Past year: ▲ 82%(3.30c – 6.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
20 Apr 2021quarterly activities report● Neutral
March quarter output was 431 bopd JV (21,329 bbl net), down 25% on pump failures, though it exited at 505 bopd. Net entitlement fell 35% to 11,708 bbl; revenue was US$0.69m at US$56.73. Cash was US$0.11m, debt-free. Tangai-5 is expected to spud late 2021.
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.
28 Jan 2021quarterly activities report▼ Bad
December quarter output was 573 bopd JV (28,365 bbl net), down 13%, with revenue US$0.76m at US$39.06. Cash was US$0.10m (US$0.37m once a delayed Pertamina payment arrived). The Tangai-1 pump has since failed, costing about 90 bopd.
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.
21 Oct 2020quarterly activities report● Neutral
September quarter output was 642 bopd JV (32,481 bbl net), down 9%, as Bunian-5 was offline about 45 days for its pump. Cash fell to US$0.20m. The Bunian model update has identified potential drilling locations for a future program.
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.
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.
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.
28 July 2020quarterly activities report● Neutral
June quarter production held steady at 712 bopd JV (35,614 bbl net), but the realised price fell 50% to US$24.90. Cash was US$0.26m (US$0.47m after a delayed Pertamina payment). Water-handling upgrades are complete; acquisition review has begun, no commitments.
27 July 2020agm notice● Neutral
The postponed AGM will go ahead on 30 July 2020 as a virtual Zoom meeting because of COVID-19. Proxy voting closes 28 July, and shareholders can email questions to the company secretary beforehand.
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.
