Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
19 Jan 2015quarterly activities report● Neutral
December quarter: the new board was elected on 16 December and Mullins is chairman. The $425,000 placement was received and cash is $778,000. Entitlement issue details are pending. The farm-out campaign timetable is under review pending the seismic interpretation work.
16 Dec 2014agm notice● Neutral
Chairman's AGM address backs the board handover to Cooper-linked nominees and the $425,000 placement at 0.5c. It notes BAS shares fell 13% over the year and says funding for Gippsland work obligations, by farm-out or equity, is needed. Text is truncated.
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.
30 Oct 2014quarterly activities report● Neutral
September quarter: cash is $749,000 and BAS plans to finalise additional capital in the December quarter. The Lakes Oil sale completed, Noske was re-engaged, and Gordon joined the board. Farm-out of Gippsland is about to start.
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.
28 July 2014quarterly activities report● Neutral
June quarter: strategic review completed and Gippsland divestment/farm-out under way. Lakes Oil's A$300,000 purchase of PEP 167/175 is awaiting regulatory approval. CEO Noske agreed to continue, and Hamilton stays as Company Secretary, reversing her earlier resignation notice.
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.
30 Apr 2014quarterly activities report● Neutral
March quarter: strategic review focused on cutting spending and selling Gippsland acreage. Cooper lifted its stake from 19.9% to 22.9% and Oil Basins ceased to be a shareholder. BAS has withdrawn from Vic/P42 and Vic/P66. Victoria's onshore approvals hold affects the Otway permits.
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.
