Proactiveinvestors Australia Bass Oil Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Bass Oil Ltd RSS feed en Wed, 24 Jul 2019 14:33:13 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Bass Oil to begin first Tangai-Sukananti in-field trials using water injection to potentially increase output by 10% ]]> https://www.proactiveinvestors.com.au/companies/news/224034/bass-oil-to-begin-first-tangai-sukananti-in-field-trials-using-water-injection-to-potentially-increase-output-by-10-224034.html Bass Oil Ltd (ASX:BAS) has had the water treatment skid required to start the first in-field trials using water injection delivered to site at its Tangai-Sukananti onshore Indonesian fields.

Pre-trial work conducted by Bass has pointed to a potential increase in output and ultimate recoveries of around 10% per well.

This 10% is a target to be tested by Bass when it moves to a six-month water injection pilot in the first half of next year.

READ: Bass Oil completes Tangai and Bunian 1 repairs, Bunian 5 development to double Tangai production

Bass managing director Tino Guglielmo said the principle behind the field trial and pilot plant program was that ionic exchange between the oil and the clays would release oil from smaller pore spaces, increasing ultimate recoveries.

He added: “The pilot project will be conducted over six months and the results monitored to determine the degree of increased recovery compared with existing baseline production rate values.

“Internal studies suggest that low salinity water injection will increase oil production and recoveries by up to 10%.”

READ: Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield

The company’s in-field trials are being supported by its memorandum of understanding (MoU) with the Bandung Institute of Technology in Indonesia to trial low-salinity water injection (LSWI) at Bass’ producing Tangai oil field in South Sumatra.

The purpose of the MoU is to facilitate collaboration on research to implement “smart”, low-salinity water-flooding systems for enhanced oil recovery specific to onshore Indonesian fields.

Bass and the university expect to start the pilot water injection project in January next year, subject to positive first field trial results as well as approval by Indonesia’s state-owned oil and gas corporation PT Pertamina.

READ: Bass Oil increases production and sales at Indonesian onshore oilfield

Guglielmo continued: “Bass has welcomed the opportunity to work alongside this highly respected Indonesian university and its LSWI research team to apply the outcomes of the studies and laboratory trials to the field-scale pilot project to improve oil recoveries from Bass’  current and expanding portfolio of oil properties.

“This mutually beneficial relationship could see Bass significantly benefit from the outcomes of the studies in improving oil recovery techniques using this relatively low-cost technique.

“Bass has observed that, on average, oil recovery factors achieved in Indonesian oil fields remain relatively low when compared to other regional anologue.

“This presents the company with a significant business growth opportunity.”

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Wed, 17 Jul 2019 02:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/224034/bass-oil-to-begin-first-tangai-sukananti-in-field-trials-using-water-injection-to-potentially-increase-output-by-10-224034.html
<![CDATA[News - Bass Oil completes Tangai and Bunian 1 repairs, Bunian 5 development to double Tangai production ]]> https://www.proactiveinvestors.com.au/companies/news/223487/bass-oil-completes-tangai-and-bunian-1-repairs-bunian-5-development-to-double-tangai-production-223487.html Bass Oil Ltd (ASX:BAS) has returned both Bunian and Tangai 1 to production after a well service rig carried out pump repairs, with production gradually returning to more than 700 barrels of oil per day during July.

In June the field had a total joint venture production of 632 barrels of oil per day, despite Bunian 1, Tangai 1 and Tangai 3 wells shut due to downhole pump failures.

READ: Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield

The company has also received tenders for the provision of 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well.

Bass’ team in Jakarta is negotiating and finalising contract terms and conditions with the preferred tenderer.

The aim is to drill the Bunian 5 well as soon as the rig is available, likely to be October.

Production is expected to double from the field, taking up remaining available production capacity of the Tangai-Sukananti field facilities as swell as increasing developed reserves.

READ: Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield

Total field production at Tangai-Sukananti in June was 18,968 barrels of oil shared by joint venture or 10,432 barrels of barrels net to Bass.

June oil sales totalled 19,000 barrels JV or 10,450 barrels net to the Australian-based Indonesian oil producer.

The average monthly realised oil price for June was US$61.01 compared with a monthly average oil price of US$67.78 per barrel recorded in April.

The Tangai fields are generating positive cash contributions to the business with field operating costs below US$25 a barrel.

READ: Bass Oil continues steady monthly production in Indonesia as oil price rises

A workover rig is being sourced to perform remaining well work including the Tangai 3 pump repair, the Bunian 4 workover and the Tangai 4 conversion to water injector.

Discussions to secure one or more onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure.

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Mon, 08 Jul 2019 03:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223487/bass-oil-completes-tangai-and-bunian-1-repairs-bunian-5-development-to-double-tangai-production-223487.html
<![CDATA[News - Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield ]]> https://www.proactiveinvestors.com.au/companies/news/223387/bass-oil-raising-up-to-3-million-for-development-drilling-at-indonesian-onshore-oilfield-223387.html Bass Oil Ltd (ASX:BAS) has received commitments to raise $150,000 via a private placement of shares to sophisticated and professional investors at a price of 0.2 cents per share.

In parallel, Bass has launched a ~$2.7 million pro-rata non-renounceable entitlement offer of shares on a 1 for 2 basis at an issue price of 0.2 cents per share.

The private placement and the rights issue both include a 1 for 2 free attaching option exercisable at 0.4 cents on or before July 30 2021.

READ: Bass Oil increases production and sales at Indonesian onshore oilfield

Funds from the placement and the rights issue will be used for:

• Repayment of the final instalment of the deferred consideration to Cooper Energy Ltd – $770,000;
• Drilling of up to two low-risk Bunian development wells, one in October 2019 and the second in October 2020; and
• Business development initiatives, joint studies, acreage release applications and bilateral negotiations - funds raised will enable Bass to expand its onshore Indonesian oil production footprint through value-accretive acquisitions.

Bass managing director Tino Guglielmo said: “Bass is entering an exciting phase in its history as it will shortly complete the procurement process to secure a drilling rig to spud the Bunian 5 well expected in October of this year.

“This well is expected to double field production capacity, up from 700 barrels of oil per day (bopd) to facility limits of approximately 1,400 bopd.

“Our business development initiatives are progressing well with the company in detailed evaluation on a number of opportunities as well as progressing technical and commercial discussions on the short-listed opportunities.

“Finally, I am pleased, that after completion of the final payment of the deferred consideration Bass will own outright its 55% interest in the Tangai-Sukananti producing property.

“This property has established our reputation as a competent operator and trusted joint venture partner. It is the platform upon which we will build a successful business in Indonesia.”

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Fri, 05 Jul 2019 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223387/bass-oil-raising-up-to-3-million-for-development-drilling-at-indonesian-onshore-oilfield-223387.html
<![CDATA[News - Bass Oil increases production and sales at Indonesian onshore oilfield ]]> https://www.proactiveinvestors.com.au/companies/news/222019/bass-oil-increases-production-and-sales-at-indonesian-onshore-oilfield-222019.html Bass Oil Ltd (ASX:BAS) is continuing to achieve steady monthly production at the Tangai-Sukananti oilfield onshore Indonesia with total field production of 22,249 barrels of oil JV share or 12,237 barrels of oil net to Bass for the month of May.

May oil sales totalled 21,719 barrels of oil JV Share or 11,945 barrels net to Bass.

Monthly oil production and sales were up over April with May production rates averaging 717 bopd (barrels of oil per day).

The oil price was steady during May. The average monthly realised oil price was US$67.78 compared with a monthly average oil price of US$67.39 per barrel recorded in April.

Importantly, the fields continue to generate positive cash contributions to the business with field operating costs below US$25 per barrel.

Production operations

The field continues to perform well with production in May averaging 717 barrels of oil per day JV share.

This was a pleasing result considering that the Bunian 1, Tangai 1 and Tangai 3 wells shut in due to downhole pump failures.

A well service rig has mobilised to site to carry out the Bunian 1 and Tangai 1 pump repairs.

The team in Indonesia is currently sourcing a workover rig to perform the remaining well work including the Bunian 4 workover and the Tangai 4 conversion to water injector.

