2018production update▲ Good
September production rose 53% to 17,081 bbl (100%), 9,395 net, after the scale remediation, reaching 850-950 bopd by month end. Sales were 8,537 bbl net at US$73.50. Two-well drilling is still expected from December 2018.
4 Oct 2018asset acquisition disposition▲ Good
Bass settled a royalty dispute with one unnamed party, which ends that royalty, in return for a confidential cash payment based on estimated royalty value. The amount and the royalty are not stated, so the effect on shareholders is unclear. Other parties to the dispute are not mentioned.
19 Sept 2018other● Neutral
Company released two videos, an interview and the RIU Good Oil conference presentation, by the Managing Director. No new operating, financial or reserve information.
13 Sept 2018investor presentation● Neutral
RIU Good Oil Conference presentation repeating known points: 2,606m shares, cash US$0.99m, no debt, 650 bopd capacity, Bunian-5 drilling in December quarter without raising capital, and 0.893 MMbbl net unrisked prospects. Text is truncated; nothing new.
13 Sept 2018production update● Neutral
August production was 11,156 bbl (100%), 6,136 net, down 2% on July, with sales at US$67.64/bbl. Scale remediation finished in early September and output is expected to return to May levels. Resolves the pending scale clean-outs; Bunian-5 drilling procurement has started.
6 Sept 2018half year report● Neutral
Half-year report to 30 June 2018: net production 52,770 bbl and sales 53,612 bbl, with cash of US$0.99m. Repeats the scale problems, the Cooper payment deferrals and the planned drilling. Text is truncated; no financial statements are shown.
27 Aug 2018regulatory community update▲ GoodMajor
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.
17 Aug 2018production update▼ Bad
July production was 11,350 bbl (100%), 6,243 net, still held back by scale. The Bunian-1 pump failed and a workover rig was mobilised in August; a coiled tubing unit is also due for Bunian-3. Bass expects production to return to May levels.
27 July 2018quarterly activities report▼ Bad
June quarter net production was 25,580 bbl, down 6.6%, on scale and pump problems; price averaged US$68.11. Cash fell to US$0.99m from US$1.43m, after the Cooper payment. The remaining Cooper payments are deferred six months each.
20 July 2018production update▼ Bad
June production fell 40% to 11,010 bbl (100%), 6,055 net, from scale in the wells and Bunian-1 pump wear. Bunian-3 was offline a week. Sales were at US$68.54/bbl. Drilling is still expected in the December quarter.
18 July 2018investor presentation● Neutral
Noosa conference presentation repeating known points: 650 bopd capacity, UNPAD prospects (0.893 MMbbl net unrisked), acquisition strategy, and a claim that cash flow is expected to pay the deferred acquisition costs. Text truncated; nothing new.
2 July 2018material agreement● NeutralMajor
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.
18 June 2018production update▲ Good
May production rose 9% to 18,500 bbl (100%), 10,175 net, with sales at a multi-year high US$70.51/bbl. Pump upgrades at Bunian-1 and Tangai-1 are planned for the September quarter; the two-well drilling program is now expected in the December quarter.
17 May 2018other● Neutral
Company released a video of Tangai-Sukananti operations that was shown at the AGM. No new operating, financial or reserve information.
16 May 2018investor presentation● Neutral
AGM presentation in Adelaide repeating known points: 2,606m shares, A$2.35m cash, no debt per the slide, 650 bopd, and options worth up to about A$2.2m if exercised. Text is truncated; no new information.
14 May 2018director officer appointment▲ Good
Dr Simon Brealey, formerly Cooper Energy's staff geologist for Indonesia and Australia, joins as Staff Geologist – New Ventures to find and negotiate acquisitions near Tangai-Sukananti. Advances the stated acquisition strategy; no deal is announced.
10 May 2018production update● Neutral
April production was 16,994 bbl (100%), 9,347 net, 14% below March's record, after scale in pipework forced Tangai-1 and Bunian-3 shut-ins. Sales were 9,877 bbl net at US$65.57, the highest price since late 2014. Drilling is now expected late in 2018.
4 May 2018investor presentation● Neutral
Singapore roadshow presentation restating known points: Tangai-Sukananti 55% operator interest, about 650 bopd (100%), and acquisition focus near existing infrastructure. Text is truncated; no new results or figures beyond earlier releases.
24 Apr 2018quarterly activities report▲ Good
March quarter net production was 27,190 bbl and net sales 28,142 bbl at US$61.28/bbl. Cash was A$2.35m including a delayed Pertamina receipt. Output is about 650 bopd with a further 150-250 bopd expected; two new prospects are in the 2018/19 drilling program.
