Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2021asset acquisition disposition▲ Good
Bass says funding is secured for the A$650,000 Cooper Basin purchase from Cooper Energy (30% of the producing Worrior field plus about 1,300 km2 of exploration licences). Completion is expected mid-October once final conditions are met. It underpins the goal of over 1,000 bopd.
9 Sept 2021half year report▼ Bad
First-half 2021 production fell 38% to about 44,000 bbl net, and revenue fell 23% to US$1.36m. Net loss was about US$0.32m (US$0.27m a year earlier). Cash was US$0.20m, with no debt. Tangai-5 is to be drilled in early 2022.
7 Sept 2021capital raising announcement● Neutral
Notice that the rights issue prospectus and entitlement forms have been sent to eligible shareholders. The offer, about A$1.54m at A$0.002, closes 5pm Melbourne time on 30 September 2021. Administrative only.
30 Aug 2021capital raising announcement● Neutral
Prospectus for the underwritten 1-for-5 rights issue at A$0.002, raising up to A$1,537,560 with one free option (A$0.004, expiring 30 Sept 2024) per two shares. It closes 30 September 2021. Holders who do not take up their entitlement are diluted. It formalises the announced raise.
26 Aug 2021capital raising announcement● NeutralMajor
Bass raises A$1.0m via a 500m-share placement at A$0.002, plus a fully underwritten 1-for-5 rights issue at A$0.002 for up to about A$1.54m, with free options at A$0.004 to 2024. Funds go to the A$650,000 Cooper Basin purchase, Tangai-5 and working capital.
11 Aug 2021production update▼ Bad
July production was 432 bopd JV, down 1%, at US$71.04. Drilling of Tangai-5 is now set for early 2022, a further delay from Q4 2021. Of the 367.99m BASOB options, only 1,761,120 were exercised (A$7,044); the rest expired.
26 July 2021investor presentation● Neutral
July investor presentation recasts Bass around the Cooper Basin deal (A$650,000, +54,000 bbl 2P) alongside the Indonesian asset. It states a goal of a portfolio over 1,000 bopd. Mostly repeats announced facts.
14 July 2021production update● Neutral
June production rose 1% to 438 bopd JV at US$69.14, up 8%. The update restates the Cooper Basin acquisition from 12 July. Drilling start is now described as late 2021, slightly later than the earlier Q4 wording.
12 July 2021asset acquisition disposition▲ GoodMajor
Bass agrees to buy Cooper Energy's Cooper Basin interests for A$650,000, including 30% of the producing Worrior oil field (over 40 bopd) plus exploration acreage, operated by Beach. It adds 54,000 bbl (10%) to 2P. Completion needs funding, approvals and financier consent.
2 July 2021security holder rights change● Neutral
Letter reminding holders that BASOB options at A$0.004 expire 5pm 30 July 2021, with quotation ending 26 July. Unexercised options lapse; there is no underwriting. The last share price cited was A$0.0025, below the exercise price.
11 June 2021production update● Neutral
May production fell 15% to 428 bopd JV after pipeline issues and a Bunian-5 pump electrical fault, both fixed. Price rose 6% to US$64.09. Drilling is still planned for Q4 2021; Australian and Indonesian acquisitions are under review with no contracts signed.
25 May 2021investor presentation● Neutral
AGM presentation repeats known points: 55% operated Tangai-Sukananti, about 500 bopd capacity, debt free, Q4 2021 drilling plan and Bunian West upside of almost 50% from 2P to 3P. Acquisitions in Indonesia and Australia remain a focus. No new announcements.
7 May 2021production update▲ Good
April production rose 16% to 501 bopd JV at US$60.52, down 2%, holding at the over-500 bopd capacity after the repair program. Well design and procurement planning for the Q4 2021 drilling program continue; no business development commitments.
23 Apr 2021security holder rights change● Neutral
Reminder that 367,986,328 listed options (BASOB) can be exercised at A$0.004 until 30 July 2021, with shares issued fortnightly from 7 May. Full exercise would bring in about A$1.47m (inferred arithmetic); the options lapse if unexercised.