Development planning

Bass has received tenders for the provision of a 750-horsepower capacity drilling rig for the drilling of the Bunian 5 well. The tenders are currently being evaluated.

The aim is to drill the Bunian 5 as soon as the rig is available.

The well is expected to double production from the field taking up the remaining available production capacity of the Tangai-Sukananti field facilities as well as increasing developed reserves.

 

Bass continues to evaluate a number of potential onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure, as the company looks to add additional prospective oil properties to its portfolio.

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Thu, 13 Jun 2019 12:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222019/bass-oil-increases-production-and-sales-at-indonesian-onshore-oilfield-222019.html
<![CDATA[News - Bass Oil continues steady monthly production in Indonesia as oil price rises ]]> https://www.proactiveinvestors.com.au/companies/news/220091/bass-oil-continues-steady-monthly-production-in-indonesia-as-oil-price-rises-220091.html Bass Oil Ltd (ASX:BAS) is continuing to achieve steady monthly production at the Tangai-Sukananti oilfield onshore Indonesia with total field production of 20,273 barrels of oil JV Share or 11,150 barrels of oil net to Bass.

April oil sales totalled 20,334 barrels of oil JV Share or 11,184 barrels net to Bass.

Monthly oil production and sales were down slightly over March with April production rates averaging 676 bopd (barrels of oil per day).

Oil prices were up 8% during April. The average monthly realised oil price was US$67.39 compared with a monthly average oil price of US$62.49 per barrel recorded in March.

The fields continue to generate positive cash contributions to the business with field operating costs at or below US$25 per barrel.

 

The field continues to perform well with production in April averaging 676 barrels of oil per day JV share.

This was a pleasing result considering that the Bunian 1 and Tangai 1 wells were shut in due to downhole pump failures.

READ: Bass Oil achieves increased monthly production in Indonesia as oil price rises

The team in Indonesia is currently sourcing a well service rig to perform a program of well work, including the Bunian 1 and Tangai 1 pump repairs, Bunian 4 workover and the Tangai 4 conversion to water injector.

This work will commence as soon as possible.

Development planning

Bass has issued a tender for the provision of 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well.

The aim is to drill the Bunian 5 as soon as the rig is available.

The well is expected to double production from the field taking up the remaining available production capacity of the Tangai-Sukananti field facilities as well as increasing developed reserves.

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Mon, 13 May 2019 12:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220091/bass-oil-continues-steady-monthly-production-in-indonesia-as-oil-price-rises-220091.html
<![CDATA[News - Bass Oil targets full production capacity for onshore Indonesian oilfield ]]> https://www.proactiveinvestors.com.au/companies/news/219309/bass-oil-targets-full-production-capacity-for-onshore-indonesian-oilfield-219309.html Bass Oil Ltd (ASX:BAS) is focused on expanded oil production in the South East Asian nation of Indonesia. It is targeting full production capacity at its Tangai-Sukananti oilfield onshore Indonesia and is on the hunt for new onshore acquisitions in the country near oil production infrastructure.

The company’s corporate strategy is to build a diversified portfolio in Indonesia of assets at the exploration, development and production stage. It envisages three stages of development as it works towards overarching goals of strategic growth, value creation and value optimisation.

These stages involve company transformation, material growth and optimisation of assets and technologies utilised. All three stages involve assessing and potentially acquiring new assets.

Bass is run by managing director Giustino ‘Tino’ Guglielmo, a mechanical engineer with more than 39 years of industry experience. A petroleum industry advisor, Guglielmo has led companies for the past 16 years. He previously headed up both Ambassador Oil & Gas and Stuart Petroleum Ltd as an MD, adding significant shareholder value to their market assessment before the entities merged with larger companies.

The experienced company director has served on a number of boards, including the board of Octanex NL, and previously held business improvement and production management roles at Santos Ltd (ASX:STO) and Schlumberger.

What does Bass Oil own?

The key asset is the Tangai-Sukananti oilfield which is housed in a joint venture for which Bass takes returns from about 55% of oil barrels marked for sharing by the JV.

Last month, the oilfield produced 22,957 barrels of oil for JV share, with 12,626 barrels of oil net to Bass.

The daily average of 740 barrels of oil JV share in March 2019 was a 7% month-on-month increase from February 2019.

The average monthly realised oil price in March was US$62.49, with field operating costs being US$25 per barrel or less. The raw gap between the figures is $37.49 a barrel, a sum that may not include other costs of goods sold.

PT Pertamina has given Bass approval to tender for a 750-horsepower-capacity drilling rig for the drilling of the Bunian 5 well.

Bass hopes to start drilling after appointing a tenderer and double field production to take up all the remaining production capacity at the field.

The company hopes to add new ground onshore to its portfolio in Indonesia and is targeting assets near oil production infrastructure.

An average oil price of US$59.58 was achieved during the March quarter of 2019 and net oil production for March quarter totalled 35,373 barrels and about 700 barrels of oil per day gross daily production.

March quarter 2019 production was a 30% improvement on the March quarter of 2018 and an 11.4% quarter-on-quarter reduction when compared to the December quarter of 2018.

Net oil sales in March quarter 2019 were up 25% year-on-year but down 14.1% quarter-on-quarter.

Bass had US$1 million cash on March 31, 2019, an 18.3% increase when compared to December 31, 2018.

Inflection points

Drill tender award and execution

Increase of Tangai-Sukananti production capacity up to full capacity

Acquisition of new oilfield ground and assessment of suitability of nearby production infrastructure

Oil price dynamics and industry sentiment

Milestone achievements and significant transactions

Managing director Tino Guglielmo outlines strategy

“Bass is extremely focused on its existing field production optimisation, development drilling program and business development strategy,” Bass Oil managing director Tino Guglielmo said two weeks ago as the company released its March quarterly report.

“The team has identified and is targeting the acquisition of some exciting growth opportunities in the prolific oil and gas basins of Indonesia.

“Its partnership with highly-credentialed local universities and collaborators continues to target improved recoveries from existing fields and in potential acquisition targets.

“Finally, our three-tiered business development strategy has identified further opportunities for the short list which are being pursued with vigour.”

Guglielmo had told Proactive Investors last month: “The Bunian 5 well is going to be at least as good as the Bunian 3 well was ... it’s not a stretch for post-drill Bunian 5 to take us to our capacity.

“It’s a low-risk and very high-impact well for us, and as a result we’re very keen to drill it.”

 

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Mon, 29 Apr 2019 22:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219309/bass-oil-targets-full-production-capacity-for-onshore-indonesian-oilfield-219309.html
<![CDATA[News - Bass Oil achieves increased monthly production in Indonesia as oil price rises ]]> https://www.proactiveinvestors.com.au/companies/news/218193/bass-oil-achieves-increased-monthly-production-in-indonesia-as-oil-price-rises-218193.html Bass Oil Ltd (ASX:BAS) is continuing to achieve strong monthly production at the Tangai-Sukananti oilfield onshore Indonesia at an average of 740 barrels of oil per day JV share in March, up 7% from February.

Total field production at Tangai-Sukananti for March was 22,957 barrels of oil JV share or 12,626 barrels of oil net to Bass.

March oil sales totalled 23,117 barrels of oil JV share or 12,714 barrels net to Bass.

Oil prices were up 3% during March. The average monthly realised oil price was US$62.49 compared with a monthly average oil price of US$60.51 per barrel recorded in February.

Importantly, the field continues to generate positive cash contributions to the business with field operating costs at or below US$25 per barrel.

Aiming to double production

Bass has sought and received approval from PT Pertamina to issue a tender for the provision of a 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well.

The aim is to drill the Bunian 5 as soon as the rig is available.

 

The well is expected to double production from the field taking up the remaining available production capacity of the Tangai-Sukananti field facilities as well as increasing developed reserves.

Evaluating acquisition targets

Bass continues to evaluate a number of potential onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure, as the company looks to add additional prospective oil properties to its portfolio.

