11 Aug 2020production update● Neutral
July production was 716 bopd JV, down 1%, at US$37.55 (up 13%). Planning has begun for a Bunian-5 pump, with a workover rig also due to repair Bunian-1, expected late in the quarter.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2020auditor change● Neutral
Grant Thornton replaces Deloitte as auditor after Deloitte resigned with ASIC consent. The board chose Grant Thornton after an audit tender, citing the company's size and operations. Shareholders must approve the appointment at the next AGM.
30 July 2020investor presentation● Neutral
AGM presentation repeats known facts: first-half net production 71,081 bbl, revenue US$1.77m, ~US$20/bbl costs, no debt. It cites a Bunian-5 pump and Bunian drilling for 2021/22, and says the depressed market favours acquisitions.
13 July 2020production update▲ Good
June production was 725 bopd JV, down 2%, while the price rose 43% to US$33.11. Bass has started reviewing Indonesian acquisition opportunities again as the outlook appears to improve, with no commitments made.
9 June 2020production update▲ Good
May production rose 11% to 742 bopd JV, with the price up 25% to US$23.12. Well and facility optimisation drove the gain. Total costs including overheads remain about US$20/bbl, and acquisition evaluation stays suspended.
18 May 2020production update● Neutral
April production averaged 666 bopd JV, down 2%, at a realised price of US$18.46. May to date is above 700 bopd and over US$23.50. Total costs including overheads are about US$20/bbl.
17 Apr 2020production update▼ Bad
March production averaged 683 bopd JV, up 5%, but the realised price collapsed to US$31.49 from US$55.00 in February. The Smart-Water pilot, due to start in March, is delayed indefinitely by COVID-19 movement restrictions. Tangai-3 pump repair is complete.
1 Apr 2020other● Neutral
Appendix 4G and corporate governance statement lodged alongside the annual report, as the listing rules require. Administrative filing with no new business information.
1 Apr 2020other▼ BadMajor
In response to COVID-19 and low oil prices, directors' fees and salaries are cut 50% from 1 April and discretionary spending is deferred. Acquisition talks are suspended. Production is largely unaffected, opex is about US$20/bbl, and the company reports no debt.
1 Apr 2020annual report▲ Good
2019 annual report shows the company's maiden net profit of US$0.40m on revenue of US$5.05m (up 32%) and EBITDA of US$1.25m. The final US$0.884m Cooper Energy payments were made. The chairman flags COVID-19 and the oil price fall, with a focus on cutting costs.
20 Mar 2020resource reserve update● NeutralMajor
At 31 Dec 2019, 2P net entitlement reserves were 0.567 MMbbl, down 6% from 0.602, and 1P was 0.483 MMbbl, down 4%. Bunian-5 added the K reservoir to reserves for the first time, partly offsetting 2019 production. 2C contingent resources fell to 0.426 MMbbl (100% field).
17 Mar 2020production update▼ Bad
February production fell to 648 bopd JV at US$55.00, on pump maintenance, a plant inlet header repair and water-handling limits. Tangai-4 is now converted to a water injector. The company says weaker markets may allow cheaper asset deals.
18 Feb 2020production update▼ Bad
January production averaged 791 bopd JV, down from December's 1,009 record, at US$63.91. The company cites pump maintenance, water-handling limits and Bunian-5's rising water cut (22%). Bunian-1 pump is repaired and Bunian-4 workover is done; Tangai-4 is being converted to a water injector.
17 Jan 2020production update▲ Good
December production set another record of 1,009 bopd JV (17,195 bbl net), up 7%, at US$66.15. A Bunian-1 pump failure (over 100 bopd) should be fixed in early February; the facility limit is about 1,100 bopd. Bunian-4 workover is under way.
12 Dec 2019production update▲ GoodMajor
November production hit a record 975 bopd JV (16,074 bbl net), up 36% on October and 9% above the October 2018 record, at US$62.32, driven by Bunian-5. The field now runs over 1,100 bopd; the Smart-Water pilot at Tangai-4 slips to late Q1 2020.
