Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2009investor presentation● Neutral
September 2009 presentation supports the rights issue: about 155m shares, market value about $8m, and Albers Group interests at 29%. It repeats the portfolio and Judith (403.5 Bscf) and Vic/P41 figures, with 259m shares post-issue. No new results.
22 Sept 2009capital raising announcement● NeutralMajor
BAS announces a fully underwritten 2-for-3 renounceable rights issue at 3.0 cents, a 40% discount to the 5.0 cent close, raising up to about $3.11m. Proceeds are for exploration ($2.0m) and working capital. This follows the earlier funding-need comments; first raising since March 2008.
22 Sept 2009annual report● Neutral
Annual report for the year to 30 June 2009 (text truncated). BAS was granted new permit Vic/P66 (60%) and a 100% interest in Vic/P42 on a new 5-year term, and planned 3D seismic over Windermere in FY2010. No financial figures are visible.
21 Sept 2009other● Neutral
BAS requested a voluntary trading suspension pending an announcement about a capital raising, to last at most until trading starts on 23 September 2009. This signals a raising is imminent; no terms are given.
9 Sept 2009joint venture update● Neutral
Vic/P47 joint venture (BAS 40% operator) says a renewal outcome is expected within weeks, for about 200 sq km covering Judith and Moby. Farmin interest is 'credible' but no offers have been received. Repeats the Judith best estimate of 312 Bscf.
31 Aug 2009director officer appointment● Neutral
Founder Geoffrey Albers resigned as a director on 31 August 2009 but remains a major shareholder. Chartered accountant Jack Tuohy replaces him. The board is now McInnes (Chairman), Askin, Tuohy and Managing Director Adams.
18 Aug 2009asset acquisition disposition▲ GoodMajor
BAS has been offered a 100% interest in a new five-year term for Vic/P42 (about 930 sq km, covered by 3D seismic) and intends to accept. The commitment is a modest three-year programme ending in reprocessing. This confirms the earlier June expectation.
17 Aug 2009investor presentation● Neutral
Resources Victoria conference presentation sets out the portfolio of about 14,000 sq km, the Judith resource figures (best-estimate 403.5 Bscf) and Vic/P41 prospect estimates. Largely repeats known facts; no new results.
14 July 2009regulatory community update▲ GoodMajor
BAS says its studies of Bass Basin permits T/42P and T/43P (100%) define prospects each able to hold several hundred million barrels of recoverable oil, with basin modelling indicating large oil and gas generation. It will now seek partners to fund exploration. These are interpretations, not drilling results.
2 June 2009joint venture update▲ GoodMajor
BAS expects to take 100% of Vic/P42 and operate it, subject to government approval and registered joint venture documents. Apache's farmin (about $35m funding, including the dry Speke South well) is superseded, and BAS proposes a three-year reprocessing programme. This changes the 20% interest noted earlier.
3 Mar 2009half year report● Neutral
Half-year to 31 December 2008: net loss $367,902, down from $488,866 a year earlier. Directors note the company's ongoing funding requirements. Permit interests are unchanged apart from the new Vic/P66.
12 Dec 2008asset acquisition disposition▲ GoodMajor
BAS and partners won new Gippsland exploration permit Vic/P66 (2,160 sq km, deep water, eastern Gippsland). BAS holds 60% as operator, Strategic Energy 23%, Oil Basins 17%. Two years of studies come first, then 2D seismic in year three.
19 Nov 2008director officer appointment● NeutralMajor
Chairman Bernard Wheelahan resigned on 18 November 2008, as foreshadowed. John McInnes, who joined the board in October, becomes Non-Executive Chairman. The board is now McInnes, Askin, Albers and Managing Director Adams.
20 Oct 2008annual report● Neutral
Annual report to shareholders for the year to 30 June 2008. The Chairman's letter recaps the seismic surveys, the Judith certification and the Speke South dry hole, and says Chairman Wheelahan will retire at the AGM. Financial figures are not visible in the truncated text.