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Tue, 09 Apr 2019 14:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218193/bass-oil-achieves-increased-monthly-production-in-indonesia-as-oil-price-rises-218193.html
<![CDATA[News - Bass Oil continues strong monthly oil production at Tangai Sukananti onshore Indonesia ]]> https://www.proactiveinvestors.com.au/companies/news/216700/bass-oil-continues-strong-monthly-oil-production-at-tangai-sukananti-onshore-indonesia-216700.html Bass Oil Ltd (ASX:BAS) has continued with strong field performance at its Tangai Sukananti oilfield onshore Indonesia, producing a total of 19,329 barrels of oil in the shorter month of February.

Oil sales for February totalled 18,656 barrels of oil and the monthly average oil price achieved was US$60.51, up from the average price of US$55.74 per barrel recorded in January.

 

An average of 690 barrels of oil per day was produced, down only 3% from January despite both the Bunian and Tangai 1 wells being shut for a substantial period due to downhole pump failures.

Tangai 1 has since been returned to production after pump repair operations and the company is awaiting a well service rig, expected in late March or early April, for pump replacement at Bunian 1.

READ: Bass Oil increased proved reserves at onshore Tangai Sukananti oil field by 76%

Bass has sought approval from Indonesian state-owned oil and natural gas corporation PT Pertamina to issue a tender for a 750-horsepower capacity drilling rig to drill the Bunian 5 well.

Drilling is expected to begin by mid-year and Bass anticipates Bunian 5 will double production from the field and increase developed reserves.

Evaluation of potential onshore acquisition targets continues as Bass seeks to add prospective oil properties to its portfolio.

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Mon, 18 Mar 2019 21:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216700/bass-oil-continues-strong-monthly-oil-production-at-tangai-sukananti-onshore-indonesia-216700.html
<![CDATA[Media files - Bass Oil set to drill 'a low-risk and very high-impact well' with Bunian 5 ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12536/bass-oil-set-to-drill--a-low-risk-and-very-high-impact-well--with-bunian-5-12536.html Mon, 11 Mar 2019 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12536/bass-oil-set-to-drill--a-low-risk-and-very-high-impact-well--with-bunian-5-12536.html <![CDATA[News - Bass Oil increases proved reserves at onshore Tangai Sukananti oil field by 76% ]]> https://www.proactiveinvestors.com.au/companies/news/215167/bass-oil-increases-proved-reserves-at-onshore-tangai-sukananti-oil-field-by-76-215167.html Bass Oil Ltd (ASX:BAS) has increased its 1P proved net entitlement reserves at its Tangai Sukananti oil fields onshore Indonesia by 76% from 320,000 barrels at the end of December, 2017, to 505,000 barrels.

The update was due in part to increased production at the Bunian-3 well from de-bottlenecking operations and has provided a high confidence level to the substantial increase in 1P reserves.

De-bottlenecking operations are estimated to have boosted production from about 300 to more than 700 barrels of oil a day.

Net entitlement reserves are the share of cost oil and profit oil that Bass is entitled to receive under the joint venture signed with Indonesian state-owned corporation PT Pertamina.

 

Bass managing director Tino Guglielmo said: “The 76% increase in net entitlement 1P reserves is a strong demonstration of the Indonesian operation team capability and the strong underlying performance of the asset.

“Record production in 2018 and strong performance of the wells has moved reserves into the proved category from the probable.

“This increases confidence and value assigned to the asset moving into the period of development drilling in 2019 and beyond.”

  READ: Bass Oil completes Bunian 5 well site construction, records strong monthly oil production

Tangai’s 2P or proved plus probable reserves decreased by 2% due to 2018 production, from 670,000 barrels at December 31, 2017, to 602,000 barrels of oil.

Bass has also completed technical studies that provide a dynamic model which allows development scenarios to inform the 1P and 2P cases.

The total 2P field reserves at Tangai are estimated at 2.019 million barrels, including both the Bunian and Tangai fields.

Total 2C contingent resources are assessed to be 882,000 barrels of oil, comprising volumes attributed to currently producing or future planned wells.

Year-on-year movements show that while the overall level of reserves are similar, they have been firmed up into the 1P proved category as evidenced by the 113% and 76% increases in the field reserves and Bass net entitlement reserves, respectively.

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Sun, 24 Feb 2019 19:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215167/bass-oil-increases-proved-reserves-at-onshore-tangai-sukananti-oil-field-by-76-215167.html
<![CDATA[News - Bass Oil completes Bunian 5 well site construction, records strong monthly oil production ]]> https://www.proactiveinvestors.com.au/companies/news/214318/bass-oil-completes-bunian-5-well-site-construction-records-strong-monthly-oil-production-214318.html Bass Oil Ltd (ASX:BAS) has completed construction of the Bunian 5 well site at its Tangai-Sukananti oil fields onshore Indonesia, with drilling planned to start mid-year.

Production at Tangai-Sukananti throughout January equalled levels recorded in December, averaging 710 barrels of oil per day.

 

Total January production amounted to 22,071 barrels, with 12,100 barrels attributable to Bass.

The average monthly realised oil price was US$55.74 compared with a monthly average oil price of US$53.86 a barrel recorded in December.

The company also continues to evaluate potential onshore Indonesian acquisition targets, particularly those closest to Bass’ existing production infrastructure.

READ: Bass Oil increases quarterly oil production by 83% at Indonesian onshore fields

Bass implemented a production optimisation upgrade at the Bunian and Tangai facilities to process additional oil and fluid production expected after the completion of drilling.

Speaking on the upgrade, Bass managing director Tino Guglielmo told Proactive that the company was getting ready for an exciting drilling program in 2019.

He said: “For us to be able to increase production just by optimisation methodologies is just wonderful.

“We’ve got a drilling program in 2019, 2020, that’ll be somewhere between two and four wells to be drilled in our existing properties.

“New properties that we’re looking at acquiring all the time, we’re prepared to actually go in and do remediation, and do a little bit of drilling through ‘19.”

READ: Bass Oil continues to deliver strong monthly oil production in Indonesia

The award for Bunian 5’s drilling contract has been delayed due to the availability of 650 horsepower rigs.

Bass has proposed to issue a tender for the provision of 750-horsepower capacity drilling rigs which are more common to the area.

The drilling program is expected to increase the production capacity of Tangai-Sukananti as well as increase developed reserves.

Optimisation and upgrade planning work at the Bunian and Tangai facilities continues.

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Sun, 10 Feb 2019 21:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214318/bass-oil-completes-bunian-5-well-site-construction-records-strong-monthly-oil-production-214318.html
<![CDATA[Media files - Bass Oil working to add Tier 1 and Tier 2 oil producing assets in Indonesia ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11982/bass-oil-working-to-add-tier-1-and-tier-2-oil-producing-assets-in-indonesia-11982.html Fri, 25 Jan 2019 09:39:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11982/bass-oil-working-to-add-tier-1-and-tier-2-oil-producing-assets-in-indonesia-11982.html <![CDATA[News - Bass Oil increases quarterly oil production by 83% at Indonesian onshore fields ]]> https://www.proactiveinvestors.com.au/companies/news/213214/bass-oil-increases-quarterly-oil-production-by-83-at-indonesian-onshore-fields-213214.html Bass Oil Ltd (ASX:BAS) has posted its highest quarterly production since at least 2014 at the Tangai-Sukananti oil fields onshore Indonesia, averaging almost 800 barrels of oil per day.

The net December quarter oil production of 39,920 barrels represents an 83.4% increase from the previous quarter.

Net quarterly sales increased 94.6% to 40,920 barrels and cash reserves at the end of December were US$850,000, an increase of 17%.

 

Bass managing director Tino Guglielmo said the company was entering an exciting period in its history.

A new drilling program is being planned at Tangai-Sukananti and the rig contract is expected to be awarded this quarter, with mobilisation and spud of the initial Bunian-5 well to follow.

The company is also planning work to upgrade the Bunianand Tangai production facilities, which will be required to process the additional fluid production expected after the drilling phase of the work program.

READ: Bass Oil continues to deliver strong monthly oil production in Indonesia

Guglielmo said: “We have significantly increased our production during the quarter, following our successful optimisation programs and ongoing debottlenecking.

“Our development drilling program will commence as soon as possible after the award of the drilling contract expected in first quarter 2019, based on rig availability.

