Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
25 Jan 2022quarterly activities report● Neutral
December quarter net entitlement was 10,096 bbl, up 8%, with revenue US$0.81m at US$77.87. Cash rose to US$1.50m after the A$2.5m raise. 2021 net entitlement fell 50.9% to 42,597 bbl. Tangai-5 is set for March 2022; the Cooper deal is still pending.
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.
26 Oct 2021quarterly activities report● Neutral
September quarter net entitlement fell 18% to 9,352 bbl on 371 bopd JV, with revenue US$0.67m at US$69.77. Cash rose to US$0.61m (US$0.85m by 4 October) after the raise. No debt or hedges; Tangai-5 still early 2022 and Cooper deal still finalising.
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.
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.
29 July 2021quarterly activities report● Neutral
June quarter output rose 6% to 455 bopd JV; net entitlement was 11,442 bbl, revenue US$0.75m at US$64.46. Cash rose to US$0.20m, debt free. Tangai-5 drilling now slips to late 2021 or early 2022. Cooper Basin deal still needs funding.
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.
