7 Sept 2010joint venture update● Neutral
Partner Interra's release repeats that Windermere 3D processing is finished and preliminary mapping broadly supports the oil case, with possible drilling in 2011. No new information beyond BAS's release.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2010drilling result▲ GoodMajor
Preliminary 3D mapping confirms a significant structure at Windermere-1 reservoir level, broadly supporting the oil case, with possible extra leads nearby. The joint venture will review drilling options in the fourth quarter; drilling could follow in 2011. The reservoir is about 1800m deep.
30 Aug 2010director officer appointment● Neutral
Dr Steve Mackie is appointed Exploration Manager, replacing Dr Keith Jackson after three years. BAS says it is starting a new phase of activity expected to include Windermere drilling and Gippsland seismic acquisition.
2 Aug 2010admin correction● Neutral
Amended quarterly cash report replaces the 29 July version, only adding estimated administration outflows for next quarter. Cash at 30 June was $3.697 million; next quarter's outflows are estimated at $400,000, of which $150,000 is exploration.
13 July 2010investor presentation● Neutral
Resources Victoria presentation restating known permit interests and Windermere status. Cash is about $3.6 million and market capitalisation about $8 million, down from $10 million in April. Unlisted options fell to 2.1 million. No new results.
4 May 2010joint venture update● Neutral
Oil Basins Limited announces it was appointed agent to manage the Vic/P41 farm-out for the joint venture. The permit's Year 4 well commitment has been moved to September 2011. This formalises the marketing push noted in BAS's quarterly report.
21 Apr 2010investor presentation● Neutral
Conference presentation restating the portfolio, Windermere survey completion and Judith and Vic/P41 prospect figures. Cash is about $3.8 million, market capitalisation about $10 million, 291,030,250 shares. No new results.
14 Apr 2010drilling progress report▲ Good
Windermere 3D recording is complete. Processing is due by about mid-year, with interpretation in the second half of 2010. A positive result could lead to drilling within a year. Interra funds the survey up to $1.75 million.
23 Mar 2010joint venture update● Neutral
Partner Interra's release repeats that Windermere 3D recording has started, covering 41 sq km over about two weeks. No new information beyond BAS's release.
22 Mar 2010drilling progress report▲ Good
Recording of the 41 sq km Windermere 3D survey in PEP 167 began, taking about two weeks. It follows the earlier rain delay. A successful survey could lead to appraisal drilling of the 1987 oil discovery within a year.
5 Mar 2010half year report● Neutral
Half-year to 31 December 2009 shows a net loss of $331,160, against $367,902 a year earlier. The report highlights the rights issue and placement, the Interra farmin and two permit renewals as leaving the company in a stronger position.
2 Mar 2010joint venture update● Neutral
Partner Interra's release repeats the Windermere 3D delay: recording is now due late March 2010 because heavy rains in central Australia stopped the contractor recovering its equipment. No new information beyond BAS's release.
2 Mar 2010drilling progress report▼ Bad
Windermere 3D field work began in February, with surveying substantially complete and up-hole drilling finished. Recording is delayed to late March because heavy rain in central Australia held up the contractor's equipment. The survey should now finish in early April 2010.
19 Jan 2010price query● Neutral
ASX queried a rise from 3.8 to 5.3 cents with higher volumes. BAS says it knows of no undisclosed information and expects no material change in half-year results. It suggests the market may be recognising value in Judith and the coming Windermere survey.
24 Dec 2009farm in farm out completion▲ GoodMajor
Government approval received and the Interra farmin completed: 50% of PEP 167 is transferred to Interra, which paid BAS $250,000 and funds the 3D survey up to $1.75 million. BAS keeps 50% and operatorship. Survey start slips to February 2010.
3 Dec 2009regulatory community update▲ Good
The new five-year Vic/P47 term (Judith gas field) is formally granted, from 16 November 2009. Committed work for the first three years is seismic reprocessing and studies only. BAS holds 40% and the joint venture is still talking to potential farmin partners. This completes the renewal.
