11 Apr 2008drilling progress report● Neutral
Speke South-1 has reached 903 m, with 13 3/8 inch casing cemented. Total depth of about 3100 m is expected next week. No hydrocarbon results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Apr 2008drilling spud● NeutralMajor
Speke South-1, the Apache-funded Vic/P42 farmin well, spudded on 7 April and is drilling at 334 m toward about 3100 m. Target is the Golden Beach Subgroup, with a 38.8 million barrel risked prospective resource. BAS is carried for 20%.
2 Apr 2008drilling progress report▼ Bad
Weather and a mechanical fault on a support vessel have delayed the rig move to Speke South-1. Drilling will not likely start before next week. BAS remains free-carried with 20%.
1 Apr 2008joint venture update▼ Bad
Partner Oil Basins (holder of rights to 12.5% of Vic/P41) says a third-party exclusivity agreement has ended with no terms agreed. It remains hopeful BAS or it will attract interest in the permit's six drill-ready prospects. The P41 farmout is still unresolved.
27 Mar 2008drilling progress report● Neutral
Speke South-1 is waiting for better weather before the rig moves, so drilling should start early next week. Target is about 3100 m, with a 38.8 million barrel risked prospective resource. BAS stays free-carried with 20% and will issue twice-weekly updates.
14 Mar 2008half year report● Neutral
Half-year to 31 December 2007: net loss $488,866, versus $402,448 in the prior-year half. The report repeats Speke South-1 plans (38.8 million barrels, about 3100 m) and Vic/P47 Judith background. Text is truncated.
13 Mar 2008capital raising announcement● NeutralMajor
Rights issue result: only 60% was taken up, with 723 of 2,235 shareholders subscribing for $1.95m. The remaining $1.29m (10.3m shares) falls to the underwriter, Albers' company, so Albers' holding rises. The full $3.24m is covered.
5 Mar 2008drilling scheduled▼ Bad
Speke South-1 is now expected to spud around 26 March, to about 3100 m, with a 38.8 million barrel risked prospective resource. Windermere appraisal drilling in Q2 2008 now looks unlikely, with seismic reprocessing delayed; new seismic may come first. Both seismic surveys remain set for June.
19 Feb 2008capital raising announcement● Neutral
Formal letter of offer for the 1-for-5 rights issue at 12.5 cents, up to about $3.24m, closing 7 March with allotment 17 March. Repeats the 8 February terms and use of funds; no new terms.
19 Feb 2008capital raising announcement● Neutral
Required notice for the rights issue, which is made without a prospectus. It warns that if shareholders don't take up their shares, underwriter Albers' stake could rise from 22.84% to as much as 35.70%.
19 Feb 2008investor presentation● Neutral
Shareholder update accompanying the rights issue restates BAS's strategy, a portfolio of almost 14,000 sq km, the carried Speke South-1 well and 2008 seismic plans. Windermere drilling is described as fast-tracked for possible May. Farmin partners are sought for P41 and P47. No new results.
8 Feb 2008capital raising announcement● NeutralMajor
BAS announces a 1-for-5 non-renounceable rights issue at 12.5 cents (share price 16.5c), raising up to about $3.24m. Underwritten by a company controlled by director Albers. Funds mainly go to 2D seismic ($1.5m Bass Basin, $250k Gippsland); Speke South-1 is not funded from it.
31 Jan 2008resource reserve update▲ GoodMajor
BAS's review of the 1987 Windermere-1 oil discovery in 100%-owned PEP 167 supports an appraisal well, with drilling targeted for Q2 2008. Preliminary recoverable oil is 0.78/2.3/5.78 million barrels (P90/P50/P10). Unrisked value is stated as $57.5m-$92m; a partner is sought.
31 Jan 2008drilling scheduled▲ GoodMajor
Apache proposes Speke South-1 as the Vic/P42 farmin well, testing an unrisked mean 36 million barrel prospect to about 2740 m, with drilling in March. It favours Speke South over the earlier SE Tarra target. BAS stays free-carried with 20%.
16 Jan 2008drilling scheduled● Neutral
Apache's West Triton rig is being moved from Singapore, arriving by end January, so the Vic/P42 farmin well can start in March as its third 2008 Gippsland well. BAS stays free-carried with 20%. Final target not yet chosen from three surveyed sites.
