Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
25 Jan 2023quarterly activities report▲ Good
December quarter sales rose 5% to US$1.64m; full-year sales rose 96% to US$5.72m. Production averaged 370 bopd, the first full Cooper Basin quarter. Cash was US$3.02m, no debt. Kiwi gas mapping is underway and the company says it is funded for 2023 priorities.
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.
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).
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.
31 Oct 2022quarterly activities report● Neutral
September quarter output averaged 862 bopd, up 46.4% on June, with revenue US$1.56m (down 8.2%) and cash US$3.21m, no debt. Includes two months of Cooper Basin output. Tangai 1 was shut by water handling limits; Bunian 6 drilling is being planned.
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.
28 July 2022quarterly activities report▲ Good
June quarter KSO output averaged 582 bopd (JV share), up 72% on March, with revenue US$1.70m at US$110.55 per barrel. Cash was US$1.78m, no debt. Cooper Basin completion is expected shortly. Mostly restates known results.
