16 Nov 2022other● Neutral
ASX paused trading in Bass shares pending a further announcement. No reason is given in the notice; it coincides with the same-day PEL 182 gas release and its correction (inference).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2022production update● Neutral
October output averaged 387 bopd (Bass share): Indonesia 575 bopd JV share, with Tangai 1 still shut by water limits, and Cooper Basin 71 bopd. Cooper has since reached 85 bopd. Worrior 11 workover timing now awaits a rig.
26 Oct 2022regulatory community update▲ Good
South Australian Government approved and registered the Cooper Basin licence interests acquired on 1 August, resolving the pending registration. Bass is finalising planning and procurement before sending equipment to start the production enhancement program.
18 Oct 2022production update▼ Bad
September Indonesian output fell to 715 bopd (JV share), from 890, at US$85.10 per barrel, as water handling limits kept Tangai 1 shut. Cooper Basin averaged 71 bopd at A$135.57. Reaffirms A$4.02m rights issue total; the August output peak did not hold.
6 Oct 2022production update▲ Good
Cooper Basin output rose 9% to 71 bopd in September, with sales doubling to 1,720 barrels at an expected price over A$130. Padulla 2 is back on pump (+12 bopd). Worrior 11 workover, targeting 200-300 bopd, is now set for late October.
20 Sept 2022production update● Neutral
August Indonesian output averaged 890 bopd (JV share), up 13% on July, at US$94.23 per barrel, down from US$108.68. Cooper Basin averaged 65 bopd, sold at A$141.69 per barrel. Padulla 2 pump reinstallation and October wireline work and Worrior 11 workover restated.
14 Sept 2022capital raising announcement▲ GoodMajor
Bass placed a further 32,124,628 shortfall shares to raise A$1.446m, taking total rights issue and shortfall funding to A$4.02m, the full amount originally sought. Funds are for enhancing the Cooper Basin assets, including the October Worrior-11 workover.
9 Sept 2022half year report▲ Good
Half-year to 30 June 2022: sales revenue US$2.54m, net profit US$0.16m (against a US$0.32m loss a year earlier), cash US$1.78m, no debt. Tangai-5 results support planning a 2023 drilling program in the Bunian and Tangai fields.
9 Sept 2022half year report● Neutral
Results release for the half-year to 30 June 2022: revenue US$2.54m, profit US$0.16m, cash US$1.78m, no debt. It duplicates the half-year report, with no new figures.
5 Sept 2022production update▲ Good
August Indonesian output averaged about 900 bopd (100% share), the highest since December 2019. Bass is planning low-cost well interventions and is evaluating Tangai 6 and Bunian 6 wells, with water injection modelling for Bunian. No drilling is committed.
24 Aug 2022regulatory community update● Neutral
Since taking over Cooper Basin operations on 1 August, Worrior and Padulla have averaged over 65 bopd (below the ~75 bopd acquired). Worrior-11 workover is planned for October, assessed at 200-300 bopd initial rate. Kiwi gas study is progressing.
11 Aug 2022production update● Neutral
July KSO output averaged 783 bopd (JV share), down 9% on June, at US$108.68 per barrel. Bass blames short-term shortages of crude haulage trucks; output was back to 950-1,000 bopd by 31 July. Cooper Basin completion restated.
2 Aug 2022asset acquisition disposition▲ GoodMajor
Bass completed the Cooper Basin purchases from Beach and Cooper Energy, effective 1 August 2022, for A$1.3m plus restoration liabilities. It now holds eight tenements covering 2,259 km2, including 100% of Worrior and Padulla (~75 bopd). Worrior-11 recompletion comes first.
21 July 2022capital raising announcement▲ GoodMajor
Peak placed 48,688,889 shortfall shares (A$0.045) raising A$2.191m, taking the rights issue total to A$2.8m. Bass says this fully funds the Cooper Basin deals, which it expects to close by 1 August. Up to 27.3m more shortfall shares remain available.
7 July 2022production update▲ Good
June KSO output averaged 861 bopd (JV share), up 47% on May, at US$119.63 per barrel, as Tangai-5 ramped up. Production reached the 1,000 bopd export limit in late June, confirming the earlier expectation.
