Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 May 2022security holder rights change● Neutral
The 30-to-1 share consolidation is complete, leaving 178,611,514 shares and 35,535,032 options (now exercisable at A$0.12). The count is above the earlier estimate of about 153.8m shares, consistent with the 800m placement shares. Trading on the new basis starts 12 May.
29 Apr 2022drilling result▲ GoodMajor
Tangai-5 is completed as an oil producer with 5.5 m of net oil pay in the M reservoir; the rig was released 27 April. Online expected mid-May. Management expects at least double field output and payback under three months; the K reservoir showed only 1-2 m of gas pay.
21 Apr 2022drilling result▲ GoodMajor
Tangai-5 reached 1,663 m, hitting the M reservoir on prognosis with 5 to 6 m of high-quality oil pay on preliminary logs. Bass will now case and complete it for production. Early good news against the 85% pre-drill odds.
19 Apr 2022production update▲ Good
March production was 346 bopd JV share, up 4%, at US$114.29 per barrel, up 20%. Shareholders approved the 800m-share placement and 30-to-1 consolidation at the 8 April meeting. Tangai-5 completion is expected by early May; Beach deal still awaits approvals.
14 Apr 2022drilling progress report● Neutral
Tangai-5 progress: intermediate casing point reached at 1,348 m and casing is being run. Next is drilling to about 1,673 m through the M reservoir. No reservoir result yet.
8 Apr 2022investor presentation● Neutral
EGM presentation restating the Cooper Energy and Beach deals, now stated as A$1.3m total cash plus restoration liabilities, with completion expected in Q2 2022. Also repeats about 200,000 bbl of 2P and 540,000 bbl of 2C additions. No new results.
7 Apr 2022drilling spud▲ GoodMajor
Tangai-5 spudded on 1 April 2022, in line with the late-March plan. Surface casing is set at 405 m, and the next step is drilling to 1,354 m. The well targets the M reservoir, with 85% success likelihood, 32 days planned and cost recoverable.
1 Apr 2022annual report▼ Bad
2021 annual report: net entitlement oil fell 51% to 42,597 bbl and revenue fell 7% to US$2.93m, with a net loss of US$0.60m (2020: US$0.50m). The chairman says growth plans were delayed to 2022 and points to the Cooper Basin deals.
1 Apr 2022admin correction● Neutral
Routine governance filing (Appendix 4G) pointing to Bass's corporate governance statement on its website, current at 31 March 2022, for the year ended 31 December 2021. No new commercial information.
31 Mar 2022resource reserve update▼ BadMajor
At 31 December 2021, net entitlement reserves fell to 1P 0.316, 2P 0.425 and 3P 0.644 MMbbl, from 2P 0.549 a year earlier. The company cites delayed 2021 drilling and higher oil prices. 100% field 2C rose to 0.891 MMbbl.
28 Mar 2022drilling scheduled▲ GoodMajor
Rig 25.2 is at the Tangai-5 site, with spud expected 29 March 2022 and a 32-day plan to about 1,650 m. Bass rates success at 85% and hopes to lift output from about 350 to up to 1,000 bopd JV. Cost is recoverable against production.
16 Mar 2022production update● Neutral
February production was 333 bopd JV, down 3%, at US$95.19 per barrel, up 11%. The rig is mobilising to the Tangai-5 site, with drilling due late March. The Beach purchase and A$1.2m placement are restated, awaiting an 8 April meeting.
16 Mar 2022security holder rights change● Neutral
Formal timetable for the 30-to-1 share consolidation, subject to the 8 April vote: about 4.61bn shares become about 153.8m, and the BASO option exercise price goes from A$0.004 to A$0.12. New shares trade from 3 May on a deferred basis.
9 Mar 2022security holder rights change● Neutral
Bass wrote to holders of parcels under A$500 (fewer than 250,001 shares) about a buy-back at A$0.002 per share, closing 22 April 2022. About 1,566 holders with 81.3m shares are eligible; they can opt out. Part of the capital restructure announced 2 March.