7 Oct 2008director officer appointment● Neutral
John McInnes OAM, a chartered accountant and former Deputy Chairman of Pacific Hydro and Chairman of Futuris, joins the BAS board. He is the fifth director alongside Wheelahan, Adams, Albers and Askin.
24 Sept 2008annual report● Neutral
Annual report for the year to 30 June 2008 reviews the year: Speke South dry hole, Judith certification, new seismic, and the rights issue. Lists the permit interests unchanged. Text is truncated, so financial figures are not visible here.
26 Aug 2008investor presentation● Neutral
Conference presentation outlines BAS's portfolio of Gippsland, Otway and Bass Basin permits, repeating the Judith certification (best-estimate 403.5 Bscf recoverable) and Windermere appraisal options. Mostly known facts; no new results.
23 June 2008resource reserve update● Neutral
Joint venture partner Eagle Bay Resources re-lodged BAS's Judith certification announcement: best-estimate contingent recoverable gas 193.7 Bscf, 403.5 Bscf including prospective volumes. A re-release of known news, no new information.
20 June 2008resource reserve update▲ GoodMajor
Independent consultant GCA certified the Judith gas discovery in Vic/P47 (BAS 40%, operator): best-estimate recoverable contingent resource 193.7 Bscf, and 403.5 Bscf including prospective volumes (100% basis). GCA recommends appraisal drilling; commerciality is not yet proven.
4 June 2008regulatory community update● Neutral
Vic/P41 seismic finished 4 June, recording 295 km without incident and fulfilling the Year 3 commitment. Data needs months of processing and interpretation. Drilling of the ready prospects still depends on rig availability and a farmout.
2 June 2008regulatory community update● Neutral
Recording began 1 June of about 250 km of 2D seismic in the east of Vic/P41 (BAS 45%, operator), meeting the Year 3 commitment early. The survey targets eastern leads such as 'Lead A'. Drilling still depends on a rig slot, possibly late 2009, and farmout talks.
2 June 2008regulatory community update▲ Good
The Targa survey finished on 31 May, recording 1,192 km in the 100%-held T/42P and T/43P permits, without incident. It fulfils the Year 3 obligation; the data will now be processed to refine leads in the Durroon Sub-basin.
26 May 2008regulatory community update● Neutral
Second part of the Targa Bass Basin seismic survey began 25 May, with over 20% of the roughly 1,100 km recorded. Completion is expected next week.
5 May 2008regulatory community update● Neutral
Recording began on 4 May of the 'Targa' 2D seismic survey, 1,110 km across BAS's 100%-held Bass Basin permits T/42P and T/43P. It meets the Year 3 work obligation. A second part is due later in May. Continues the planned June seismic programme, now brought forward.
24 Apr 2008investor presentation● Neutral
Chairman says the Speke South dry hole cost BAS nothing, as Apache funded the well and seismic. Other exploration is funded by the March rights issue. Plans: Bass Basin and Vic/P41 seismic, Windermere appraisal under evaluation, farmin partners sought for P41 and P47, new acreage applied for.
24 Apr 2008director officer appointment● Neutral
Company Secretary John Nethersole has resigned. Managing Director Andrew Adams has been appointed Company Secretary, effective 24 April 2008, adding to his existing role.
23 Apr 2008other● Neutral
Share registry Link Market Services is moving its Melbourne office to Level 1, 333 Collins Street from 1 May 2008, as notified for many listed clients including BAS. Administrative notice only; no company substance.
22 Apr 2008drilling result▼ BadMajor
Speke South-1 has been plugged and abandoned after formation evaluation, and the rig has left Vic/P42. This confirms the dry hole. Final report; BAS was free-carried, so no cost to it.
18 Apr 2008drilling result▼ BadMajor
Speke South-1 reached 3,138 m in the interpreted Golden Beach Subgroup, but Apache sees no significant shows or signs of hydrocarbon pay on real-time logs. The prospect that carried BAS's 20% appears to have failed.
15 Apr 2008drilling progress report● Neutral
Speke South-1 is drilling in the Latrobe Group at 2,300 m, with operations expected to finish later this week. No hydrocarbon results reported.