29 June 2022investor presentation● Neutral
June 2022 Cooper Basin strategy presentation restating the pending Beach and Cooper Energy deals (A$1.3m plus restoration liabilities), the 300-500 bopd Worrior target and over A$9m 12-month free cash flow target. Share price A$0.040, market cap A$7.1m. No new results.
29 June 2022capital raising announcement▼ BadMajor
The rights issue closed with only a 15% take-up, raising A$599,614 (13,324,765 shares) against up to A$4.0m. Peak has up to three months to place the remaining 75,981,330 shortfall shares. Funding for the Cooper Basin deals is only partly raised.
22 June 2022production update▲ GoodMajor
Tangai-5 commissioning is complete and the well is producing about 750 bopd (JV share), lifting KSO exports to the 1,000 bopd limit, up 330% from 30 April. Bass expects to repay its investment within two months. The M reservoir has about 435,000 bbl of recoverable reserves (JV share).
21 June 2022capital raising announcement● Neutral
Reminder that the rights issue closes at 5pm AEST on 24 June 2022, following the earlier extension. Restates terms (A$0.045, up to A$4.018m) and the timetable. No change.
14 June 2022investor presentation● Neutral
Notice that the managing director will present at a Broker Briefing investor webinar on 16 June 2022. No new commercial information.
14 June 2022capital raising announcement● Neutral
The rights issue closing date is extended five business days to 24 June 2022. The offer is for up to 89,305,757 shares at A$0.045 (up to about A$4.0m). Issue of securities is now planned for 29 June.
What it means for a shareholder
89.3m new shares at A$0.045 to raise about A$4.0m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.000411% to 0.000404% of the company. To keep it you'd need 367 more shares - about A$17 at the issue price.
Create a free account to see this worked out for your own holding.
14 June 2022regulatory community update● Neutral
Bass starts a feasibility study on the Kiwi gas discovery, to come from Beach, citing a mean prospective resource of 23.9 bcf from earlier operator mapping. It will also assess PEL 182 gas. Both studies are due by year end 2022; deal documents are expected early July.
10 June 2022production update▲ Good
May KSO production averaged 587 bopd (JV share), up 95% on April, at US$110.01 per barrel. Tangai-5 was brought on fully on 15 May; the field was over 800 bopd at month end, with 1,000 bopd expected in June.
7 June 2022investor presentation● Neutral
Cooper Basin strategy presentation restating the deals (A$1.3m plus restoration liabilities) and targeting 300+ bopd at Worrior. Completion now expected shortly after the offer closes, early Q3. Mostly repeats known facts; the 12-month free cash flow target of over A$9m is management's.
3 June 2022capital raising announcement● Neutral
Administrative notice that the rights issue prospectus and personalised entitlement forms have been sent to eligible shareholders. The offer, about A$4.0m at A$0.045, closes 17 June. No new information.
26 May 2022capital raising announcement● NeutralMajor
Bass launches a 1-for-2 non-renounceable rights issue at A$0.045 to raise up to A$4.0m, with a free A$0.12 option per share, to fund the Cooper Energy and Beach deals and later work. Peak leads; directors intend to take up all or much of their entitlements.
26 May 2022capital raising announcement● Neutral
Prospectus for the 1-for-2 rights issue at A$0.045 with a free attaching option (A$0.12, expiry 30 Sep 2024). Closes 17 June 2022. Formal document for the raising announced the same day; no new terms.
24 May 2022investor presentation● Neutral
AGM presentation restating known facts: FY21 output 147,000 bbl (402 bopd), Tangai-5 nearly complete, Cooper Basin deals pending, 178.6m shares, market cap A$8.6m, pro forma cash A$2.5m, no debt. No new results.
16 May 2022production update● Neutral
April KSO production averaged 300 bopd (JV share), down 14% from March, on tie-in works for Tangai-5, at US$102.00 per barrel. Tangai-5 came online 6 May; full operation expected June. Cooper Basin deals now expected to complete early Q3, later than the Q2 previously guided.
12 May 2022flow test result▲ GoodMajor
Tangai-5 flowed 1,120 bopd for 2.5 hours on a clean-up test, then was connected at a controlled rate of about 250 bopd. Bass targets a steady 500 to 750 bopd, tripling output towards the 1,000 bopd export limit. Cost about $2.2m, with payback under three months.