17 May 2016capital raising announcement● Neutral
Administrative notice that the offer document and personalised acceptance forms have been sent to eligible shareholders for the $483,000 rights issue. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 May 2016capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot join the rights issue. It also discloses an underwriting fee of 6% of the amount underwritten. Otherwise it repeats known terms.
10 May 2016capital raising announcement● Neutral
Shareholder letter restating the rights issue terms: 3 for 5 at 0.1c, up to 482.6m shares and about $483,000, record date 16 May. It repeats the 9 May announcement and adds no new information.
9 May 2016capital raising announcement● NeutralMajor
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.
9 May 2016capital raising announcement● Neutral
Offer booklet for the 3-for-5 rights issue at 0.1c per share, closing 3 June 2016 and underwritten by Adelaide Equity Partners. It carries the terms already announced on 9 May; no new business information in the visible text.
30 Oct 2015regulatory community update▲ Good
NOPTA approved a 12-month variation for Vic/P41, moving the required exploration well back one year to 28 November 2017. This reduced near-term funding obligations and gave time to mature the Emperor Formation gas prospects, with over 1.75 TCF in the five largest leads.
28 Oct 2015investor presentation● Neutral
AGM presentation repeats the technical review results: 8 MMbbl 2C at Leatherjacket and over 1.75 TCF in the Emperor Formation. It shows 804.4m shares, $0.5m cash at 30 September 2015, and a $3.2m market cap at 0.4c. Cooper holds 21.6%.
28 Oct 2015resource reserve update▲ GoodMajor
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.
7 Oct 2015regulatory community update▲ Good
NOPTA approved a 12-month suspension and extension for Vic/P68 (100% BAS), so the 225 sq km 3D seismic survey is now due by 3 November 2016. This reduces near-term funding obligations. A gas play in the Emperor Formation is also flagged, similar to Longtom.
3 Sept 2015admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 2 September 2015. It points to the governance statement and carries no new business information.
3 Sept 2015annual report● Neutral
FY2015 annual report (year to 30 June 2015). The chairman cites the commodity downturn, the completed rights issue, Gippsland mapping, and a search for lower-cost new opportunities. Directors' fees are held at 50% of prior levels. The auditor is listed as Deloitte, not EY as previously noted.
20 Apr 2015regulatory community update▲ GoodMajor
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.
31 Mar 2015capital raising announcement▲ GoodMajor
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.
12 Mar 2015capital raising announcement● Neutral
Administrative notice that rights issue booklets and forms were sent to shareholders on 12 March 2015. Terms are unchanged: 1-for-3 at 0.5c, closing 26 March.
4 Mar 2015capital raising announcement● Neutral
Administrative shareholder letter restating the rights issue terms (1-for-3 at 0.5c, up to about $1m) and timetable, with closing on 26 March 2015. No new information.
4 Mar 2015joint venture update▲ Good
Partner Oil Basins reports that BAS, as operator, applied on 3 March 2015 to suspend and extend the Vic/P41 Year 3 work program by 12 months to 28 May 2016. If approved, no Year 4 well is required until 28 May 2017.
3 Mar 2015capital raising announcement● Neutral
Offer booklet for the 1-for-3 rights issue at 0.5c, closing 26 March 2015, underwritten by Merchant Corporate Finance. It is the formal document for the raising already announced; text is truncated and no new figures appear.
3 Mar 2015capital raising announcement▲ GoodMajor
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.
17 Feb 2015investor presentation● Neutral
February 2015 presentation repeats known points: Gippsland and Otway acreage, new board, reprocessed seismic. It shows 603.3m shares, $3.0m market cap at 0.5c, and $0.8m cash. It lists board and management at 26.6% and Cooper at 19.7%.
3 Feb 2015director officer appointment● NeutralMajor
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.
13 Nov 2014capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
85.0m new shares at A$0.005 to raise about A$425,000. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0386% to 0.0332% of the company. To keep it you'd need 32,800 more shares - about A$164 at the issue price.
Create a free account to see this worked out for your own holding.
31 Oct 2014director officer appointment● NeutralMajor
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.
30 Oct 2014annual report● Neutral
2014 annual report. The chairman says the failed Cooper farm-in, one large shareholder's vote against it, and the delayed seismic work led to March cuts: staff terminated, director fees halved. GMP struggled to progress the sale during the delay.
29 Oct 2014resource reserve update▲ GoodMajor
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.
29 Oct 2014resource reserve update▲ Good
Oil Basins Limited, a Vic/P41 partner, restates BAS's new resource figures. Its share of the best estimate is about 367.1 Bcf and 17.5 MMbbls liquids. This is a partner re-release of BAS's resource upgrade with no new BAS information.
28 Oct 2014director officer appointment● NeutralMajor
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.
17 Oct 2014joint venture update● Neutral
Oil Basins Limited, a Vic/P41 partner with a 35.435% group interest, repeats BAS's extension and seismic news. It adds that its group has lodged a variation for Vic/P47. This is a partner re-release with no new BAS information.
16 Oct 2014regulatory community update▲ GoodMajor
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.
29 Sept 2014annual report● Neutral
Statutory accounts for the year to 30 June 2014. The CEO calls it a year of consolidation, with the failed Cooper farm-in, permit cancellations and a cost-cutting strategy. The Gippsland permits are described as the foundation for growth. Financial figures were not in the extract.
29 Sept 2014asset acquisition disposition▲ GoodMajor
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.