Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2024annual report▲ Good
2023 annual report: record revenue of US$6.56m and net profit of US$0.27m, with net entitlement oil up 34% to 77,090 barrels. Chairman Hector Gordon says Bass aims to become a mid-tier oil and gas producer. Repeats the results announced the same day.
27 Mar 2024production update▼ Bad
February output averaged 221 bopd (Bass share); sales fell 28.7% to US$353,647. Indonesia dropped 34% after Bunian 3 was shut in for a flowline leak, and Bunian 5 repair now slips to a May rig, return in June. Cooper wireline work aims for over 100 bopd.
27 Mar 2024annual report● Neutral
Appendix 4G for the year to 31 December 2023, pointing to the corporate governance statement on the company website. Administrative filing with no new operational or financial information.
22 Mar 2024drilling scheduled▲ GoodMajor
Bass will start the Kiwi 1 extended production test once road access is restored. Approvals and equipment are in hand; the Wild Desert Rig 4 is expected on site around end April, with results within 60 days. Kiwi's 2C is 5.24 bcf; gas buyers have made enquiries.
15 Mar 2024resource reserve update▲ GoodMajor
Year-end 2P reserves rose 17% to 0.805 million barrels (Australia 0.366, Indonesia 0.439), mainly from the KSO extension moving Indonesian resources into reserves. 2C contingent resources are 1.229 million barrels, with Cooper 2C up 110% as Kiwi gas is booked for the first time.
21 Feb 2024production update▼ Bad
January output averaged 279 bopd (Bass share), down 8.8%; sales US$496,255. All regulatory approvals for the Kiwi 1 test are received, but heavy rain (over 180mm) has delayed field works with no new date. Bunian 5 stays offline until a rig arrives, expected in March.
29 Jan 2024quarterly activities report● Neutral
December quarter production was 31,064 barrels (338 bopd), down 13.6%; sales US$1.75m. FY2023 sales were a record US$6.54m with entitlement production up 34%. Cash fell to US$0.93m, debt free. Kiwi 1 approvals are with the regulator; PEL 182 study to start by end of March.
17 Jan 2024production update▼ Bad
December output averaged 306 bopd (Bass share), down 8.3%; sales US$508,613, down 9.6%. Bunian 5 workover found heavy scale in the well and the rig was released pending extra equipment. Kiwi 1 test slips to late February 2024 after 65mm of rain.
18 Dec 2023production update▼ Bad
November output averaged 334 bopd (Bass share), down 10.2%; sales US$562,537, down 18% on lower prices and output. Cooper fell 12% to 108 bopd on pump wear and Indonesia declined. Kiwi 1 test now not expected before late January 2024; PEL 182 study is due late Q1 2024.
15 Dec 2023director officer appointment● NeutralMajor
Chairman Peter Mullins retired after nine years, and director Hector Gordon (Cooper Energy's representative) becomes Chairman. Laura Reed, former Spark Infrastructure CEO, joins as non-executive director and Audit and Risk Committee chair from 18 December 2023.
16 Nov 2023production update● Neutral
October output averaged 372 bopd (Bass share); sales steady at US$689,005. Cooper rose 13% to 123 bopd with record monthly sales, while Indonesia fell on Bunian 5 performance. Kiwi 1 approval documents were lodged and Bass is scoping a PEL 182 deep coal gas study with a global oil service company.
25 Oct 2023quarterly activities report▲ Good
September quarter production was 35,958 barrels (390 bopd), up 22%; sales US$1.91m at US$84.94 a barrel. Cash rose to US$1.71m, debt free. Highlights are the Indonesian KSO extension to 2035 and Kiwi long lead item purchases. A replacement Worrior pump is due in November.
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.
27 July 2023quarterly activities report● Neutral
June quarter production averaged 324 bopd (29,480 barrels), up 5.8%; sales US$1.51m. Cooper Basin output was a record 11,121 barrels. The Worrior 11 extra perforations plan was dropped over uncertain separation of oil from water. Cash fell to US$1.52m.
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.
21 Apr 2023quarterly activities report● Neutral
March quarter Bass production averaged 310 bopd (27,880 barrels), down from the December quarter; sales were US$1.37m. Cooper Basin output was a record 8,827 barrels. Cash rose to US$1.76m, debt free. Kiwi 1 testing planning has begun.
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.