“The company has identified and is targeting the acquisition of some exciting growth opportunities in the prolific oil and gas basins of Indonesia and has partnered with highly-respected local universities and collaborators to improve recovery from our existing fields as well as potentially from acquisition targets.”

READ: Bass Oil targets high-value and low-risk opportunities with growth strategy

During the quarter Bass continued to actively pursue acquisition opportunities in Indonesia in line with its strategy of expanding its footprint and building a portfolio of exploration, development and production assets.

A number of onshore and offshore Indonesian acquisition targets are being evaluated for placement on a short list, particularly those close to Bass’ existing production facilities.

Noting that oil recovery factors achieved in Indonesian oil fields are relatively low, the company entered into two memorandums of understanding (MoU) with the Bandung Institute of Technology (ITB) in Indonesia and Sejong University, South Korea.

The collaborations focus on studies into pilot implementation of smart, low-salinity water-flooding systems and carbon dioxide-enhanced oil recovery technologies.

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Wed, 23 Jan 2019 23:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213214/bass-oil-increases-quarterly-oil-production-by-83-at-indonesian-onshore-fields-213214.html
<![CDATA[News - Bass Oil continues to deliver strong monthly oil production in Indonesia ]]> https://www.proactiveinvestors.com.au/companies/news/212542/bass-oil-continues-to-deliver-strong-monthly-oil-production-in-indonesia-212542.html Bass Oil Ltd (ASX:BAS) is continuing to achieve strong monthly production at the Tangai Sukananti fields onshore Indonesia at an average of 712 barrels of oil per day in December 2018.

This is the third highest production level attained from the field in the last 12 months.

Total field production at the Tangai-Sukananti was 22,071 barrels of oil (JV Share) or 12,139 barrels of oil (net to Bass) in December 2018.

December oil sales totalled 23,747 barrels of oil (100% JV Share) or 13,061 barrels (net to Bass).

The oil price fall continued during December in line with movements in global oil markets.

The average monthly realised oil price was US$53.86 compared with a monthly average oil price of US$62.25 per barrel received in November.

The fields continue to generate positive cash contributions to the business with field operating costs at or below US$30 per barrel.

 

The construction of the new Bunian 5 well site was completed in December.

Drilling contract negotiations are continuing with drilling expected to occur in the first quarter of 2019 subject to rig availability

Bunian 5 drilling program is expected to further increase the production capacity of the Tangai-Sukananti fields as well as increase developed reserves.

Meanwhile, planning work for the upgrade of the Bunian and Tangai production facilities continues.

A facility upgrade is required to process the additional oil and fluid production anticipated following the completion of the drilling phase of the work program.

READ: Bass Oil targets high-value and low-risk opportunities with growth strategy

During December, Bass revealed that it elected to withdraw from the acquisition of a 100% participating interest in the North Madura PSC following the completion of its due diligence inquiries.

The company continues to evaluate a number of potential onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure, as the company looks to add additional prospective oil properties to its portfolio.

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Tue, 15 Jan 2019 12:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212542/bass-oil-continues-to-deliver-strong-monthly-oil-production-in-indonesia-212542.html
<![CDATA[News - Bass Oil withdraws from North Madura acquisition following due diligence process ]]> https://www.proactiveinvestors.com.au/companies/news/211530/bass-oil-withdraws-from-north-madura-acquisition-following-due-diligence-process-211530.html Bass Oil Ltd (ASX:BAS) has elected to withdraw from the acquisition of a 100% participating interest in the North Madura production sharing contract (PSC) in Java from AziPac Limited.

Finalisation of the acquisition was subject to the execution of a detailed sale and purchase agreement and Bass being satisfied with its due diligence enquiries on the two AziPac subsidiaries being acquired.

As neither of the conditions have been met, Bass has elected to withdraw as it is entitled to do under the heads of agreement (HoA) entered into by both companies.

 

Bass is actively pursuing other acquisition opportunities in Indonesia in line with its strategy of expanding its Indonesian footprint.

The oil producer aims to build a diversified portfolio of exploration, development, enhanced production and producing assets.

READ: Bass Oil continues strong monthly oil production at onshore project in Indonesia

Production from Bass’ onshore Tangai Sukananti joint venture project in Indonesia’s South Sumatra continues to expand.

The company logged its highest and second highest production volumes in October and November, respectively, producing 27,795 and 23,434 barrels of oil in each month.

November production averaged to 781 barrels per day.

Development of the Bunian 5 well is also advancing with drill planning and procurement processes ongoing.

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Wed, 19 Dec 2018 20:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211530/bass-oil-withdraws-from-north-madura-acquisition-following-due-diligence-process-211530.html
<![CDATA[News - Bass Oil targets high-value and low-risk opportunities with growth strategy ]]> https://www.proactiveinvestors.com.au/companies/news/211477/bass-oil-targets-high-value-and-low-risk-opportunities-with-growth-strategy-211477.html Bass Oil Ltd (ASX:BAS) has set a direction for growth by pursuing onshore opportunities near its Tangai-Sukananti oil production JV in Indonesia and other opportunities in the nation that have significant potential.

The Melbourne-based company is aiming to grow bigger and increase production levels after becoming a producer with its South Sumatra Basin acquisition known as Sukananti, or KSO, in Indonesia.

READ: Bass Oil continues strong monthly oil production at onshore project in Indonesia

The company’s non-executive chairman Peter Mullins heads up Bass’ board of directors while petroleum engineer Giustino ‘Tino’ Guglielmo leads the company in an executive role as managing director.

Guglielmo spoke to Proactive Investors this month, saying Indonesia was a “very interesting operating environment”.

The MD highlighted the maturity of the country’s oil industry – production first started in 1885 in East Sumatra – and its established infrastructure.

Guglielmo said, “It’s a mature oil environment. Its regulations and its regulatory environment (are) very well structured.

“The fiscal regime is clear and pretty tidy to work under.

“We’ve got our highly-skilled, fully-Indonesian workforce based out of Jakarta, and the field operations obviously have a field team … in and around oil and gas infrastructure that’s run by Pertamina.”

 

Jakarta-based Indonesian state-owned oil and natural gas corporation PT Pertamina is the nation’s second-largest crude oil producer in Indonesia after Chevron Pacific Indonesia.

It is also a regulator that can pass on opportunities.

Guglielmo explained, “This May just gone, the president of Indonesia, President (Joko) Widodo, stood up at the Indonesian Petroleum Association Conference and said … ‘You guys have got a portfolio full of properties that you are not getting to’.

“They are now looking for people like us to come in, and bring capital, and further expertise so that they can actually release properties that are secondary to them.

“(These properties) are still a lot of value to a company like ours to be able to do what we did with Sukananti, which is double production without drilling a well.”

A range of opportunities

Bass has ambitions to grow the company with what Guglielmo calls type one and type two growth opportunities.

Type-one opportunities are likely to be onshore projects found near Tangai-Sukananti KSO.

Bass’ type-two opportunities are what petroleum engineer Guglielmo labels “company makers” and can be further afield.

He said, “Type one is lower risk type opportunities, and type two, in a balanced exploration portfolio, you need to have exposure to some company-making opportunities, and North Madura we see as one of those.

Regulator SKK Migas granted Bass a licence for North Madura after a Middle-Eastern company opted for divesting the asset as it exited Indonesia.

Bass will earn up to 100% of a production sharing contract for the project adjacent to and 3 kilometres from Ujung Pangkah where production averaged 9,100 barrels a day for a 44 standard cubic feet of gas a day output.

READ: Bass Oil begins Bunian 5 well construction at Tangai-Sukananti, drilling soon to follow

The company is active in its search for projects.

Guglielmo said, “We are screening opportunities like crazy.

“In … less than 12 months, we’ve screened 60 opportunities, been able to short list somewhere between five and 10, and we’ve got heads of agreements signed up or near to signed up for two of those opportunities.”

The company is focused on its work plan for the next year.

Guglielmo tipped, “(20)19 is going to be bolstering production in our existing Sukananti licence, and for us to be acquiring and filling out the portfolio.”

Production capacity is about 830 barrels a day

Bass has a 100% share of Tangai-Sukananti KSO’s annual production capacity as part of a joint venture for the asset.

