30 Sept 2024other● Neutral
Links to a video Q&A with the Managing Director and a news article from the RIU conference, covering Kiwi 1 and PEL 182. Media coverage only; no new information about the company.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2024investor presentation● Neutral
Presentation for the RIU Good Oil Conference in Perth, 17-18 September. The visible text is only the disclaimer, so no new facts can be drawn. It appears to repeat the Kiwi 1 and PEL 182 updates already released.
16 Sept 2024resource reserve update▲ Good
Phase 1 of SLB's PEL 182 deep coal study is finished. The earth model shows a favourable stress setting, so Bass moves to a phase 2 economic assessment led by SLB. The Rapid Resource Assessment is no longer seen as critical. Santos supplied calibration data in exchange for access to the model. No new resource figure.
11 Sept 2024production update▲ Good
August output averaged 359 bopd (Bass share), up 20%; sales US$671,500, up 24%. Indonesian output rose 35% after Bunian 3 clean-up. Bunian 6 now expected to spud December 2024 (previously 2H 2024). Kiwi 1 is shut in for pressure build-up; PEL 182 study nearing its end.
2 Sept 2024flow test result▲ GoodMajor
Kiwi 1 flow period ended early because condensate storage ran out; the well is shut in for a pressure build-up of up to 20 days. Condensate yield is 235 bbl/mmscf, over 10 times expected, with 5% CO2. Bass is weighing early condensate sales.
30 Aug 2024half year report▼ Bad
First-half 2024 sales were US$2.69m, down 6.5%; production fell 20.5% to about 45,600 barrels. EBITDA was US$242k and the net loss US$242k (versus US$120k loss). Cash US$1.66m, no debt, after the roughly US$1.0m raising.
27 Aug 2024flow test result▲ GoodMajor
Kiwi 1, drilled in 2003, flowed 4.1 mmcfd of gas plus 988 barrels of condensate a day in its extended test, with low CO2 (4.5%) and no H2S. Condensate yield beat expectations; storage limits capped rates. Early positive result for the gas project.
26 Aug 2024other● Neutral
ASX paused trading in Bass shares pending a further announcement. No reason is given in the notice. (Inference: the pause likely precedes the Kiwi 1 test results released next day.)
26 Aug 2024security holder rights change● Neutral
Reminder to holders of 132.34m BASO options that they expire 30 September 2024 at A$0.12 each, unless exercised. The share price was A$0.078 on 23 August, below the exercise price. Not underwritten. Quotation ceases 24 September.
15 Aug 2024production update▲ Good
July output averaged 298 bopd (Bass share), up 13%; sales US$543,218. Indonesian field output is up about 50% to over 450 bopd after the workover campaign. Second Worrior pump trial lifted output 6%. Kiwi 1 rig due about 18 August; PEL 182 study is in its final phase.
12 Aug 2024admin correction● Neutral
Correction to the earlier release: the Kiwi 1 completion start date should read 18 August, not 18 October. Nothing else in the announcement changed.
12 Aug 2024drilling scheduled▲ Good
Wild Desert Rig 10 was mobilising to Kiwi 1, with well completion stated to start on or about 18 October (a typo later corrected to 18 August) and take about 7 days. The test was to run a 14-day flow and a pressure build-up of up to 60 days.
26 July 2024quarterly activities report▲ Good
June quarter production was 23,218 barrels (255 bopd), up 3%; sales US$1.40m at US$82.59. Cash rose 45% to US$1.66m, debt free. Rain again delayed the Kiwi 1 rig; PEL 182 earth model is built and being calibrated.
12 July 2024production update● Neutral
June output averaged 264 bopd (Bass share), up 2%; sales US$493,472. Fresh rain on 1 and 7 July again delayed the Kiwi 1 rig, now not expected until early August. Bunian 5 is back on pump, lifting Indonesian field output to 325 bopd (180 Bass share).
26 June 2024drilling scheduled● Neutral
Kiwi 1 earthworks are due to finish by 30 June. Wild Desert Rig 10 is contracted for the completion, expected mid-July after release by another operator, taking 7-10 working days. The test follows. Rig timing has moved from the earlier June slot.
12 June 2024production update● Neutral
May output averaged 251 bopd (Bass share), up 1%; sales were US$555,853, up 59% as Cooper deliveries resumed after April's road closures. Bunian 5 repair finished and the well is returning to production. Kiwi 1 earthworks briefly paused by rain; PEL 182 study results now guided July.
