Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2014drilling progress report▲ Good
BAS has received the reprocessed 3D seismic covering Vic/P41, Vic/P68 and the nearby Kipper Field, completing the DUG work started in late 2013. Interpretation has begun; a follow-on study will compare Kipper with BAS prospects to support a sale or farm-out.
11 July 2014asset acquisition disposition● Neutral
Lakes Oil confirms from the buyer's side that it will acquire 100% of PEP 167 and PEP 175 from BAS, subject only to regulatory approval. It says it must await the end of the government's onshore drilling ban. No price is given here.
11 July 2014asset acquisition disposition● NeutralMajor
BAS agrees to sell 100% of onshore PEP 167 and PEP 175 to Lakes Oil for A$300,000 cash, subject to regulatory approval. The permits are called non-core. BAS keeps PEP 150 (15%), which gets a 12-month work program suspension. The Gippsland review continues.
12 May 2014investor presentation● Neutral
May 2014 investor presentation promoting the Gippsland sale and Otway exposure. Shows 518.3m shares, market cap about $2.6m at 0.5c, cash $1.0m at 31 March. Vic/P41 best-estimate prospective resource is 739.7 Bcf of gas plus 35.3 MMbbls condensate.
10 Apr 2014asset acquisition disposition● NeutralMajor
BAS starts a formal sale process for its Gippsland offshore portfolio (Vic/P41 at 64.565%, Vic/P68 at 100%), engaging GMP Securities. It cites higher gas prices and nearby deals. Proceeds would go into new oil and gas opportunities. Cooper now holds 22.9%.
1 Apr 2014director officer appointment● Neutral
Company Secretary Robyn Hamilton, in the role since March 2011, resigns effective 27 May 2014. A replacement will be announced later.
24 Mar 2014regulatory community update● Neutral
Vic/P66 formally cancelled, approved by the regulator on 18 March 2014. BAS held 60% with Strategic 23% and Oil Basins 17%. Completes the exit from the deep-water permit agreed in 2013.
17 Mar 2014director officer appointment▼ BadMajor
The board gave new CEO Steven Noske two months' notice of termination from 14 March 2014, saying it is not about his performance. He stays on while a strategy assessment runs, and discussions on continuing in the role will follow.
13 Mar 2014asset acquisition disposition▼ BadMajor
HIREX found no significant drillable prospects in Vic/P42 and will not farm in. BAS has agreed to cancel the permit, now approved by the regulator. This ends the HIREX collaboration announced in September 2013.
4 Mar 2014half year report▼ Bad
Half-year to 31 December 2013: net loss $2,465,231, against $1,432,571 a year earlier. Confirms the Cooper farm-ins were not approved, mainly because one former shareholder opposed them, and BAS funds its Vic/P41 share.
30 Jan 2014quarterly activities report▼ BadMajor
December quarter: shareholders did not approve the Cooper farm-ins at the AGM, so BAS keeps its interests and funds its share of the work. Vic/P47 withdrawal done, Steve Noske becomes CEO on 6 January 2014, and cash is $1.382m.
26 Nov 2013agm notice▼ BadMajor
AGM address: CEO Terry White is stepping down to consult on technical matters, with a replacement expected shortly. The company has exited Vic/P47 and Vic/P66, will stage Otway activity due to the fraccing moratorium, and says more capital will probably be needed.
26 Nov 2013investor presentation● Neutral
AGM asset review restating the portfolio: Vic/P41, Vic/P68 and Vic/P42 offshore, and PEP 150, 167 and 175 onshore. Cooper farm-in still shown as conditional. No new information.
25 Oct 2013annual report● Neutral
FY2013 annual report. Chairman says an independent expert found the Cooper farm-ins fair and reasonable, with shareholder approval sought at the AGM. Legal costs of $623,578, mostly from a shareholder's Federal Court action over the capital raising, hurt the result. Onshore focus continues.
26 Sept 2013annual report● Neutral
FY2013 annual report. Shares were placed with Cooper's subsidiary (56.2m at 1.5c, $843,089) plus a $1.11m entitlement issue. Vic/P41 rose to 64.565%, PEP 167 and 175 awarded, and Vic/P66 exit agreed. Strategy now onshore Australia, NZ and Indonesia.
