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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2009quarterly activities report● Neutral
December 2008 quarter report records the Vic/P66 award (BAS 60%, operator) and completed processing of the Vic/P41 2D seismic. The Gilbert farmin agreement over Vic/P47 was terminated, leaving the joint venture as BAS 40%, Moby 35%, Strategic Energy 25%. P41 drilling still depends on a 2010 rig slot.
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.
27 Oct 2008quarterly activities report● Neutral
September 2008 quarter report: processing of the Vic/P41 seismic continues, with drilling dependent on a 2010 rig slot and a farmout. Permit renewals for Vic/P42 and Vic/P47 are under way, and a 3D survey over Windermere is provisionally set for early 2009. No new results.
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.
31 July 2008quarterly activities report● Neutral
June 2008 quarter report recaps the Judith resource certification and the two completed seismic surveys. Speke South-1 cost BAS nothing and it keeps 20% of Vic/P42. Vic/P41 drilling rig availability is now indicated for 2010, a slip from late 2009.
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.
28 Apr 2008quarterly activities report● Neutral
March 2008 quarter report confirms Speke South-1 plugged and abandoned at 3137 m with BAS keeping 20% of Vic/P42. Bass Basin and Vic/P41 seismic are scheduled for May-June, farmout talks continue for P41 and P47, and P41 drilling could not occur before late 2009.
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.
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.
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.