5 July 2013farm in farm out agreement● Neutral
Media release on the Cooper Energy letters of intent: Cooper to get 25.8% of Vic/P41 and an option on 50% of Vic/P68 for reprocessing work. The CEO calls it an early-days deal. No new terms.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 May 2013resource reserve update▼ Bad
Moby's release of the updated Gaffney Cline Judith gas estimate in Vic/P47: 2C 101 Bscf, 3C 276 Bscf, using new seismic inversion. Same report BAS (40% operator) issued separately.
7 May 2013resource reserve update▼ BadMajor
Updated Judith gas estimate cuts 2C to 101 Bscf from 194 and 3C to 276 Bscf from 934. Seismic inversion shows complexity may limit reservoir connectivity. A downgrade of the resource BAS has promoted since 2008.
3 Apr 2012farm in farm out completion● NeutralMajor
Partner Interra is withdrawing from PEP 167 effective 30 June 2012 and assigning its 50% to BAS, lifting BAS to 100%. BAS will relinquish half the area and apply to renew for five years, targeting Casterton oil shale and Waarre gas.
20 Dec 2011drilling result▼ BadMajor
The Windermere-3 drill stem test found no hydrocarbons or formation water, so the reservoir is too tight for commercial production. The well will be plugged and abandoned, a dry hole for the Heathfield play that the 1987 Windermere-1 had tested.
19 Dec 2011drilling progress report● Neutral
Windermere-3 reached total depth of 1,840 m. Logs show oil in tight rock across 1,698–1,808 m, intersected on prognosis 50 m updip of Windermere-1. A drill stem test of the lower Heathfield is about to run to see if oil flows commercially.
16 Dec 2011drilling progress report● Neutral
The failed mud motor was replaced and Windermere-3 was drilling at 1,592 m. The Heathfield target is expected within 24 hours.
15 Dec 2011drilling progress report▼ Bad
After drilling to 1,481 m, either the bit or mud motor failed at Windermere-3 and the string was being pulled out. Minor delay; Heathfield still expected later in the week.
14 Dec 2011drilling progress report● Neutral
Windermere-3 was drilling at 1,327 m after an overnight wiper trip. Heathfield still expected later in the week. No new result.
13 Dec 2011drilling progress report● Neutral
Windermere-3 was drilling at 1,013 m, with the Heathfield target still expected later in the week. No new result.
12 Dec 2011drilling progress report● Neutral
Windermere-3 was drilling at 777 m after the blow-out preventer was installed and tested. The Heathfield target is expected later in the week. No result yet.
9 Dec 2011drilling progress report● Neutral
Surface casing at Windermere-3 has been run and cemented, and the blow-out preventer is being installed before drilling the 8½-inch hole to the target. No result yet.
8 Dec 2011drilling progress report● Neutral
Windermere-3 reached the planned depth for its 12¼-inch surface casing and was pulling out to run it. Routine step with no result; drilling continues to the Heathfield target.
7 Dec 2011drilling spud● Neutral
Partner Interra (50% of PEP 167) confirms Windermere-3 drilling has started, to 1,815 metres, with results expected in December 2011. Repeats BAS's same-day spud announcement.
7 Dec 2011drilling spud▲ GoodMajor
Windermere-3 began drilling on 7 December 2011 in PEP 167, targeting 1,815 metres over about two weeks, with a result expected within three weeks. It follows the 1987 well that flowed 32 barrels then failed. Success would be Victoria's first commercial onshore oil field.
15 Nov 2011drilling scheduled▲ Good
Drilling pad construction for Windermere-3 has started after a land access agreement. Spud is expected end November or early December, with about two weeks of drilling. Confirms the Q4 2011 timing after earlier delays.
19 Apr 2011drilling scheduled▼ BadMajor
Windermere-3 drilling is delayed from Q2 to Q4 2011. New studies on oil migration and the 1987 well's formation damage are said to make commercial success a 'realistic expectation'. Lab tests on drilling fluids continue.
24 Feb 2011resource reserve update▲ GoodMajor
New 3D-seismic mapping gives the Greater Windermere feature (6 sq km) a P10 upside prospective resource of 35.5 million barrels of oil-in-place. The planned Windermere-3 well targets a P50 of 3.36 million barrels in-place (0.95 million recoverable) in the 'A' closure, still due Q2 2011.
29 Nov 2010drilling scheduled▲ GoodMajor
The PEP 167 joint venture (BAS 50% operator, Interra 50%) agrees to drill a new well near the 1987 Windermere-1 oil discovery, targeting the second quarter of 2011, subject to approvals. This resolves the open drilling decision after the 3D survey.
6 Sept 2010drilling result▲ GoodMajor
Preliminary 3D mapping confirms a significant structure at Windermere-1 reservoir level, broadly supporting the oil case, with possible extra leads nearby. The joint venture will review drilling options in the fourth quarter; drilling could follow in 2011. The reservoir is about 1800m deep.
14 Apr 2010drilling progress report▲ Good
Windermere 3D recording is complete. Processing is due by about mid-year, with interpretation in the second half of 2010. A positive result could lead to drilling within a year. Interra funds the survey up to $1.75 million.
22 Mar 2010drilling progress report▲ Good
Recording of the 41 sq km Windermere 3D survey in PEP 167 began, taking about two weeks. It follows the earlier rain delay. A successful survey could lead to appraisal drilling of the 1987 oil discovery within a year.
2 Mar 2010drilling progress report▼ Bad
Windermere 3D field work began in February, with surveying substantially complete and up-hole drilling finished. Recording is delayed to late March because heavy rain in central Australia held up the contractor's equipment. The survey should now finish in early April 2010.
24 Dec 2009farm in farm out completion▲ GoodMajor
Government approval received and the Interra farmin completed: 50% of PEP 167 is transferred to Interra, which paid BAS $250,000 and funds the 3D survey up to $1.75 million. BAS keeps 50% and operatorship. Survey start slips to February 2010.
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.
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.
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.