Production capacity is more than 600 barrels of oil a day, being 781 barrels a day in November 2018.

In November, the company produced 23,434 barrels of oil for the JV, a 4,361-barrel decline on its October 2018 production of 27,795 barrels.

Last month, 22,606 barrels were sold at an oil price of about US$62.25 a barrel, a US$14.44 a barrel decline on October which followed the market.

The company is focused on easing short-term processing restrictions at the KSO operation and deferred production by about 50 barrels a day last month.

Bass also has a 55% share of 2P reserves at KSO, which were 1.35 million barrels of oil in June 2017.

READ: Bass Oil expands research relationships to improve oil recoveries

Bass expects to start drilling at Bunian 5 well on the Tangai-Sukananti fields in the June 2019 half-year, with drill rigs not expected at the area until March 2019.

Bass has an upgrade to the Bunian and Tangai facilities in the works so it can process the additional oil and fluid production expected after the completion of drilling.

Guglielmo told Proactive, “We are getting ready for an exciting drilling program in 2019, but for us to be able to increase production just by optimisation methodologies is just wonderful for a company like ours.

“We’ve got a drilling program in 2019, 2020, that’ll be somewhere between two and four wells to be drilled in our existing properties.

“New properties that we’re looking at acquiring all the time, we’re prepared to actually go in and do remediation, and do a little bit of drilling through ‘19.”

Australia persistence suits Indonesian recovery factors

The MD highlighted average recovery factors in Indonesia, comparing them to those achieved at Australian operations.

Guglielmo said, “What happens in Indonesia is the sweet stuff gets sorted, it gets exploited and developed, but when they get to about 30% recovery factor they … move onto other properties.

“They leave (fallow) these properties that are about halfway through depletion …  and this is what’s a beautiful situation for us.

“In Australia, we’re used to getting 40% and 50% recovery factors, so they’re leaving a good measure of the oil behind, and if the fields you’re targeting are large enough, you could be targeting opportunities 10, 20 million barrels, which is bigger than most of the oilfields onshore in Australia.”

The allure of Indonesia is strong for Bass.

Guglielmo said, “We think that Indonesia being a low-cost operating environment, highly prospective, and with significant infrastructure, (it’s) a wonderful place to be.

“We’re first movers as well. A lot of people don’t understand Indonesia – we’ve been in there for two years, our team has been operating for almost 10, and we feel very fortunate to have the position that we’ve got.”

Low costs stand out amid low oil prices

The MD acknowledged some investors’ reticence to join in on projects in Indonesia but highlighted the cost advantages of the South East Asian country’s operating environment.

Guglielmo said, “People are a little bit curious and are standing back on Indonesia, but even in this low oil-price environment our operating costs are less than $30 a barrel, so if we’ve got $50 a barrel crude oil prices, we’re just fine.”

Crude oil reached a 16-month low of US$46.24 on Tuesday, December 18, 2018.

Guglielmo said this month, “What happens in a market like this, when the crude price falls from $80 to $50, the people that are looking to come out of their shell and make some investments say, ‘Oh, hang on. I want to hang back.’

“That’s just glorious for us because we almost have a playing field with very, very little competition, and I’m saying, ‘well, stay at $50 for as long as it takes to get our portfolio set, then you guys can follow us’.”

Bass is set to benefit from its low-cost advantage as it grows its portfolio with low-risk and higher value opportunities in Indonesia.

— With Danielle Doporto

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Wed, 19 Dec 2018 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211477/bass-oil-targets-high-value-and-low-risk-opportunities-with-growth-strategy-211477.html
<![CDATA[News - Bass Oil continues strong monthly oil production at onshore project in Indonesia ]]> https://www.proactiveinvestors.com.au/companies/news/211117/bass-oil-continues-strong-monthly-oil-production-at-onshore-project-in-indonesia-211117.html Bass Oil Ltd (ASX:BAS) has continued strong monthly oil production at its onshore Tangai Sukananti joint venture (JV) project in Indonesia’s South Sumatra region.  

Production volumes in November totalled 23,434 barrels of oil (total JV share), or 781 barrels per day, the second highest monthly production since Bass took control of the asset.

The record production level of 27,795 barrels was reached in October.

The company is also continuing to advance development of its Bunian 5 well with drill planning and procurement processes ongoing.

 

Oil sales for the month amounted to 22,606 barrels, sold at a monthly average oil price of US$62.25.

The oil price eased during November from the October average price of US$76.69, in line with movements in global oil markets.

Bass considers the sustained strong production in November a good result considering water handling capacity restrictions at the facilities required production to be cut back from high water cut wells.

Deferred production was estimated to be 50 barrels per day.

The company has begun studies aimed at easing short-term processing restrictions.

READ: Bass Oil begins Bunian 5 well construction at Tangai Sukananti, drilling soon to follow

Construction of the Bunian 5 well continued during November and is expected to be completed this month.

Bass is planning for Bunian’s upcoming drilling program but has delayed award of the drilling contract due to rig availability.

Submissions received indicate that rigs will not be available in the area until March 2019.

Bass is continuing discussions with contractors and plans to spud the Bunian 5 well as soon as possible after the grant of the rig contract.

Drilling at Bunian is expected to further increase the production capacity of the Tangai-Sukananti fields as well as increase developed reserves.

Bass is also panning for an upgrade of the Bunian and Tangai facilities to be able to process additional oil and fluid production anticipated from the completion of drilling.

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Thu, 13 Dec 2018 02:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211117/bass-oil-continues-strong-monthly-oil-production-at-onshore-project-in-indonesia-211117.html
<![CDATA[Media files - Bass Oil delivers record oil production at Indonesian operation amid focus on growth ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11453/bass-oil-delivers-record-oil-production-at-indonesian-operation-amid-focus-on-growth-11453.html Wed, 05 Dec 2018 04:19:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11453/bass-oil-delivers-record-oil-production-at-indonesian-operation-amid-focus-on-growth-11453.html <![CDATA[News - Bass Oil begins Bunian 5 well construction at Tangai-Sukananti, drilling soon to follow ]]> https://www.proactiveinvestors.com.au/companies/news/208283/bass-oil-begins-bunian-5-well-construction-at-tangai-sukananti-drilling-soon-to-follow-208283.html Bass Oil Ltd (ASX:BAS) has started construction of the Bunian 5 drilling site at its onshore Tangai Sukananti joint venture project in Indonesia’s South Sumatra region.

The well will be drilled vertically at the same drilling pad from which the Bunian 4 directional well was drilled, reducing costs and saving time for the project.

Bass has a 55% interest in Tangai which was producing an average of 600 barrels of oil per day from 4 wells as of last year.

READ: Bass Oil expands research relationships to improve oil recoveries

Planning and procurement activities are progressing for the upcoming drilling program and Bass expects to receive the contract for the drilling rig in December.

Mobilisation and spud of the first well at Bunian 5 is to occur as soon as possible after award of the contract.

Bass anticipates the drilling program to increase both the production capacity and developed reserves of the Tangai project.

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Wed, 31 Oct 2018 23:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208283/bass-oil-begins-bunian-5-well-construction-at-tangai-sukananti-drilling-soon-to-follow-208283.html
<![CDATA[News - Bass Oil expands research relationships to improve oil recoveries ]]> https://www.proactiveinvestors.com.au/companies/news/207984/bass-oil-expands-research-relationships-to-improve-oil-recoveries-207984.html Bass Oil Ltd (ASX:BAS) has entered into a memorandum of understanding (MoU) with the Bandung Institute of Technology Indonesia (ITB) and Sejong University in South Korea.

The focus of the MoU is to evaluate the potential of carbon dioxide-enhanced oil recovery (CO2-EOR) to improve oil recoveries from oil fields operated by Bass.

The MoU expands the Australian-based oil producer’s relationship with the two universities.

Earlier this year Bass signed an MoU with both universities to collaborate on research to implement smart, low-salinity water-flooding systems for enhanced oil recovery specific to small-scale onshore Indonesian oil fields.

‘Significant business opportunity’

Bass managing director Tino Guglielmo said: “Bass has observed that, on average, oil recovery factors achieved in Indonesian oil fields remain relatively low when compared to other regional analogues.

