Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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%.
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.
5 Mar 2008drilling scheduled▼ Bad
Speke South-1 is now expected to spud around 26 March, to about 3100 m, with a 38.8 million barrel risked prospective resource. Windermere appraisal drilling in Q2 2008 now looks unlikely, with seismic reprocessing delayed; new seismic may come first. Both seismic surveys remain set for June.
31 Jan 2008resource reserve update▲ GoodMajor
BAS's review of the 1987 Windermere-1 oil discovery in 100%-owned PEP 167 supports an appraisal well, with drilling targeted for Q2 2008. Preliminary recoverable oil is 0.78/2.3/5.78 million barrels (P90/P50/P10). Unrisked value is stated as $57.5m-$92m; a partner is sought.
31 Jan 2008drilling scheduled▲ GoodMajor
Apache proposes Speke South-1 as the Vic/P42 farmin well, testing an unrisked mean 36 million barrel prospect to about 2740 m, with drilling in March. It favours Speke South over the earlier SE Tarra target. BAS stays free-carried with 20%.
16 Jan 2008drilling scheduled● Neutral
Apache's West Triton rig is being moved from Singapore, arriving by end January, so the Vic/P42 farmin well can start in March as its third 2008 Gippsland well. BAS stays free-carried with 20%. Final target not yet chosen from three surveyed sites.
16 Nov 2007farm in farm out completion▲ GoodMajor
Apache has committed to fund a Vic/P42 exploration well, now scheduled for March 2008 on the new West Triton rig. BAS is free-carried through drilling and testing and keeps 20%. The well earns Apache 60% and operatorship, firming up the earlier 'planned' well.
1 May 2007resource reserve update● Neutral
May 2007 Vic/P41 update finalises prospect mapping and says AVO anomalies resemble those at the Kipper field. Kipling P50 is 124 MMbbl oil, Benchley 184 MMbbl, Oscar West and East 19 MMbbl each. Unrisked prospects; farmin partners still sought, drilling not before early 2008.
1 May 2007resource reserve update● Neutral
May 2007 Vic/P47 update restates the Judith gas review: three appraisal areas, with prospective recoverable gas of 185 PJ and 413 PJ in two scenarios. Judith is likened to Longtom, where Longtom-3 flowed up to 77 MMscf/d. Partners still sought; prospective, not booked.
24 Apr 2007resource reserve update▲ GoodMajor
Farmin pack for Judith in Vic/P47 (BAS 40%, Moby 35%, Eagle Bay 25%) gives prospective recoverable gas of 185 PJ and 413 PJ in two scenarios. Partners are sought for 2008 appraisal drilling. Prospective, not booked.
23 Apr 2007resource reserve update● Neutral
Technical pack for the Vic/P41 Kipling prospect gives a P50 prospective oil resource of 124 million barrels, described as ready to drill in 2008. It is an unrisked prospect estimate, not a discovery, and supports the farmout pitch.
12 Apr 2007drilling result▲ GoodMajor
Recording of the 503 sq km Marie survey in Vic/P42 is complete, without incident. Processing finishes September/October 2007, with early data from June. This advances the Apache farmout toward a planned 2008 well.
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.
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.
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.
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.
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.
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.
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.
