Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2012regulatory community update▲ GoodMajor
BAS won 100% of new onshore Otway permit PEP 175 (1,419 sq km), subject to native title steps within 2 years, and confirmed the PEP 167 five-year renewal. Together with the 15% PEP 150 farmin, net onshore acreage is 2,315 sq km.
24 July 2012quarterly activities report● Neutral
June quarter: PEP 167 renewed for five years with 100% equity after Interra's exit, and Vic/P68 awarded. Stanton 3D seismic tenders are being evaluated. Offshore farmin interest is credible but no offers have been received; PEP 150 grant is expected in 2012.
18 July 2012asset acquisition disposition● Neutral
Oil Basins confirms regulatory approval was received on 17 July and the 7.5% Vic/P41 transfer from Strategic is complete. Oil Basins now holds 12.5%, Strategic 17.5%. BAS remains 45% and operator.
15 June 2012asset acquisition disposition● Neutral
Partner Strategic Energy is transferring 7.5% of Vic/P41 to Oil Basins, taking Oil Basins to 12.5% and Strategic to 17.5%. BAS stays at 45% and operator, so this is a partner-level change.
15 June 2012asset acquisition disposition● Neutral
Oil Basins records that partner Strategic Energy's 7.5% Vic/P41 transfer was approved by all joint venture parties, pending regulatory approval. BAS stays at 45% and operator. Repeats the 15 June notice; no change to BAS's interest.
7 May 2012asset acquisition disposition▲ GoodMajor
BAS was granted 100% of new Gippsland permit Vic/P68 (1,082 sq km), next to the Kipper gas field. Company cites 1.7 TCF gas and about 86 mmbbls condensate of 2C contingent plus P50 prospective resource (100% case). Says no meaningful 2012 cash impact.
7 May 2012price query● Neutral
ASX queried a rise in the share price from 2.2c to 2.9c on higher volume. BAS said it knew of no unannounced information explaining it and confirmed it was complying with the listing rules.
23 Apr 2012quarterly activities report● Neutral
March quarter: Windermere-3 site rehabilitated, 15% PEP 150 farmin with Somerton Energy finalised, and Interra's PEP 167 stake taken to 100%. Bass Basin permits lapsed. Offshore farmin reviews attract interest but no offers.
3 Apr 2012farm in farm out completion● NeutralMajor
Partner Interra is withdrawing from PEP 167 effective 30 June 2012 and assigning its 50% to BAS, lifting BAS to 100%. BAS will relinquish half the area and apply to renew for five years, targeting Casterton oil shale and Waarre gas.
21 Mar 2012investor presentation● Neutral
March corporate presentation largely repeating the February deck. Cash $2.6m, market cap $8m, acreage down to about 8,000 sq km after dropping the Bass Basin permits. Adds nothing new.
9 Mar 2012half year report▼ Bad
Half-year to December 2011: net loss $4.49m versus $243k, including a $1.97m PEP 167 write-down after Windermere-3 and a $2.14m impairment on the relinquished Bass Basin permits. Rights issue raised about $2.4m.
7 Mar 2012asset acquisition disposition▼ BadMajor
BAS decided not to renew its 100%-owned frontier Bass Basin permits T/42P and T/43P after their six-year initial term. This lets it focus on its more advanced Otway and Gippsland Basin opportunities.
16 Feb 2012asset acquisition disposition● Neutral
Oil Basins confirms regulatory approval of the 5% Vic/P41 transfer from Moby. BAS stays at 45% and operator. Partner-level change, no change to BAS's interest.
8 Feb 2012investor presentation● Neutral
CEO company briefing repeating known facts: cash $2.6m, market cap $9m, 388 million shares, Albers 15%, Adelaide Equity 7%. Notes PEP 167 five-year renewal being discussed and continued Vic/P47 farmout interest.
30 Jan 2012material agreement● NeutralMajor
Board released an independent PetroVal valuation of its assets, commissioned after an unsolicited preliminary approach from an unnamed third party about a possible corporate action. Talks are incomplete and may not lead to a deal. No valuation figure is given in the text.
30 Jan 2012quarterly activities report● Neutral
December quarter: Windermere-3 plugged and abandoned, with permeability of only 0.13 mD-ft. Company says it has a fully funded committed work programme. Vic/P47 farmin partner search has credible interest but no offers; PEP 150 grant expected first half 2012.
3 Jan 2012director officer appointment● Neutral
Dr Henry Askin retired from the board on 31 December 2011 after 13 years, as foreshadowed. Board is now four non-executives: McInnes, Whittle, Lindh and McCoy. Completes the board turnover from November.
21 Dec 2011investor presentation● Neutral
CEO outlines forward plans after Windermere-3: Heathfield is very tight, so PEP 167 will turn to the Waarre and Casterton oil shale plays. Judith (194 BCF 2C) farmout talks continue; Vic/P66 obligations suspended a year; Bass Basin permit renewal talks ongoing.
20 Dec 2011drilling result▼ BadMajor
The Windermere-3 drill stem test found no hydrocarbons or formation water, so the reservoir is too tight for commercial production. The well will be plugged and abandoned, a dry hole for the Heathfield play that the 1987 Windermere-1 had tested.
19 Dec 2011drilling progress report● Neutral
Windermere-3 reached total depth of 1,840 m. Logs show oil in tight rock across 1,698–1,808 m, intersected on prognosis 50 m updip of Windermere-1. A drill stem test of the lower Heathfield is about to run to see if oil flows commercially.
16 Dec 2011drilling progress report● Neutral
The failed mud motor was replaced and Windermere-3 was drilling at 1,592 m. The Heathfield target is expected within 24 hours.
15 Dec 2011drilling progress report▼ Bad
After drilling to 1,481 m, either the bit or mud motor failed at Windermere-3 and the string was being pulled out. Minor delay; Heathfield still expected later in the week.
14 Dec 2011drilling progress report● Neutral
Windermere-3 was drilling at 1,327 m after an overnight wiper trip. Heathfield still expected later in the week. No new result.
13 Dec 2011drilling progress report● Neutral
Windermere-3 was drilling at 1,013 m, with the Heathfield target still expected later in the week. No new result.
12 Dec 2011drilling progress report● Neutral
Windermere-3 was drilling at 777 m after the blow-out preventer was installed and tested. The Heathfield target is expected later in the week. No result yet.
9 Dec 2011drilling progress report● Neutral
Surface casing at Windermere-3 has been run and cemented, and the blow-out preventer is being installed before drilling the 8½-inch hole to the target. No result yet.
8 Dec 2011drilling progress report● Neutral
Windermere-3 reached the planned depth for its 12¼-inch surface casing and was pulling out to run it. Routine step with no result; drilling continues to the Heathfield target.
7 Dec 2011drilling spud● Neutral
Partner Interra (50% of PEP 167) confirms Windermere-3 drilling has started, to 1,815 metres, with results expected in December 2011. Repeats BAS's same-day spud announcement.
7 Dec 2011drilling spud▲ GoodMajor
Windermere-3 began drilling on 7 December 2011 in PEP 167, targeting 1,815 metres over about two weeks, with a result expected within three weeks. It follows the 1987 well that flowed 32 barrels then failed. Success would be Victoria's first commercial onshore oil field.
6 Dec 2011regulatory community update● Neutral
Partner Moby Oil & Gas repeats the Vic/P41 five-year renewal, with BAS at 45% operator. Adds nothing new for BAS.
