Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
28 Apr 2022quarterly activities report● Neutral
March quarter production averaged 365 bopd JV share; net entitlement was 8,142 bbl (down 19%) on US$0.84m revenue at US$98.85. Cash rose to US$1.84m, though Pertamina delayed about US$0.26m of January proceeds. Tangai-5 drilled; the Cooper deals remain pending.
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.