29 May 2024drilling scheduled▲ Good
Earthworks to repair the Kiwi 1 road and prepare the wellsite have started, due to finish around 13 June; the rig slot will be confirmed afterwards. All test equipment has been delivered. This follows months of rain delays, which the managing director acknowledged as frustrating.
21 May 2024investor presentation● Neutral
AGM presentation largely repeats known facts: about A$1.5m raised, 290.4m shares, market cap A$19.7m. Kiwi timeline now slips: rig in June, test complete end July 2024. SLB geomechanical results due June, resource assessment October (earlier guided end-September).
17 May 2024production update● Neutral
April output averaged 253 bopd (Bass share), up 2%; sales US$349,473 as rain-related road closures cut Cooper oil sales by 51%. Kiwi 1 test still waits on road repairs. SLB has started the PEL 182 geomechanical study; Bunian 5 repair still expected June.
15 May 2024capital raising announcement● NeutralMajor
The SPP raised only A$442,598 (6.32m shares at A$0.07), well short of the A$2.0m target. Combined with the placement, total proceeds are about A$1.54m to fund Kiwi 1 and PEL 182 work.
What it means for a shareholder
6.3m new shares at A$0.070 to raise about A$442,598. That's 2.2% dilution: every existing holder's slice gets 2.2% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.00503% to 0.00492% of the company. To keep it you'd need 318 more shares - about A$22 at the issue price.
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8 May 2024capital raising announcement● Neutral
Reminder that the Share Purchase Plan closes on 10 May 2024 at A$0.07 per share, up to A$30,000 per holder. Administrative; no new information.
26 Apr 2024quarterly activities report● Neutral
March quarter production was 22,501 barrels (246 bopd), down 27.6%, on Indonesian downtime; sales were US$1.29m. Cash rose 22% to US$1.14m, debt free. Kiwi 1 test still awaits start; SLB-led PEL 182 study is underway.
24 Apr 2024investor presentation● Neutral
Invitation to an investor webinar on 30 April 2024 where the managing director will discuss the capital raise and use of proceeds: the Kiwi 1 test, PEL 182 studies and oil projects. Administrative notice with no new information.
23 Apr 2024capital raising announcement● Neutral
Letter opening the Share Purchase Plan for eligible Australian and New Zealand holders: up to A$30,000 each at A$0.07, targeting A$2.0m, not underwritten. Open 23 April to 10 May 2024; results due 15 May. Implements the SPP announced on 19 April.
23 Apr 2024investor presentation● Neutral
Capital raising presentation supporting the A$0.07 placement and SPP. Based on the visible text, it is disclaimers and repeats the previously announced raising; no new figures are visible in the provided text.
22 Apr 2024production update● Neutral
March output averaged 240 bopd (Bass share), up 16%; sales were US$442,081, up 25%. Cooper held at 98 bopd with no downtime after February's wireline work. Bunian 5 repair still awaits a May rig, return in June; Kiwi 1 test awaits road repairs.
19 Apr 2024capital raising announcement● NeutralMajor
Bass raised A$1.1m through a placement of 15.71m shares at A$0.07, mostly to one Tier 1 institutional resources investor, and will offer an SPP of up to A$2.0m at the same price. Funds go to PEL 182 studies, the Kiwi 1 test and oil development.
What it means for a shareholder
15.7m new shares at A$0.070 to raise about A$1.1m. That's 5.5% dilution: every existing holder's slice gets 5.5% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.00532% to 0.00503% of the company. To keep it you'd need 836 more shares - about A$59 at the issue price.
Create a free account to see this worked out for your own holding.
19 Apr 2024capital raising announcement● Neutral
Revised re-release of the same announcement: A$1.1m placement at A$0.07 (15.71m shares) and an SPP of up to A$2.0m. Adds footnote references to earlier announcements; the terms appear unchanged. Not a new raising.
18 Apr 2024contract award▲ GoodMajor
Bass formally engaged SLB to study commercialising the PEL 182 deep coal gas (21 TCF gas in place estimate). Geomechanical results are due mid-year and a resource assessment by end-September. This turns the study scoped since late 2023 into active work.
27 Mar 2024annual report▲ GoodMajor
FY2023 result: record revenue US$6.56m (up 14.6%) and net profit US$0.27m, versus US$43k a year earlier. Cash fell to US$0.93m, debt free. Focus for 2024 is entering the east coast gas market via Kiwi and PEL 182; a new Tyrell oil prospect is under evaluation.