20 Sept 2013material agreement▲ GoodMajor
BAS signed a collaboration agreement with HIREX (Hibiscus and Rex JV) to reassess Vic/P42 over three months. HIREX may then take 51% of the permit and a well could be drilled in 2014/15. Subject to government approval of a work variation.
3 Sept 2013joint venture update▼ Bad
Oil Basins disputes BAS's statement, saying the Cooper deals look like transactions with a person in a position of influence needing BAS shareholder approval. It says pre-emption rights have not lapsed. This puts the Cooper farmin in doubt.
3 Sept 2013regulatory community update▲ Good
Cooper reports PEP 150 is granted from 26 August 2013, resolving BAS's long-awaited permit. BAS holds 15% alongside Beach (50%, operator), Cooper (20%) and Bridgeport (15%). Seismic planned for 2014.
3 Sept 2013joint venture update● Neutral
BAS says the Vic/P41 pre-emption rights of Oil Basins and Strategic have lapsed, and the assignment deed to Cooper is being finalised for JV and government approval. The deals also face Corporations Act and ASX Listing Rules requirements.
2 Sept 2013director officer appointment● Neutral
Non-executive director Jayme McCoy resigned from 31 August 2013, citing his US focus; the board says this helps cut overhead. The board is now three: McInnes, Whittle and Lindh.
31 July 2013farm in farm out agreement● Neutral
Cooper Energy confirms the farmin agreements with BAS are executed. It earns 25.8% of Vic/P41 and an option on 50% of Vic/P68 before 18 April 2014, subject to joint venture and government approvals.
31 July 2013farm in farm out agreement▲ GoodMajor
Binding farmin agreements signed with Cooper Energy. Cooper earns 25.8% of Vic/P41 (BAS falls to 38.765%) and has an option over 50% of Vic/P68 before 18 April 2014. Subject to JV and government approvals.
5 July 2013farm in farm out agreement● Neutral
Cooper Energy's side of the deal: it may acquire 25.8% of Vic/P41 and 50% of Vic/P68 by funding reprocessing it estimates at about $1 million. Non-binding and conditional on formal documents.
5 July 2013farm in farm out agreement▲ GoodMajor
BAS signed non-binding letters of intent with Cooper Energy: Cooper gets 25.8% of Vic/P41 and an option over 50% of Vic/P68 by funding seismic reprocessing. First concrete step in the Gippsland farmout; binding terms still to come.
5 July 2013farm in farm out agreement● Neutral
Media release on the Cooper Energy letters of intent: Cooper to get 25.8% of Vic/P41 and an option on 50% of Vic/P68 for reprocessing work. The CEO calls it an early-days deal. No new terms.
21 May 2013asset acquisition disposition● Neutral
Repeat of Oil Basins' notice that regulatory approval for the Vic/P41 interests has been received. Ownership is unchanged: BAS 64.565%, Oil Basins 17.935%, Strategic 17.5%.
21 May 2013asset acquisition disposition▲ Good
BAS confirms final regulatory approval for the Vic/P41 transfers, completing its rise to 64.565% as operator. Oil Basins holds 17.935% and Strategic 17.5%.
14 May 2013asset acquisition disposition● Neutral
Oil Basins reports regulatory approval is received for the Vic/P41 transfers. BAS is 64.565% and operator, Oil Basins 17.935%, Strategic 17.5%.
7 May 2013resource reserve update▼ Bad
Moby's release of the updated Gaffney Cline Judith gas estimate in Vic/P47: 2C 101 Bscf, 3C 276 Bscf, using new seismic inversion. Same report BAS (40% operator) issued separately.
7 May 2013resource reserve update▼ BadMajor
Updated Judith gas estimate cuts 2C to 101 Bscf from 194 and 3C to 276 Bscf from 934. Seismic inversion shows complexity may limit reservoir connectivity. A downgrade of the resource BAS has promoted since 2008.