12 Apr 2021production update▲ Good
March production rose 7.5% to 432 bopd JV at US$61.76. After pump and flowline repairs, April's first eight days averaged 505 bopd. Planning for the 2021 drilling program, due to start in Q4, is under way.
1 Apr 2021annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the governance statement on the company website. No new business information.
1 Apr 2021annual report▼ Bad
2020 annual report: net entitlement oil rose 4% to 86,765 bbl but revenue fell 38% to US$3.15m, with a net loss of US$0.50m (against a US$0.40m profit in 2019). The chairman notes the oil price recovery is opening growth and acquisition options.
1 Apr 2021admin correction● Neutral
Re-release of the 2020 annual report to fix an error in the announcement header. The company states there are no other changes to the content.
25 Mar 2021drilling scheduled▲ GoodMajor
Bass plans a drilling program from late 2021: one firm well (likely Tangai-5) and two contingent wells (Bunian-6 and a Bunian 3P extension appraisal). It aims to lift output from about 500 bopd in 2022, the first drilling since COVID began. Financing is still to be planned.
25 Mar 2021resource reserve update▲ GoodMajor
Year-end 2020 reserves: 1P net entitlement 0.436 MMbbl (from 0.483) and 2P 0.549 MMbbl (from 0.567); 3P of 0.842 MMbbl is reported for the first time. 2C contingent resources rose to 0.836 MMbbl (from 0.426) after the Bunian-5 model update.
19 Mar 2021production update● Neutral
February production fell a further 12% to 402 bopd JV during well repair work. Bunian-1 and Bunian-3 were restored (about 450 bopd) and Tangai-1 was repaired in early March; output is expected back above 500 bopd. Price rose 15% to US$58.19.
16 Mar 2021other● Neutral
Bass says higher oil prices and better cashflow let it resume business development, now including Australian onshore oil and gas acquisitions as well as Indonesian growth. No deal or commitment is announced; February price was US$58.19.
19 Feb 2021production update▼ Bad
January production fell 13% to 456 bopd JV after the Tangai-1 pump failed in early January and a Bunian-3 flowline leak. Price rose 12% to US$50.79. Tangai-1 stays offline awaiting a rig, expected early March.
20 Jan 2021production update▼ Bad
December production fell another 6% to 515 bopd JV, though the price rose 21% to US$45.49. Scale is restricting output, and the Bunian-1 and Tangai-1 pumps are working inefficiently. A pump repair program is being planned.
23 Dec 2020production update▼ Bad
November production fell 11% to 547 bopd JV at US$37.47. The company reports scale formation in surface pipework and one or two wells, and says remediation has started. Output remains well below the 700 bopd hoped for after Bunian-5.
20 Nov 2020production update● Neutral
October production was 619 bopd JV, slightly up on September, at US$35.00. Output stayed well below the roughly 700 bopd expected after Bunian-5's pump. Minor pipeline repairs and maintenance caused interruptions.
15 Oct 2020production update● Neutral
September production rose 4% to 617 bopd JV at US$33.82, down 13%. Bunian-5 is back on line with its new pump, completing the planned installation. The field is cleaning up and heading back toward about 700 bopd.
21 Sept 2020production update● Neutral
August production fell to 591 bopd JV, down from 716, because Bunian-5 was taken offline for a pump installation and switched to the TRM3 zone. The well returned in mid-September; output is initially near 700 bopd. Price was US$38.77.
11 Sept 2020half year report● Neutral
Full half-year financial report, the first signed with Grant Thornton as auditor, matches the results release: net loss US$273,520 and cash US$0.27m. It adds that directors found no impairment indicators and that the company received government COVID support (Cashflow Boost and JobKeeper).
11 Sept 2020half year report● Neutral
First-half 2020 revenue fell 15% to US$1.77m on lower prices, with a net loss of US$274k and cash of US$0.27m. Production rose 2.5% to 71,080 bbl net. Planning starts for up to three 2021 wells: two at Bunian, one at Tangai.
