Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 June 2017production update● Neutral
May production was 17,442 bbl (100%), 9,593 bbl net to Bass, slightly below April, with rain limiting exports. Sales averaged US$45.68/bbl, lower than April's US$48.17, and 2,470 bbl was unsold at month-end. Output is still at or above 600 bopd (100%).
8 May 2017production update▲ Good
April production was 18,748 bbl (100%), 10,311 bbl net to Bass, up 29% on March when Bunian-3 was shut for a survey. Sales averaged US$48.17/bbl. Work to add up to 350 bopd is due early Q3 2017.
4 May 2017other● Neutral
Bass launched a redesigned website reflecting the new name and strategy. Administrative only, with no substance for shareholders.
26 Apr 2017investor presentation● Neutral
April roadshow presentation repeating the Indonesian asset, reserves and capital structure (cash about A$1.3m, no debt). It cites current production around 600 bopd (100%), lower than the 700 bopd quoted in February. No new events.
22 Mar 2017director officer appointment● NeutralMajor
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.
22 Mar 2017investor presentation● Neutral
March roadshow deck now that the acquisition is complete: cash A$1.2m, no debt, 386.1m options at 0.3c on issue, and production over 700 bopd (100%). Repeats known reserves and the plan to seek regional acquisitions. No new information.
8 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss A$1,563,367 (versus A$286,929 a year earlier). It records the Indonesian deal signed, rights issue done and Vic/P41 surrender consented. The deferred A$2.27m is described as payable over 12 months from 31 December 2017. Completion occurred 28 February 2017.
1 Mar 2017admin correction● Neutral
The company's name change to Bass Oil Limited, approved by shareholders, is now effective with ASIC. The ASX code stays BAS. Administrative only.
1 Mar 2017asset acquisition disposition▲ GoodMajor
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.
14 Feb 2017investor presentation● Neutral
February presentation repeating the Tangai-Sukananti case: 1.73 MMbbl 2P reserves, deal terms, and about 700 bopd. Shows 2,239.2m shares on issue (including the 180m for Cooper) and an estimated A$0.7m cash at 31 December 2016. No new events.
13 Feb 2017agm notice▲ GoodMajor
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%).
3 Feb 2017production update▲ Good
Tangai-Sukananti net production for the December quarter was 33.8 kbbl (391 bopd), up 33% on September, and current output is around 700 bopd (100%). Since the deal is effective 1 October 2016, this cash flow benefits Bass once it completes.
18 Jan 2017material agreement▲ GoodMajor
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.
21 Dec 2016production update▲ Good
Tangai-Sukananti averaged 826 bopd in November (Bass 55% share about 454 bopd), up over 80% from the period's start, though December is slightly under 800 bopd. The rights issue removed the capital raising condition; completion now expected mid-February 2017, subject to Indonesian approval and a shareholder meeting.
14 Dec 2016regulatory community update▲ GoodMajor
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.
12 Dec 2016capital raising announcement▲ GoodMajor
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.
28 Nov 2016capital raising announcement● Neutral
Administrative notice that the prospectus and personalised entitlement forms have been sent to eligible shareholders for the A$772,207 rights issue. No new information.
21 Nov 2016capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand they cannot take part in the rights issue. No other new information.
21 Nov 2016capital raising announcement● Neutral
Chairman's letter to eligible shareholders restating the rights issue terms: 3-for-5 at 0.1c, up to A$772,207, record date 23 November. Adds no new information.
18 Nov 2016capital raising announcement● NeutralMajor
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.
18 Nov 2016capital raising announcement● Neutral
Prospectus for the A$772,207 rights issue (up to 514.8m shares as stated in the prospectus; other documents say 772.2m) at 0.1c, with attaching options. The offer is not underwritten and the document calls it highly speculative. Repeats the 18 November terms.
16 Nov 2016production update▲ GoodMajor
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.
25 Oct 2016investor presentation▲ Good
Presentation on the Tangai-Sukananti purchase from Cooper Energy: about 500 bopd (100% basis), 2P reserves of 1.73 MMbbl net to Bass, and A$100,000-150,000 monthly free cash flow in 2017 at US$50 Brent. Repeats terms announced 19 October; cash estimate A$0.3m.
19 Oct 2016asset acquisition disposition▲ GoodMajor
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.
19 Oct 2016asset acquisition disposition● Neutral
Cooper Energy confirms the sale to Bass of its 55% Tangai-Sukananti KSO interest for A$5.7m total, including 180m Bass shares that lift Cooper to 24.09%. Completion is expected in about 3 months, subject to Bass shareholder approval and a capital raising.
3 Oct 2016asset acquisition disposition▼ BadMajor
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.
9 Sept 2016admin correction● Neutral
Notice from share registry Link that its Melbourne address changes to Tower 4, 727 Collins Street from 12 September 2016. Bass is one of many companies listed. No business substance.
1 Sept 2016admin correction● Neutral
Appendix 4G governance checklist lodged with the FY2016 annual report. It points to the governance statement and carries no new business information.
1 Sept 2016annual report▼ Bad
FY2016 annual report: loss of $4.03m, mostly a $3.42m write-down of Vic/P41 after the technical review downgraded the Golden Beach play. The rights issue netted $434,397. The company is seeking producing or near-production assets.
8 June 2016capital raising announcement● NeutralMajor
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.