“This presents us with a significant business opportunity.

“Bass welcomes the opportunity to work alongside these respected Asian universities and their research teams to apply the outcomes of the studies, laboratory trials and field-scale pilot projects to improve oil recoveries to Bass from its current and expanding portfolio of oil properties.”

ITB will evaluate oil field samples provided by Bass and give engineering support to the research project.

Sejong University will provide the facilities to conduct the laboratory work for CO2-EOR analysis and design.

Low-cost onshore oil production

Bass is an exploration and production company with low-cost onshore oil production in Indonesia.

The company has a 55% interest in the Tangai Sukananti joint venture assets in the South Sumatra region.

As of last year, Tangai was producing an average of 600 barrels of oil per day from 4 wells.

Bass’ gross 2P reserves from its 55% Tangai holding amounts to 1.28 million barrels of oil.

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Sun, 28 Oct 2018 23:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207984/bass-oil-expands-research-relationships-to-improve-oil-recoveries-207984.html
<![CDATA[News - Bass Oil achieves more than 20% month on month lift in oil production ]]> https://www.proactiveinvestors.com.au/companies/news/192891/bass-oil-achieves-more-than-20-month-on-month-lift-in-oil-production-192891.html Bass Oil Ltd (ASX:BAS) has achieved a substantial lift in oil production in February from its joint venture interest in the Tangai-Sukananti field.

This is one of the company’s Indonesian oil production assets in which it has a 55% stake.

The project is in the prolific oil and gas region of South Sumatra.

As at 31 December 2017, Tangai-Sukananti was producing on average 600 barrels of oil per day from 4 wells.

Production increases following maintenance

During February, Bass reported total field production of 16,403 barrels of oil or 9,021 barrels of oil net to Bass.

This represents a 24% increase on the previous month’s output following the successful completion of scale removal at the Tangai-1 well.

Works completed at the water separation tank and the associated pipework at the Bunian Central Processing Facility also had a positive impact.

Total February oil sales were 14,616 barrels of oil or 8,038 barrels net to Bass at an average realised oil price of US$59.82 per barrel.

Robust reserve base

Bass’s gross 2P reserves at 30 June, 2017 were assessed to be 1.35 million barrels of oil.

Bass intends to build a substantial oil and gas business with a clear focus on executing opportunities in the South East Asia region.

Management’s interests are closely aligned with those of shareholders as they account for more than 20% of the company’s stock.

Given the company's solid reserves position and the fact that it is delivering regular production, the market capitalisation of $10 million is surprisingly modest.

Field optimisation to increase production at Bunian

Bass has installed a new flowline connecting Bunian-3 to its production facility, removing a bottleneck which constrained production.

The new line is now subject to hydro-testing prior to its commissioning later this month.

Following the testing, management expects oil production from Bunian-3 to increase by more than 75 barrels per day.

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Fri, 09 Mar 2018 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192891/bass-oil-achieves-more-than-20-month-on-month-lift-in-oil-production-192891.html
<![CDATA[News - Bass Oil receives record price of US$64.20 per barrel with production likely to increase ]]> https://www.proactiveinvestors.com.au/companies/news/191476/bass-oil-receives-record-price-of-us6420-per-barrel-with-production-likely-to-increase-191476.html Bass Oil Ltd (ASX:BAS) and its joint venture partner sold a total of 17,260 barrels of oil or 9,493 barrels of oil net to Bass in January.

The oil from its Indonesian assets was shipped at record high prices with Bass realising an average monthly price of US$64.20 per barrel, up 8.5% on the previous month.

Bass uses inventories to take advantage of strong oil price

Field production during January decreased to 7,290 barrels net to Bass due to a constraint identified last month.

Bass managed the situation well as it offset the lower January production volumes with an extra shipment from inventory.

This enabled it to take advantage of the strong continued price support for oil, resulting in improved cash flow.

Removal of bottleneck increases production by 75 barrels per day

Bass has commenced a maintenance initiative involving the replacement of the existing flowline, connecting Bunian-3 to its production facility.

This will remove the bottleneck currently constraining production from the well, and following completion is expected to increase production by in excess of 75 barrels of oil per day.

Bass continues to plan for a two-well drilling program, while also evaluating a number of acquisition targets in 2018.

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Mon, 12 Feb 2018 11:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191476/bass-oil-receives-record-price-of-us6420-per-barrel-with-production-likely-to-increase-191476.html
<![CDATA[News - Bass Strait Oil Company Ltd to reveal raising ]]> https://www.proactiveinvestors.com.au/companies/news/169106/bass-strait-oil-company-ltd-to-reveal-raising-169106.html The halt will remain in place until the opening of trade on Monday 21st November 2016, or earlier if an announcement is made to the market.

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Thu, 17 Nov 2016 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169106/bass-strait-oil-company-ltd-to-reveal-raising-169106.html
<![CDATA[News - Bass Strait Oil Company tops ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/168182/bass-strait-oil-company-tops-asx-gainers-intra-day-168182.html  

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Fri, 28 Oct 2016 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168182/bass-strait-oil-company-tops-asx-gainers-intra-day-168182.html
<![CDATA[News - Bass Strait Oil Company Ltd is Tuesday's ASX % Gainer intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/150130/bass-strait-oil-company-ltd-is-tuesdays-asx-gainer-intra-day-68782.html Bass Strait Oil Company Ltd is Tuesday's ASX % Gainer intra-day.

Company NameCodeLastChangeVolume Bass Strait Oil Company Ltd BAS $0.002 100% 2,560,555 AnaeCo Ltd ANQ $0.002 100% 931,529 Chapmans Ltd CHP $0.003 50% 5,283,619 Drake Resources Ltd DRK $0.003 50% 5,006,958 Ferrum Crescent Ltd FCR $0.007 40% 75,000 Sprintex Ltd SIX $0.200 33.3% 5,000 Strategic Elements Ltd SOR $0.185 27.6% 9,603,391 Samson Oil & Gas Ltd SSN $0.005 25% 2,202,964 GB Energy Ltd GBX $0.005 25% 2,034,001 Pancontinental Oil & Gas NL PCL $0.005 25% 950,000

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 24 May 2016 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150130/bass-strait-oil-company-ltd-is-tuesdays-asx-gainer-intra-day-68782.html
<![CDATA[News - Bass Strait Oil Company Ltd among ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/150129/bass-strait-oil-company-ltd-among-asx-gainers-intra-day-67678.html Wednesday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Bass Strait Oil Company Ltd BAS $0.004 33.33% 347,000 Malachite Resources Ltd MAR $0.004 33.33% 250,000 BBX Minerals Ltd BBX $0.029 31.82% 7,051,621 Bluglass Ltd BLG $0.096 21.52% 2,455,029 Golden Rim Resources Ltd GMR $0.006 20% 938,334 Empire Oil & Gas NL EGO $0.490 19.51% 102,970 Australasian Wealth Investments Ltd AWI $0.250 19.05% 74,501 Hillgrove Resources Ltd HGO $0.125 19.05% 192,000 Mod Resources Ltd MOD $0.019 18.75% 15,910,285 Clover Corporation Ltd CLV $0.425 18.06% 187,173

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 23 Mar 2016 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150129/bass-strait-oil-company-ltd-among-asx-gainers-intra-day-67678.html
<![CDATA[News - Bass Strait Oil Company identifies new oil and gas targets ]]> https://www.proactiveinvestors.com.au/companies/news/150128/bass-strait-oil-company-identifies-new-oil-and-gas-targets-61851.html Bass Strait Oil Company (ASX:BAS) has identified new oil and gas targets that are similar to and on trend with the Longtom, Basker/Manta/Gummy and Kipper fields in the Gippsland Basin offshore Victoria.

The company has also identified a number of follow up oil targets on trend with its wholly owned Leatherjacket oil discovery contained in Vic/P68 permit.

Leatherjacket was drilled by Esso in 1986 and discovered an oil column of over 25 metres in the highly productive upper LaTrobe group.   

BSOC has sought and has received approval from the National Offshore Titles Authority (NOPTA) for a 6 month suspension of the work program for both its Gippsland basin permits, Vic/P41 and Vic/P68.