9 Mar 2022investor presentation● Neutral
Presentation restates the Beach and Cooper Energy acquisitions and the A$1.2m placement, with a target of 500 bopd in Australia within 12 months and over 1,000 boe/d medium term. Shows A$9.2m market cap and A$2.1m cash at 31 December; no new results.
2 Mar 2022asset acquisition disposition▲ GoodMajor
Bass signed a deal to buy Beach Energy's interests in eight Cooper Basin tenements for A$650,000, lifting Worrior from 30% to 100% and adding Padulla. It also has commitments for a A$1.2m placement at A$0.0015 (800m shares), plus a 30-to-1 consolidation and small-holding buy-back, subject to an 8 April vote.
28 Feb 2022other● Neutral
ASX paused trading in Bass shares pending a further announcement. No reason is given in the notice itself.
18 Feb 2022production update● Neutral
January production fell 8% to 343 bopd JV after the Bunian-5 pump unit was offline 12 days; the price rose 17% to US$85.60. Tangai-5 drilling is guided for the end of Q1, and the Cooper Energy deal is still progressing.
13 Jan 2022production update● Neutral
December production rose 8% to 374 bopd JV share, at US$72.89 per barrel (down 8%). Tangai-5 drilling is now set for end of March 2022, and the Cooper Basin acquisition is still described as progressing, with no completion date.
17 Dec 2021production update● Neutral
November production was 347 bopd JV, down slightly, at US$79.45. The Cooper Basin deal is still 'progressing' and the update no longer gives a completion date. Tangai-5 drilling is still expected in early 2022.
15 Nov 2021production update● Neutral
October production recovered 7.6% to 352 bopd JV, with a price of US$81.27, up 14%. Cooper Basin completion, previously expected mid-October, is now described as expected before year-end. Tangai-5 drilling remains early 2022.
8 Nov 2021other● Neutral
Statutory notice on JobKeeper wage subsidies: Bass received A$58,500 for FY2020 and A$15,900 for FY2021 for three individuals, and has made no voluntary repayments. Administrative only.
14 Oct 2021production update● Neutral
September production fell a further 7% to 327 bopd JV, blamed on minor issues and field decline, though October is back above 350 bopd. Price rose to US$71.33. Regulator approved Tangai-5; drilling still early 2022. 1.27bn new shares issued in the raise.
12 Oct 2021capital raising announcement▲ GoodMajor
The raise is complete at A$2,537,560 after Peak placed the 312m shortfall shares, resolving the earlier 60% take-up. Funds cover the A$650,000 Cooper purchase, Tangai-5 and working capital. New options now trade as BASO.
4 Oct 2021capital raising announcement● NeutralMajor
Rights issue closed 30 September with only a 60% take-up, raising A$913,211; with the placement, A$1,913,211 is in. The 312m shortfall shares (40%) fall to underwriter Peak to place within 30 days. Non-participating holders are diluted.
30 Sept 2021investor presentation● Neutral
Investor presentation for the Spark Plus event restates the strategy: Indonesian cash flow, the Cooper Basin entry via Worrior, and a goal of over 1,000 bopd. It repeats known facts and introduces no new results.
28 Sept 2021investor presentation● Neutral
Notice that the Managing Director will present at an online Spark Plus Metals & Mining Day webinar on 30 September 2021. No new company information.
27 Sept 2021regulatory community update● Neutral
Bass says it will study carbon capture, use and storage in the Cooper Basin, using CO2 to lift oil recovery, and review solar and battery power for its fields. These are intentions only, with no costs or commitments given.
21 Sept 2021asset acquisition disposition▲ Good
Bass has South Australian government approval for the Cooper Basin acquisition, clearing one key condition. Financier approval and third-party assignment deeds are still being pursued, with completion still expected by mid-October 2021.
17 Sept 2021production update▼ Bad
August production averaged 353 bopd JV, down slightly because of flow line issues at Bunian 3 and pump issues at Bunian 5. The average price was US$66.95, down from US$71.04 in July, with Tangai-5 drilling still set for early 2022 and the Cooper deal expected in October.
