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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 July 2017quarterly activities report▲ Good
June quarter: 29,500 bbl net to Bass, up 7%; cash rose to A$1.346m from A$1.299m. A field development review with a university has begun, and Bunian-5 and Tangai-5 development wells are being matured for 2018. Field work to add up to 350 bopd has started.
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.
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.
21 Apr 2017quarterly activities report● Neutral
March quarter: acquisition completed 28 February; cash A$1.299m at 31 March. March output was 7,983 bbl net to Bass, hit by a Bunian-3 shutdown; now over 600 bopd (330 net). The A$2.27m deferred payment is now four instalments from 31 December 2017 to 31 December 2018. Vic/P41 interests were relinquished.
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.
23 Jan 2017quarterly activities report▲ Good
December quarter: Pertamina and the JV partner approved the Tangai-Sukananti sale, leaving only the 13 February 2017 shareholder vote. The A$772,207 rights issue closed oversubscribed. Vic/P41 surrender approved; Vic/P68 suspension approved. Shareholders will also vote on renaming the company Bass Oil Limited.
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.