This will give it further time to integrate and map the reprocessed 3D seismic data and Quantitative Interpretation (QI) data analysis from the NOMB seismic survey.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 20 Apr 2015 12:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150128/bass-strait-oil-company-identifies-new-oil-and-gas-targets-61851.html
<![CDATA[News - Bass Strait Oil Company raises funds for oil and gas activity ]]> https://www.proactiveinvestors.com.au/companies/news/150127/bass-strait-oil-company-raises-funds-for-oil-and-gas-activity-61542.html Bass Strait Oil Company (ASX:BAS) shareholders have subscribed for 127,834,087 shares worth a total of $639,170 under its recent 1 for 3 non-renounceable entitlement issue priced at $0.005 each.

The remaining 73,261,836 shares will be allocated to underwriter Merchant Corporate Finance Pty Ltd.

Funds from the $1 million capital raising will be used for:

- Funding the interpretation of the newly reprocessed 3D seismic data obtained in respect of its existing Gippsland Basin exploration interests and the undertaking of geological and geophysical studies in connection with those interests;
- Identifying opportunities to acquire additional interests in prospective oil and gas projects; and
- Meeting its general working capital requirements.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 31 Mar 2015 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150127/bass-strait-oil-company-raises-funds-for-oil-and-gas-activity-61542.html
<![CDATA[News - Bass Strait Oil Company raising funds to interpret 3D seismic ]]> https://www.proactiveinvestors.com.au/companies/news/150126/bass-strait-oil-company-raising-funds-to-interpret-3d-seismic-61025.html Bass Strait Oil Company (ASX:BAS) is raising $1 million through a fully underwritten rights issue to fund interpretation of new 3D seismic data and identify opportunities to acquire additional interests in oil and gas projects.

The funds will be raised through a one for three non-renounceable pro-rata rights issue priced at $0.005 per share.

About 201 million shares will be issued with directors committing to participate for their entitlements.

The offer is fully underwritten by Merchant Corporate Finance Pty Ltd while major shareholder Cooper Energy (ASX:COE) will also participate for its entitlement in the Rights Issue and sub-underwrite any shortfall up to a maximum of 20 million new shares.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 03 Mar 2015 13:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150126/bass-strait-oil-company-raising-funds-to-interpret-3d-seismic-61025.html
<![CDATA[News - Bass Strait Oil Company to reveal equity raising ]]> https://www.proactiveinvestors.com.au/companies/news/150125/bass-strait-oil-company-to-reveal-equity-raising-60963.html Bass Strait Oil Company (ASX:BAS) has been granted a trading halt by the ASX pending details of an equity raising.

The company holds acreage positions in the Gippsland and Otway Basins.

Bass Strait Oil's permits located close to existing producing fields, infrastructure and gas markets.

The halt will remain in place until the opening of trade on Tuesday 3rd March 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 27 Feb 2015 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150125/bass-strait-oil-company-to-reveal-equity-raising-60963.html
<![CDATA[News - Bass Strait Oil Company sells Victoria petroleum permits to Lakes Oil ]]> https://www.proactiveinvestors.com.au/companies/news/150124/bass-strait-oil-company-sells-victoria-petroleum-permits-to-lakes-oil-57852.html Bass Strait Oil Company (ASX:BAS) has completed the sale of petroleum exploration permits PEP 167 and PEP 175 in the onshore Otway Basin, Victoria, to Lakes Oil (ASX:LKO) for $300,000.

This will allow the company to review the forward strategy for its Gippsland Basin portfolio, which may include divestment or farm-in.

It also remains committed to exploration in the western portion of the onshore Otway Basin through its 15% interest in PEP 150.

PEP 150 is considered to be prospective for both oil and gas with potential for conventional oil and gas in a range of Tertiary through Cretaceous plays and for unconventional hydrocarbons in the Casterton/sawpit section.

Bass Strait has also re-engaged Steven Noske as its permanent chief executive officer.

Noske will ensure that:

-    The core assets are agreed;
-    The forward business strategy is recognised;
-    Focus is placed on the immediate imperatives; and
-    Plans are in place to return the Company to growth.

The company had recently received and is analysing reprocessed 3D seismic covering its VIC/P41 and VIC/P68 permits as well as the adjacent ExxonMobil (NYSE:XOM)/BHP Billiton (ASX:BHP) Kipper Field.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 29 Sep 2014 16:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150124/bass-strait-oil-company-sells-victoria-petroleum-permits-to-lakes-oil-57852.html
<![CDATA[News - Bass Strait Oil Company farms out stakes in offshore Victoria oil and gas permits to Cooper Energy ]]> https://www.proactiveinvestors.com.au/companies/news/150123/bass-strait-oil-company-farms-out-stakes-in-offshore-victoria-oil-and-gas-permits-to-cooper-energy-46177.html Bass Strait Oil Company (ASX: BAS) has executed a farm-in agreement with Cooper Energy (ASX: COE) that will see the latter fund Bass’ share of technical work at two oil and gas permits in the Gippsland Basin offshore Victoria.

Cooper will earn a 25.8% interest in VIC/P41 by funding BSOC’s share of the work on reprocessing and merge multiple 3D seismic datasets and conduct selected analyses.

It will also secure the option to acquire a 50% interest in Vic/P68 at no further cost prior to 18 April 2004 by undertake, at its sole cost, reprocessing and merging of multiple 3D seismic datasets and conduct selected QI/AVO analyses.

Both permits contain a number of sizeable gas prospects and are located within close proximity to existing infrastructure and a range of development and market opportunities.

VIC/P41 contains the prospects analogous to the Kipper oil and gas field, a trend extension analogous to the Basker/Manta Gummy oil and gas fields as well as the Kipling, Benchley and Oscar prospects that were defined on modern 3D seismic.

VIC/P68 contains two primary play trends, the Rosedale Fault Trend and the Lake Wellington Fault Trend.

The Leatherjacket-1 well in the permit intersected two oil columns within the upper Latrobe Group reservoirs.

BSOC will retain a 38.765% stake in VIC/P41 following the Cooper farm-in. It currently owns a 100% interest in VIC/P68.

 

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Wed, 31 Jul 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150123/bass-strait-oil-company-farms-out-stakes-in-offshore-victoria-oil-and-gas-permits-to-cooper-energy-46177.html
<![CDATA[News - Bass Strait Oil in deal with Cooper Energy to tap offshore gas potential in Gippsland Basin ]]> https://www.proactiveinvestors.com.au/companies/news/150122/bass-strait-oil-in-deal-with-cooper-energy-to-tap-offshore-gas-potential-in-gippsland-basin-45240.html Bass Strait Oil (ASX:BAS) has inked a non-binding agreement with Cooper Energy (ASX:COE) to farm out its interest in two of its permits in the Gippsland Basin.

The agreement allows Bass Strait Oil to tap into the technical and commercialisation expertise of Cooper Energy, which is already a major player in the Gippsland Basin.

The Gippsland Basin is a prolific oil and gas basin with a 2010 U.S. Geological Survey P50 estimate of "yet to find" resources pegged at 600 million barrels of liquids and 5 Tcf of gas.

As part of the agreement Cooper will be assigned a 25.8% interest in Vic/P41 and have the option to acquire 50% interest in Vic/P68.

These permits contain a number of sizeable gas projects and in the northern margin of the Gippsland Basin, and close to existing infrastructure.

In exchange for the farm out interest, Cooper will reprocess the data on the two permits and also contribute funding for the work undertaken by Bass.

The transaction is subject to a number of conditions including Bass Strait Oil receiving government approval for the variation in the proposed work program at Vic/P41 and entering into a similar agreement for Vic/P68.

A decision regarding work variation is likely to be received by mid July 2013.


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Fri, 05 Jul 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150122/bass-strait-oil-in-deal-with-cooper-energy-to-tap-offshore-gas-potential-in-gippsland-basin-45240.html
<![CDATA[News - Bass Strait Oil Company, Oil Basins receive final nod to up stake in offshore Victoria permit ]]> https://www.proactiveinvestors.com.au/companies/news/150121/bass-strait-oil-company-oil-basins-receive-final-nod-to-up-stake-in-offshore-victoria-permit-43530.html Bass Strait Oil Company (ASX: BAS) and Oil Basins (ASX: OBL) have received final regulatory approval to increase their participating interest in exploration permit VIC/P41, offshore Gippsland Basin.

