20 Mar 2007drilling progress report● Neutral
Recording of the 503 sq km Marie survey began 12 March 2007 and is about half complete. Apache still plans a Vic/P42 well from early 2008, subject to prospect mapping.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2007drilling progress report● Neutral
The Western Trident survey vessel arrived at Vic/P42 and recording of the Marie 3D survey was expected to start within days. Apache plans a P42 well from early 2008, subject to successful prospect mapping.
2 Mar 2007half year report● Neutral
Half-year to 31 December 2006: net loss of $402,448. Portfolio is almost 15,000 sq km. Apache's P42 well is now planned for early 2008, fully funding BAS if Apache completes its farmin obligations.
19 Jan 2007drilling scheduled● Neutral
The 503 sq km Marie 3D survey in Vic/P42 is due to start late February 2007, with Apache budgeting up to $20 million. BAS is fully funded. Apache then funds a well to earn 60%, leaving BAS and Inpex 20% each.
22 Dec 2006director officer appointment● Neutral
Non-executive director Robert Flew resigned on 22 December 2006 after six years, citing board renewal and other commitments. The board is now Wheelahan, Askin, Albers and Managing Director Adams.
27 Nov 2006investor presentation● Neutral
AGM presentation restates the portfolio: about 129 million shares, market cap about $10 million, cash about $2.5 million. Vic/P42 Apache seismic is due Q1 2007 and a well Q3 2007. Judith study began November 2006. No new announcements.
24 Oct 2006price query● Neutral
ASX queried the rise in BAS's share price from 6.8 to 10.5 cents and the heavy volume, asking whether the company has undisclosed information. The company's reply is not included.
24 Oct 2006annual report● Neutral
2006 annual report. The chairman says BAS has shifted from self-funded drilling to farming out to larger partners, citing the Apache Vic/P42 deal. He also notes a rig and cost squeeze on junior explorers.
27 Sept 2006annual report● Neutral
Full financial report for the year to 30 June 2006. The operations review restates the Gippsland, Otway and Bass Basin positions, including the Vic/P42 farmout to Apache and the new Vic/P41 five-year term. Financial figures are not shown in the supplied text.
21 Sept 2006regulatory community update▲ Good
BAS says Nexus's Longtom-3 gas flow tests, over 75 million cubic feet a day, show Emperor Subgroup sandstones can flow commercially. It plans to reassess Judith-1 in Vic/P47 and the Omeo discovery in Vic/P42. These are re-evaluations, not new results for BAS.
14 Sept 2006security holder rights change● Neutral
16,926,425 shares and some options come out of escrow on 30 September 2006, so they can trade. This is an administrative notice.
23 Aug 2006farm in farm out agreement● Neutral
Oil Basins signed farmins with Eagle Bay (7.5%) and, via the Moby option, a further 5% of Vic/P41, for 12.5% in total. All pre-emptive rights were waived. BAS's 45% stays unchanged; this is a partner-level reshuffle, not a BAS farmout.
22 Aug 2006farm in farm out agreement● Neutral
Partner Eagle Bay signed a deal letting Oil Basins earn 7.5% of Vic/P41, with a $500,000 backcost payment already made. Eagle Bay's stake would fall from 25% to 17.5%. BAS's 45% is unchanged; this adds a new partner.
21 Aug 2006contract award▲ Good
The 500 sq km Vic/P42 3D seismic survey was awarded to Western Geco, to be shot in December 2006 at an estimated $20 million. BAS is fully funded as the first phase of Apache's farmin. This advances the Apache farmout.
28 July 2006investor presentation● Neutral
Corporate presentation: about 129 million shares, market capitalisation about $8 million, cash about $2.5 million. It restates the Apache P42 farmout and the Vic/P41 farmout effort. No new announcements.
25 July 2006farm in farm out completion● NeutralMajor
Operator Essential Petroleum confirmed BAS will be assigned 25% of PEP 151, earned through the dry Pritchard-1 well. BAS will also earn 15% of PEP 150, which holds the Lindon oil discovery, by contributing to a future well on promoted terms. This resolves the pending Otway decision.
19 July 2006director officer appointment● NeutralMajor
CEO Andrew Adams, in the role since August 2005, was appointed Managing Director and joins the board.
16 May 2006farm in farm out agreement▲ GoodMajor
BAS and Inpex farmed out Vic/P42 to Apache, which will fund about 500 sq km of 3D seismic and one well, estimated at $25 million, to earn 60% and operatorship. BAS drops from 50% to 20%, fully funded through the well. This resolves the P42 farmout negotiations; it is conditional on approvals.
11 May 2006farm in farm out agreement● Neutral
Joint venture partner Moby Oil & Gas granted Saxon Investment an option to earn 5% of Vic/P41 for $333,333, exercisable by 31 July 2006. This is a partner-level deal, not BAS's own farmout. The release lists BAS at 40%, against 45% elsewhere.
5 May 2006investor presentation● Neutral
Slides for the PESA Farmin Seminar seek a partner to fund drilling in Vic/P41 (BAS 45%, operator), based on the 575 sq km Oscar 3D survey. Prospects are described as analogous to the Kipper and Basker fields. Continues the farmout search noted in the March quarter.
13 Apr 2006drilling result▼ BadMajor
Pritchard-1 is a dry hole: logs showed the gas-bearing sandstones are water bearing, and the well will be plugged and abandoned. The operator notes good reservoir and seal were found, which it says supports further exploration.
12 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 2543m and is pulling out to run wireline logs. Whether to deepen further will be decided after log evaluation.
11 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 2440m. Background gas persists up to 500 ppm and trends upward with depth. No test result yet.
10 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 2240m, with background gas up to 500 ppm, which the operator says points to an active hydrocarbon system. No flow or oil result yet.
7 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 1676m, drilling ahead at 12 to 15 metres per hour toward the Nullawarre Formation. Deepening continues as an operator-funded sole risk operation.
6 Apr 2006drilling progress report● Neutral
At 1419m, Bass Strait Oil and Inland Oil have met their funding obligations to the top of the Sherbrook Group plus 50m (1395m). Essential will deepen the well alone, with partners able to rejoin by paying costs plus a premium.
5 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 1333m. The top of the Pebble Point Formation was hit at 1311m as predicted, but no significant shows were reported; drilling continues deeper.
4 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 1158m and is running back in after a bit change. No results yet.
3 Apr 2006drilling progress report● Neutral
Pritchard-1 reached 1098m, drilling in the Pember Mudstone, short of the roughly 1,300m main targets. No results yet.
31 Mar 2006drilling progress report● Neutral
Casing was run and cemented at Pritchard-1; blowout preventers are being installed before drilling resumes. No results yet.