Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Nov 2022resource reserve update▲ GoodMajor
Independent assessment puts a best estimate of 21 TCF gas in place in deep coals in PEL 182 (Bass 100%), with a 568 bcf prospective resource at Moolion East. These are prospective, undrilled volumes. Bass will study self-funding, farm-out or third-party investment.
29 Apr 2022drilling result▲ GoodMajor
Tangai-5 is completed as an oil producer with 5.5 m of net oil pay in the M reservoir; the rig was released 27 April. Online expected mid-May. Management expects at least double field output and payback under three months; the K reservoir showed only 1-2 m of gas pay.
21 Apr 2022drilling result▲ GoodMajor
Tangai-5 reached 1,663 m, hitting the M reservoir on prognosis with 5 to 6 m of high-quality oil pay on preliminary logs. Bass will now case and complete it for production. Early good news against the 85% pre-drill odds.
14 Apr 2022drilling progress report● Neutral
Tangai-5 progress: intermediate casing point reached at 1,348 m and casing is being run. Next is drilling to about 1,673 m through the M reservoir. No reservoir result yet.
7 Apr 2022drilling spud▲ GoodMajor
Tangai-5 spudded on 1 April 2022, in line with the late-March plan. Surface casing is set at 405 m, and the next step is drilling to 1,354 m. The well targets the M reservoir, with 85% success likelihood, 32 days planned and cost recoverable.
31 Mar 2022resource reserve update▼ BadMajor
At 31 December 2021, net entitlement reserves fell to 1P 0.316, 2P 0.425 and 3P 0.644 MMbbl, from 2P 0.549 a year earlier. The company cites delayed 2021 drilling and higher oil prices. 100% field 2C rose to 0.891 MMbbl.
28 Mar 2022drilling scheduled▲ GoodMajor
Rig 25.2 is at the Tangai-5 site, with spud expected 29 March 2022 and a 32-day plan to about 1,650 m. Bass rates success at 85% and hopes to lift output from about 350 to up to 1,000 bopd JV. Cost is recoverable against production.
25 Mar 2021drilling scheduled▲ GoodMajor
Bass plans a drilling program from late 2021: one firm well (likely Tangai-5) and two contingent wells (Bunian-6 and a Bunian 3P extension appraisal). It aims to lift output from about 500 bopd in 2022, the first drilling since COVID began. Financing is still to be planned.
25 Mar 2021resource reserve update▲ GoodMajor
Year-end 2020 reserves: 1P net entitlement 0.436 MMbbl (from 0.483) and 2P 0.549 MMbbl (from 0.567); 3P of 0.842 MMbbl is reported for the first time. 2C contingent resources rose to 0.836 MMbbl (from 0.426) after the Bunian-5 model update.
20 Mar 2020resource reserve update● NeutralMajor
At 31 Dec 2019, 2P net entitlement reserves were 0.567 MMbbl, down 6% from 0.602, and 1P was 0.483 MMbbl, down 4%. Bunian-5 added the K reservoir to reserves for the first time, partly offsetting 2019 production. 2C contingent resources fell to 0.426 MMbbl (100% field).
22 Oct 2019drilling result▲ GoodMajor
Bunian-5 hit both primary reservoirs (TRM3 and K) at or slightly above Bunian-3ST2 levels, with 5m of net oil pay in each, at TD 1,662 mKB after 23 days. Results are consistent with the pre-drill 750 bopd model; 7in casing is set and the well will be completed as a producer.
14 Oct 2019drilling progress report● Neutral
Bunian-5 reached 1,424 mKB after cementing the 9-5/8in casing, heading to the core point above the first primary target (TRM3 sandstone). The K sandstone is expected at 1,516 mKB. No result yet.
7 Oct 2019drilling progress report● Neutral
Bunian-5 reached 1,315 mKB, the intermediate casing depth, and was preparing wireline logs before running 9-5/8in casing. Primary target still expected at 1,392 mKB. No reservoir result yet.
30 Sept 2019drilling progress report● Neutral
Bunian-5 was drilled to 407 mKB and 20in conductor set at 45 mKB; the rig was preparing to run 13-3/8in surface casing. Target remains 1,700 mKB, with the primary reservoir expected at 1,392 mKB. No well result yet.
25 Sept 2019drilling spud▲ GoodMajor
Bunian-5 spudded at 1600hrs on 24 September 2019, the company's first development well under this plan. It will drill to 1,700 mKB, expecting the primary target at 1,392 mKB. This follows the rig mobilisation and starts the push to double output.
23 Sept 2019drilling progress report● Neutral
Rig is 100% rigged up at Bunian-5 as at 22 September. Final compliance and readiness checks are almost complete, with drilling expected to begin early this week. No new well result.
16 Sept 2019drilling progress report● Neutral
Rig PDSI Rig 20 is on the Bunian-5 location and 80% rigged up as at 15 September. Compliance checks continue, with drilling expected to start late this week. No new well result.
9 Sept 2019drilling scheduled▲ GoodMajor
Rig PDSI Rig 20 is mobilising to drill Bunian-5, planned to spud late September, taking about 30 days to a depth of about 1,700 m. It targets 750 bopd initial output and 0.546 MMbbl undeveloped oil. Costs are recoverable against existing production.
25 Feb 2019resource reserve update▲ GoodMajor
At 31 Dec 2018, Tangai-Sukananti net 1P reserves rose 76% to 0.505 MMbbl; net 2P fell 2% to 0.602 MMbbl (100% field 2P 2.019 MMbbl). Bunian-3 debottlenecking and a new dynamic model moved oil into proved. 2C contingent resources rose to 0.882 MMbbl (100%).
1 Nov 2018drilling scheduled▲ Good
Construction of the Bunian-5 well site began. It will be drilled vertically from the Bunian-4 pad to save cost and time. The rig contract is expected to be awarded in December 2018, with spud soon after.
5 Mar 2018resource reserve update▲ GoodMajor
First UNPAD study results identify two new near-field prospects, Sukananti Updip and Bunian West, with 1.62 MMbbl best-estimate unrisked prospective resource (0.893 net to Bass), at 30% and 32% chance of success. Added to the 2018/19 drilling plan, subject to regulator approval.
27 Sept 2017resource reserve update▼ BadMajor
At 30 June 2017, gross (55%) 2P reserves are 1.35 million barrels, with net 2P of 0.70 million barrels, and 2C contingent resources 0.17 million barrels. This is lower than the 1.73 million barrels 2P reported at 30 June 2016. A fuller reassessment is due by year end.
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.
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.
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.
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.
