Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2023production update● Neutral
September output averaged 372 bopd (Bass share), down 7.9% on unscheduled downtime in both countries; sales steady at US$687,498. A Padulla pump upgrade has lifted Cooper to about 130 bopd in October. A replacement Worrior pump is due in November; Bunian 6 is planned for late 2024.
26 Sept 2023resource reserve update▲ GoodMajor
Bass began buying long lead items for the Kiwi 1 gas well extended test, targeted for Q4 2023. Seismic mapping gives Kiwi a revised 2C contingent resource of 5.24 bcf and 3C of 11.5 bcf. Kiwi 1 discovered gas in 2003 and has never been completed for production.
22 Sept 2023production update▲ Good
August output averaged 404 bopd (Bass share); sales US$694,270, up 34% on higher oil prices and the new KSO terms. Second Worrior pump commissioned, lifting output above 130 bopd, but a fault then appeared in the original pump. Wireline work is planned for October.
8 Sept 2023half year report● Neutral
Half-year to 30 June 2023: sales US$2.88m (up 13%), production up 25% to about 57,000 barrels, but a net loss of US$120k versus a US$159k profit a year earlier. EBITDA fell 31% to US$403k. Cash US$1.52m, no debt; management expects a full-year profit.
7 Sept 2023investor presentation● Neutral
Good Oil conference presentation repeats known facts: about 400 bopd production, Cooper output doubled to over 130 bopd, 2P 388,000 barrels, and Kiwi 1 test planned before year end. Shows A$0.11 share price, A$28.7m market cap, A$2.28m cash and no debt. No new results.
11 Aug 2023production update▲ Good
July output averaged 396 bopd (Bass share), up 22.6%; sales US$533,413, up 19%. Removing a flow line bottleneck lifted Indonesia 35% to 509 bopd JV share. Cooper held at 116 bopd; the second Worrior pump is now due for commissioning in August.
10 Aug 2023material agreement▲ GoodMajor
Bass signed a 10-year extension of its 55% Tangai-Sukananti KSO from July 2025 to 16 September 2035, on improved terms: profit oil split up to 35% with no DMO, versus a fixed 15% before. Firm two-year US$3.25m work program (100% share), including a Bunian 6 well in 2024. Reserves expected to rise.
18 July 2023production update● Neutral
June output averaged 323 bopd (Bass share); sales US$443,649. Cooper Basin fell 7.5% to 115 bopd after the Padulla pump replacement, with rain delaying sales. Indonesia rose 6% to 378 bopd JV share. Second Worrior pump to be commissioned late July.
13 July 2023investor presentation● Neutral
Microcap conference presentation repeats known facts: Cooper output doubled to 130 bopd, 2P reserves 388,000 barrels, and Kiwi's 23.9 bcf prospective resource. Says the 2023 program is funded from cash and free cash flow. No new results.
15 June 2023production update● Neutral
May output averaged 321 bopd (Bass share), slightly down; sales US$507,315. Cooper Basin produced a record 3,847 barrels sold at A$113.73. Padulla's main pump was offline for repair. The second Worrior pump is due late June, to be commissioned late July.
16 May 2023investor presentation● Neutral
AGM presentation restates Cooper Basin output doubling from ~65 to over 130 bopd and 2P reserves of 388,000 barrels. Kiwi-1 completion and extended testing is scheduled to begin in Q4 2023. No new results.
10 May 2023production update● Neutral
April output averaged 328 bopd (Bass share), up 7%; sales US$535,623, up 24%. Cooper Basin hit a record 128 bopd. The Worrior 11 extra perforations are delayed, with the well at 40-50 bopd; a second jet pump is due for installation in late July.
14 Apr 2023production update▲ Good
March output averaged 308 bopd (Bass share), up 16% on February's 265 bopd, as Worrior 11 came online and Indonesia recovered. Sales were US$435,797, up 10%. Worrior 11 extra perforations are now planned for April/May.
31 Mar 2023resource reserve update▲ GoodMajor
At 31 December 2022, 2P reserves were 0.688 MMbbl, up 62%, and 1P 0.382 MMbbl, up 21%, driven by the Cooper Basin acquisition. Indonesian 2P fell to 0.300 MMbbl as drilling delays pushed output beyond the July 2025 permit expiry. 2C contingent resources are 1.341 MMbbl.