30 Nov 2007investor presentation● Neutral
AGM presentation confirms the Apache well for March 2008 (Tarra SE the probable target) and a 252 km Vic/P41 2D survey in 2008. Shows about 129m shares, cash about $1.4m and market cap about $17m. Drilling in P41 and P47 now looks to 2009.
16 Nov 2007farm in farm out completion▲ GoodMajor
Apache has committed to fund a Vic/P42 exploration well, now scheduled for March 2008 on the new West Triton rig. BAS is free-carried through drilling and testing and keeps 20%. The well earns Apache 60% and operatorship, firming up the earlier 'planned' well.
31 Oct 2007annual report● Neutral
Annual report for the year to 30 June 2007 was issued with a chairman's letter citing 14,000 sq km of acreage and the 100% PEP 167 permit. Technical Advisor Ian Reid, who is also exploring for geothermal energy, will be succeeded in a full-time role by Dr Keith Jackson.
28 Sept 2007annual report● Neutral
Annual report for the year to 30 June 2007 describes a portfolio of almost 14,000 sq km. Apache is planning a Vic/P42 well in early 2008, free-carrying BAS, while farmin partners are sought for Vic/P41 and Vic/P47. Financial figures not shown in the excerpt.
27 Aug 2007director officer appointment▲ Good
Dr Keith Jackson, with over 30 years' experience including 18 at Shell, was appointed Exploration Manager. Martens Petroleum Consulting was also engaged for project geoscience work. This builds up the technical team ahead of expected 2008 drilling and seismic activity.
11 July 2007asset acquisition disposition▲ GoodMajor
BAS won new onshore Otway Basin permit PEP 167 (833 sq km, 100% interest) near Port Fairy, which contains the Windermere-1 oil and Port Fairy-1 oil and gas discoveries. Studies come first, with field work in permit years two and three.
28 May 2007security holder rights change● Neutral
ASX waived the requirement to send expiry notices for 9,092,058 listed options exercisable at 30 cents by 29 June 2007. The share price was 7.8 cents on 25 May, well below the exercise price, so lapse is likely (an inference).
22 May 2007investor presentation● Neutral
Company presentation repeating known permit status, prospects and the Apache-funded Vic/P42 well (BAS 20% after farmout). Lists about 129m shares, market cap about $10m and cash about $2m. No new results.
1 May 2007resource reserve update● Neutral
May 2007 Vic/P41 update finalises prospect mapping and says AVO anomalies resemble those at the Kipper field. Kipling P50 is 124 MMbbl oil, Benchley 184 MMbbl, Oscar West and East 19 MMbbl each. Unrisked prospects; farmin partners still sought, drilling not before early 2008.
1 May 2007resource reserve update● Neutral
May 2007 Vic/P47 update restates the Judith gas review: three appraisal areas, with prospective recoverable gas of 185 PJ and 413 PJ in two scenarios. Judith is likened to Longtom, where Longtom-3 flowed up to 77 MMscf/d. Partners still sought; prospective, not booked.
24 Apr 2007resource reserve update▲ GoodMajor
Farmin pack for Judith in Vic/P47 (BAS 40%, Moby 35%, Eagle Bay 25%) gives prospective recoverable gas of 185 PJ and 413 PJ in two scenarios. Partners are sought for 2008 appraisal drilling. Prospective, not booked.
23 Apr 2007resource reserve update● Neutral
Technical pack for the Vic/P41 Kipling prospect gives a P50 prospective oil resource of 124 million barrels, described as ready to drill in 2008. It is an unrisked prospect estimate, not a discovery, and supports the farmout pitch.
13 Apr 2007investor presentation● Neutral
Presentation to a farmin seminar offering Vic/P41 and Vic/P47 (Judith) to potential partners for 2008 drilling. It also says BAS has completed a data review of its 100% Bass Basin permits. No new results.
12 Apr 2007drilling result▲ GoodMajor
Recording of the 503 sq km Marie survey in Vic/P42 is complete, without incident. Processing finishes September/October 2007, with early data from June. This advances the Apache farmout toward a planned 2008 well.
30 Mar 2007director officer appointment● Neutral
Company Secretary David Hill retired and John Nethersole was appointed on 30 March 2007. Administrative change.