Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
3 Nov 2016agm notice● Neutral
AGM presentation by Tino Guglielmo repeating the Tangai-Sukananti acquisition case: about 500 bopd, 1.73 MMbbl 2P reserves, and the same deal terms. No new information.
28 Oct 2016quarterly activities report● Neutral
September quarter: Bass says it is moving from explorer to producer via the Tangai-Sukananti deal, with completion expected mid-January 2017. NOPTA rejected the Vic/P68 work program variation (contradicting the earlier pending application); Vic/P41 surrender lodged. PEP 150 moratorium extended to 30 June 2020.
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.
22 July 2016quarterly activities report● Neutral
June quarter: the rights issue raised $483,000, with existing shareholders taking 91%. Bass applied to swap Vic/P68's 225 sq km seismic survey for gas-focused reprocessing and studies. The farm-out market remains weak and acquisition screening continues.
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.
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.
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.
27 Apr 2016quarterly activities report● Neutral
March quarter: the Gippsland data room stays open, but the depressed farm-out market has subdued interest. Bass is screening acquisitions, including late-life onshore producing assets that larger operators find uneconomic. This continues the farm-in and new-opportunity threads without a result.
28 Jan 2016quarterly activities report▲ Good
December quarter: a data room is open and potential farm-in parties are reviewing the Gippsland portfolio, with discussions started. The report restates the 8 MMbbl Leatherjacket 2C and 1.75 TCF Emperor resources. The Vic/P41 variation was approved; PEP 150 stays under the moratorium.
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.
21 Oct 2015quarterly activities report● Neutral
September quarter: Vic/P68 got its 12-month extension after quarter end, and a Vic/P41 variation was lodged, delaying the well from year 4 to 5. Review is nearly complete. The company moved to a cheaper office and is reviewing growth opportunities.
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.
22 July 2015quarterly activities report▲ Good
June quarter: NOPTA's 6-month suspensions for Vic/P68 and Vic/P41 are confirmed. Mapping suggests a significant increase in Leatherjacket's potential recoverable resource, with a small 3D survey to be planned. Farm-in approaches are expected next quarter, and new investment opportunities are being reviewed.
22 Apr 2015quarterly activities report● Neutral
March quarter: the $1m rights issue at 0.5c is complete, with cash $880,000 at quarter end and $1,030,000 after receipt of all funds. Mapping continues on Gippsland targets and NOPTA approved 6-month suspensions. Funds will go to maturing Gippsland prospects.