24 Nov 2009investor presentation● Neutral
AGM presentation restating the portfolio, the Interra farmin and the completed raising. It gives cash of about $4 million, market capitalisation of about $10 million and 291,030,250 shares. Windermere recording is now late January 2010. No new results.
23 Nov 2009farm in farm out agreement▲ Good
Interra announced a conditional farmin for a 50% interest in PEP 167. It pays A$250,000 into escrow, released to BAS on ministerial approval, and funds 100% of seismic survey costs up to A$1.75 million. It also gets equal participation in BAS's PEP 150 rights.
23 Nov 2009farm in farm out agreement▲ GoodMajor
BAS signs a farmin with Interra Resources (ITR): Interra funds the Windermere 3D survey and other costs, worth $2 million in total, to earn 50% of PEP 167. BAS stays operator. This delivers the partner the company was seeking; it is conditional on government approval.
18 Nov 2009drilling scheduled● Neutral
Preparation for the roughly 40 sq km Windermere 3D seismic survey in PEP 167 is well advanced, with recording scheduled for early 2010 at about $1.8 million. A successful survey could lead to appraisal drilling by later next year.
30 Oct 2009admin correction● Neutral
Compliance notice that the 31,945,327 placement shares are issued without a prospectus. Administrative only.
30 Oct 2009capital raising announcement▲ GoodMajor
The rights issue closed oversubscribed, raising $3.11m at 3 cents from 103.6m shares. A further 31.9m shares were placed to sub-underwriters at 3 cents for $958,360, taking the total to $4.07m before costs. Shares on issue rise to 291,030,250, from about 155m. This resolves the funding thread for now.
What it means for a shareholder
31.9m new shares at A$0.030 to raise about A$958,360. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0322% to 0.0246% of the company. To keep it you'd need 10,260 more shares - about A$308 at the issue price.
Create a free account to see this worked out for your own holding.
28 Oct 2009admin correction● Neutral
Rights issue share allotment is delayed by two days to 30 October because of a share registry delay. The issue itself closed on time on 20 October.
26 Oct 2009annual report● Neutral
2009 Annual Report. The chairman says the rights issue closed successfully and secures funding in the short to medium term, and that Vic/P42 and Vic/P47 have been renewed for 5-year terms. Farmin interest is described as genuine, particularly for two permits.
16 Oct 2009regulatory community update▲ Good
Vic/P41 commitments were varied, allowing further assessment of drillable prospects before any drilling commitment. This supports the farmout effort. Interests remain BAS 45% operator, Moby 30%, Strategic 25%, with Oil Basins to take 12.5%. Kipling P50 124 million barrels; Benchley 184 million.
8 Oct 2009asset acquisition disposition▲ GoodMajor
The Joint Authority has offered a new 5-year term for Vic/P47 (Judith gas field), and the joint venture will accept. Committed work for the first three years is only reprocessing and studies. No farmin offers yet. This resolves the pending renewal.
8 Oct 2009joint venture update● Neutral
Partner Moby (35%) confirms the Vic/P47 renewal offer was accepted. Moby's release adds a drilling commitment in year 5, which BAS's own release does not mention. It also notes no farmin offers have been received.
2 Oct 2009capital raising announcement● Neutral
Formal letter of offer for the 2-for-3 rights issue at 3.0 cents, now a 39% discount to the 4.9 cent close on 1 October. The offer closes 20 October. Terms are unchanged from the September notice.
25 Sept 2009capital raising announcement● Neutral
Q&A on trading rights, which began trading on ASX on 25 September under code BASR until 13 October. Entitlements not taken up or sold lapse with no payment. Repeats the rights issue notice; no new terms.
22 Sept 2009other● Neutral
ASX lifts the trading suspension on BAS following the rights issue announcement. Administrative only.