Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2009regulatory community update▲ Good
The new five-year Vic/P47 term (Judith gas field) is formally granted, from 16 November 2009. Committed work for the first three years is seismic reprocessing and studies only. BAS holds 40% and the joint venture is still talking to potential farmin partners. This completes the renewal.
24 Nov 2009agm notice● Neutral
All AGM resolutions passed on a show of hands: the remuneration report, McInnes's re-election and Tuohy's election. Proxy votes were overwhelmingly in favour. Administrative only.
24 Nov 2009agm notice▲ Good
Chairman's AGM address says the company is better placed than a year ago after the roughly $4 million raising and the Interra farmin. He says these should underpin the company for the next few years. Repeats known facts and board changes.
24 Nov 2009investor presentation● Neutral
AGM presentation restating the portfolio, the Interra farmin and the completed raising. It gives cash of about $4 million, market capitalisation of about $10 million and 291,030,250 shares. Windermere recording is now late January 2010. No new results.
23 Nov 2009farm in farm out agreement▲ Good
Interra announced a conditional farmin for a 50% interest in PEP 167. It pays A$250,000 into escrow, released to BAS on ministerial approval, and funds 100% of seismic survey costs up to A$1.75 million. It also gets equal participation in BAS's PEP 150 rights.
23 Nov 2009farm in farm out agreement▲ GoodMajor
BAS signs a farmin with Interra Resources (ITR): Interra funds the Windermere 3D survey and other costs, worth $2 million in total, to earn 50% of PEP 167. BAS stays operator. This delivers the partner the company was seeking; it is conditional on government approval.
18 Nov 2009drilling scheduled● Neutral
Preparation for the roughly 40 sq km Windermere 3D seismic survey in PEP 167 is well advanced, with recording scheduled for early 2010 at about $1.8 million. A successful survey could lead to appraisal drilling by later next year.
30 Oct 2009admin correction● Neutral
Compliance notice that the 31,945,327 placement shares are issued without a prospectus. Administrative only.
30 Oct 2009quarterly activities report● Neutral
September 2009 quarterly confirms the rights issue and placement raised $4,067,379 before costs, lifting shares on issue to 291,030,250. Funds go to exploration and working capital; Windermere 3D planned for early 2010. Repeats the Albers/Tuohy board change and the Vic/P47 renewal acceptance.
30 Oct 2009capital raising announcement▲ GoodMajor
The rights issue closed oversubscribed, raising $3.11m at 3 cents from 103.6m shares. A further 31.9m shares were placed to sub-underwriters at 3 cents for $958,360, taking the total to $4.07m before costs. Shares on issue rise to 291,030,250, from about 155m. This resolves the funding thread for now.
What it means for a shareholder
31.9m new shares at A$0.030 to raise about A$958,360. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0322% to 0.0246% of the company. To keep it you'd need 10,260 more shares - about A$308 at the issue price.
Create a free account to see this worked out for your own holding.
28 Oct 2009admin correction● Neutral
Rights issue share allotment is delayed by two days to 30 October because of a share registry delay. The issue itself closed on time on 20 October.
26 Oct 2009annual report● Neutral
2009 Annual Report. The chairman says the rights issue closed successfully and secures funding in the short to medium term, and that Vic/P42 and Vic/P47 have been renewed for 5-year terms. Farmin interest is described as genuine, particularly for two permits.
16 Oct 2009regulatory community update▲ Good
Vic/P41 commitments were varied, allowing further assessment of drillable prospects before any drilling commitment. This supports the farmout effort. Interests remain BAS 45% operator, Moby 30%, Strategic 25%, with Oil Basins to take 12.5%. Kipling P50 124 million barrels; Benchley 184 million.
8 Oct 2009asset acquisition disposition▲ GoodMajor
The Joint Authority has offered a new 5-year term for Vic/P47 (Judith gas field), and the joint venture will accept. Committed work for the first three years is only reprocessing and studies. No farmin offers yet. This resolves the pending renewal.
8 Oct 2009joint venture update● Neutral
Partner Moby (35%) confirms the Vic/P47 renewal offer was accepted. Moby's release adds a drilling commitment in year 5, which BAS's own release does not mention. It also notes no farmin offers have been received.
2 Oct 2009capital raising announcement● Neutral
Formal letter of offer for the 2-for-3 rights issue at 3.0 cents, now a 39% discount to the 4.9 cent close on 1 October. The offer closes 20 October. Terms are unchanged from the September notice.
25 Sept 2009capital raising announcement● Neutral
Q&A on trading rights, which began trading on ASX on 25 September under code BASR until 13 October. Entitlements not taken up or sold lapse with no payment. Repeats the rights issue notice; no new terms.
22 Sept 2009other● Neutral
ASX lifts the trading suspension on BAS following the rights issue announcement. Administrative only.
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.
29 July 2009quarterly activities report● Neutral
June 2009 quarter report repeats the Bass Basin study results, the Vic/P42 move to 100%, and a PEP167 permit variation ahead of planned Windermere 3D seismic. BAS is marketing farmout opportunities through an online data room. No new drilling 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.
27 Apr 2009quarterly activities report▲ Good
March 2009 quarter report: updated mapping of the Vic/P41 2D data shows Lead A, Junger and Wilde have structural closure. Lead A also shows amplitude responses that may indicate hydrocarbons, and Oscar East is highlighted. No drilling is scheduled.