31 Mar 2023annual report● Neutral
Appendix 4G lodged with the FY2022 annual report, pointing to the corporate governance statement on the company website, current at 31 March 2023. Administrative filing with no operational or financial information.
31 Mar 2023annual report▲ GoodMajor
FY22 result: oil revenue about A$5.72m (up 95.6%) and net profit of A$42,593, described as only the second profit in five years. Cooper Basin output rose from 65 to 120 bopd, with ~300 bopd targeted after Worrior 11 perforations.
31 Mar 2023annual report▲ Good
FY2022 annual report calls 2022 transformative, citing the Cooper Basin acquisition and Tangai-5 commissioning. Net production was 124,501 barrels, up 54%, with zero injuries. Largely repeats the results and reserves already announced.
24 Mar 2023production update▼ Bad
February output averaged 265 bopd (Bass share), down from 352, hit by Worrior engine maintenance and Bunian flow line downtime in Indonesia (330 bopd JV share). Cooper Basin averaged 84 bopd. Perforating Worrior 11 is scheduled for late April.
15 Mar 2023well test result▲ GoodMajor
Worrior 11 workover is complete and the McKinlay zone is producing, confirming undrained attic oil. Cooper Basin output rose from 95 to about 120 bopd. Extra perforations are planned to reach the 300 bopd target, with 120,000 barrels of developed reserves expected.
27 Feb 2023drilling scheduled▲ GoodMajor
Bass secured a rig for a two-well workover: Worrior 11 from about 2 March (5 days), expected to add 200 bopd and 120,000 barrels of reserves, and Worrior 8 tubing leak repair (20-40 bopd). Resolves the long-delayed rig availability; targets 300 bopd Cooper Basin output.
15 Feb 2023production update● Neutral
January output averaged 352 bopd (Bass share), down 4%; sales rose 15% to US$543,734. Cooper Basin averaged 92 bopd. Worrior 11 workover is delayed by rain, with mobilisation now early March rather than mid-February.
20 Jan 2023price query● Neutral
ASX queried a jump in the share price from A$0.105 to A$0.182 on 19 January. Bass cited PEL 182 media coverage and Santos's Beanbush 3H deep coal result, with eight stimulation stages, as possible explanations. It said it knew of no undisclosed information.
12 Jan 2023production update● Neutral
December output averaged 366 bopd (Bass share), up 2.5%. Cooper Basin averaged 96 bopd, up 30% after the wireline program, at A$120.26 per barrel. Indonesia ran 492 bopd JV share. Worrior 11 workover slips to late January or early February 2023.
9 Jan 2023price query● Neutral
ASX queried the share price rise (A$0.073 to A$0.098) and higher volume from 6-9 January 2023. Bass said it knew of no undisclosed information, pointing to media coverage of the PEL 182 deep coal gas release of 16 November 2022.
16 Dec 2022production update● Neutral
November output averaged 357 bopd (Bass share): Indonesia 510 bopd JV share, Cooper Basin 76 bopd after wireline downtime. Cooper output rose to 105 bopd in December. Worrior 11 workover is scheduled for January 2023, subject to rig availability.
14 Dec 2022production update▲ Good
A wireline program lifted Worrior and Padulla output 30% from 80 to 105 bopd, 62% above August takeover levels. The Worrior 11 workover slips to late January 2023, with Worrior 8 repair added; Bass expects over 300 bopd.
1 Dec 2022investor presentation● Neutral
Briefing slides restate the PEL 182 deep coal assessment: 21 TCF gas in place, 845 million barrels of liquids in place, and 568 bcf prospective at Moolion East. Bass notes Santos is trialling fracking nearby. No new results.
29 Nov 2022investor presentation● Neutral
Notice of a live investor briefing on 1 December 2022 where the Managing Director will discuss the PEL 182 gas resource and take questions. No new information.
16 Nov 2022resource reserve update▲ GoodMajor
Independent assessment puts a best estimate of 21 TCF gas in place in deep coals in PEL 182 (Bass 100%), with a 568 bcf prospective resource at Moolion East. These are prospective, undrilled volumes. Bass will study self-funding, farm-out or third-party investment.
16 Nov 2022admin correction● Neutral
Corrects the PEL 182 release: condensate/oil in place is 845 million barrels, not 845 billion. The 21 TCF gas figure and other content are unchanged.