25 Nov 2019well test result▲ GoodMajor
Bunian-5 testing finished: TRM3 stabilised above 860 bopd (3.5% water cut) and the K sandstone above 650 bopd (35% water cut). The well is being brought online from TRM3. Reserves models are being updated to guide the 2020 drilling program.
12 Nov 2019production update▲ Good
October production rose 7% to 695 bopd JV (11,854 bbl net) at US$58.77. Bunian-5 is on restricted test at about 500 bopd and the field is currently around 1,000 bopd. Workovers are delayed until the Bunian-5 testing ends.
6 Nov 2019flow test result▲ GoodMajor
Bunian-5 flowed 1,128 bopd at a 2% water cut from the TRM3 sandstone in the first 12 hours of testing from 2 November, on an open choke. A seven-day TRM3 test, then a K sandstone test, follow. Supports the aim to double Bunian output.
22 Oct 2019drilling result▲ GoodMajor
Bunian-5 hit both primary reservoirs (TRM3 and K) at or slightly above Bunian-3ST2 levels, with 5m of net oil pay in each, at TD 1,662 mKB after 23 days. Results are consistent with the pre-drill 750 bopd model; 7in casing is set and the well will be completed as a producer.
14 Oct 2019drilling progress report● Neutral
Bunian-5 reached 1,424 mKB after cementing the 9-5/8in casing, heading to the core point above the first primary target (TRM3 sandstone). The K sandstone is expected at 1,516 mKB. No result yet.
9 Oct 2019production update● Neutral
September production fell to 671 bopd JV (11,063 bbl net) from August's 718 bopd, at US$60.13, with minor water-handling restrictions. Workovers were delayed to make way for the Bunian-5 rig. Acquisition search continues, targeting 2,000-5,000 boepd.
7 Oct 2019drilling progress report● Neutral
Bunian-5 reached 1,315 mKB, the intermediate casing depth, and was preparing wireline logs before running 9-5/8in casing. Primary target still expected at 1,392 mKB. No reservoir result yet.
30 Sept 2019drilling progress report● Neutral
Bunian-5 was drilled to 407 mKB and 20in conductor set at 45 mKB; the rig was preparing to run 13-3/8in surface casing. Target remains 1,700 mKB, with the primary reservoir expected at 1,392 mKB. No well result yet.
25 Sept 2019drilling spud▲ GoodMajor
Bunian-5 spudded at 1600hrs on 24 September 2019, the company's first development well under this plan. It will drill to 1,700 mKB, expecting the primary target at 1,392 mKB. This follows the rig mobilisation and starts the push to double output.
23 Sept 2019drilling progress report● Neutral
Rig is 100% rigged up at Bunian-5 as at 22 September. Final compliance and readiness checks are almost complete, with drilling expected to begin early this week. No new well result.
16 Sept 2019drilling progress report● Neutral
Rig PDSI Rig 20 is on the Bunian-5 location and 80% rigged up as at 15 September. Compliance checks continue, with drilling expected to start late this week. No new well result.
11 Sept 2019investor presentation● Neutral
RIU Good Oil Conference presentation repeating known points: Bunian-5 to spud late September and double output to about 1,400 bopd, debt free after the raising, and remaining shortfall to be placed. No new information seen. Text truncated.
9 Sept 2019drilling scheduled▲ GoodMajor
Rig PDSI Rig 20 is mobilising to drill Bunian-5, planned to spud late September, taking about 30 days to a depth of about 1,700 m. It targets 750 bopd initial output and 0.546 MMbbl undeveloped oil. Costs are recoverable against existing production.
6 Sept 2019production update● Neutral
August production averaged 718 bopd JV (12,250 bbl net) at US$56.59, down from July's 755 bopd and lower price. Pertamina has approved the Bunian-5 rig contract; workovers run through September and October. Drilling expected shortly.
2 Sept 2019half year report● Neutral
Full half-year financial report for 30 June 2019, repeating the results announced the same day: production up 31.2%, EBITDA US$0.36m, net loss US$38,844, cash US$0.77m, debt free after the final Cooper payment. Text truncated; no new information seen.