Operator Bass Strait now holds a 64.565% interest in the permit while Oil Basins holds 17.935%. Strategic Energy Resources’ interest remains the same at 17.5%.

Bass Strait said the increased interest complements the large acreage position it has in the basin that is focused on the Rosedale Fault Trend.

If exploration is successful in the permits, they are all strategically positioned to benefit from the changing conditions in the Eastern Australia gas market.

In March, former joint venture partner Moby Oil and Gas (ASX: MOG) revealed it had negotiated final terms on which to dispose of its 25% interest in the joint venture and the permit to Oil Basins (ASX: OBL) for a nominal sum.

Bass chose to exercise its pre-emptive rights in relation to Moby’s interests for a nominal sum, and will continue to operate the joint venture and permit.

VIC/P41 is located close to producing oil and gas fields and contains a number of prospects, the largest of which could host 800 billion cubic feet of gas and 40 million barrels of oil.

Bass Strait has been progressing activities to farm-out/divest the portfolio. Discussions are ongoing with interested parties.

 

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Tue, 21 May 2013 14:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150121/bass-strait-oil-company-oil-basins-receive-final-nod-to-up-stake-in-offshore-victoria-permit-43530.html
<![CDATA[News - Bass Strait Oil Company completes review of offshore Victoria gas field ]]> https://www.proactiveinvestors.com.au/companies/news/150120/bass-strait-oil-company-completes-review-of-offshore-victoria-gas-field-42964.html Bass Strait Oil Company (ASX: BAS) has completed a review of potential gas resources at its Judith gas discovery in VIC/P47 offshore Victoria using new seismic inversion data.

International consultants Gaffney Cline & Associates, which carried out the review, estimated the field could hold Best Estimate Gross Unrisked Contingent Resources of 101 billion standard cubic feet of gas.

Notably, the use of seismic inversion processing has enabled GCA to decrease the uncertainty in its estimates by utilizing Pre-Stack AVO inversion attributes to define possible connected resource volumes for the Judith reservoirs.

However, the data also highlights structural and stratigraphic complexities that may limit reservoir connectivity.

GCA’s estimates now have a high side of 276Bcf, down from the previous 934Bcf.

Judith was discovered by Shell in 1989 but was not production tested or appraised.

GCA had in 2008 reported that a gross gas column of 290 metres can be interpreted from Judith-1 electric log data and while its petrophysical analysis indicated 135.5 metres of net gas pay in the Judith-1 well.

Bass Strait has a 40% operating stake in VIC/P47 while Moby Oil and Gas (ASX: MOG) holds 35%. The remaining 25% is held by Strategic Energy Resources (ASX: SER).

Bass Strait has $2.65 million in cash as of 31 March 2013.

 

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Wed, 08 May 2013 08:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150120/bass-strait-oil-company-completes-review-of-offshore-victoria-gas-field-42964.html
<![CDATA[News - Bass Strait Oil Company acquires greater stake in Gippsland Basin permit ]]> https://www.proactiveinvestors.com.au/companies/news/150119/bass-strait-oil-company-acquires-greater-stake-in-gippsland-basin-permit--42383.html Bass Strait Oil Company (ASX: BAS) has increased its participating interest in exploration permit VIC/P41, offshore Gippsland Basin to 64.565%.

In March, joint venture partner Moby Oil and Gas (ASX: MOG) revealed it had negotiated final terms on which to dispose of its 25% interest in the joint venture and the permit to Oil Basins (ASX: OBL) for a nominal sum.

Bass also chose to exercise its pre-emptive rights in relation to Moby’s interests for a nominal sum, and will continue to operate the joint venture and permit.

In the Gippsland Basin, Bass currently holds large interests in a portfolio of five permits – VIC/P41, VIC/P42, VIC/P47, VIC/P66 and VIC/P68.

These permits range from near term appraisal/development opportunities (Judith and Moby gas fields in VIC/P47) through to wildcat (VIC/P41, VIC/P42 and VIC/P68) and frontier exploration opportunities (VIC/P66).

VIC/P41 is located close to producing oil and gas fields and contains a number of prospects, the largest of which could host 800 billion cubic feet of gas and 40 million barrels of oil.

Bass has been progressing activities to farm-out/divest the portfolio. Discussions are ongoing with interested parties.


Secures Otway Basin permit

Bass has also been granted exploration permit PEP 175 in the Otway Basin. The grant is for five years and the company has a 100% interest.

The permit lies in the central northern part of the Victorian sector of the onshore Otway Basin.

It covers parts of the Tyrendarra Embayment, the Koroit Trough, the Morenda Trough and the Killara

Trough – all of which contain prospective late Jurassic (Casterton Formation) to early Cretaceous (Pretty Hill and Laira Formations) sedimentation.

The block covers 1,410 square kilometres and contains both conventional and unconventional resource trends, but primarily addresses the Casterton unconventional play.

Bass now has a large acreage holding over the central Victorian sector of the onshore Otway Basin.

These permits are well positioned to benefit from the changing conditions of the Eastern Australia gas market and straddle the main gas pipelines delivering gas to markets in both South Australia and Victoria.

Bass held around A$2.65 million in cash at the end of the March 2013 quarter.


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Tue, 23 Apr 2013 15:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150119/bass-strait-oil-company-acquires-greater-stake-in-gippsland-basin-permit--42383.html
<![CDATA[News - Bass Strait Oil renews Otway Basin permit, conventional gas / oil shale play ]]> https://www.proactiveinvestors.com.au/companies/news/150118/bass-strait-oil-renews-otway-basin-permit-conventional-gas-oil-shale-play-40783.html Bass Strait Oil (ASX: BAS) has renewed permit PEP 167 in the Otway Basin for another five years, with the company holding a 100% interest in the permit.

The outcome is that Bass now has a large acreage holding over the central Victorian sector of the onshore Otway Basin, and the company considers PEP 167 to be a prospective Waare conventional gas play and the Casterton oil shale play.

A plus for the company's portfolio are that the permits are well positioned to benefit from the changing conditions of the Eastern Australia gas market.

The permits straddle the main gas pipelines which deliver gas to markets in both South Australia and Victoria - providing a potentially quick avenue to commercialisation if a discovery is made.

Bass has a portfolio of which consists of both conventional and unconventional prospects and leads.

Importantly the company is has fully funded exploration work commitments through 2013.


Analysis

Based on the last traded price of $0.016, Bass has a market cap. of just over $8 million, and with $3.3 million in cash at the end of December 2012 - this equates to an enterprise value of just $5 million.

Cooper Energy (ASX: COE) (market cap. $175 million) holds a 19.9% stake in Bass.

Bass is also supported technically and commercially via the establishment of a Services Agreement with Cooper Energy.

 

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Thu, 14 Mar 2013 10:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150118/bass-strait-oil-renews-otway-basin-permit-conventional-gas-oil-shale-play-40783.html
<![CDATA[News - Bass Strait Oil Company targets new investments, considers exit from Gippsland Basin ]]> https://www.proactiveinvestors.com.au/companies/news/150117/bass-strait-oil-company-targets-new-investments-considers-exit-from-gippsland-basin-40387.html Bass Strait Oil Company (ASX: BAS) has identified a number of potential oil and gas investments both locally and overseas as well as continuing discussions to farm out or divest its Gippsland Basin assets.

The new opportunities are located in Australia, New Zealand and Indonesia.

Bass Strait plans to pursue farmin and corporate opportunities in these regions with the view to building a balanced portfolio of production, appraisal and exploration opportunities with a weighting more towards shorter cycle, incremental growth.

The company has also completed a review of its operations and corporate strategy that has led to its decision to rationalise its existing portfolio in order to be able to focus on high impact targets.

Bass Strait had $3.3 million in cash as of 31 December 2012.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 05 Mar 2013 12:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150117/bass-strait-oil-company-targets-new-investments-considers-exit-from-gippsland-basin-40387.html
<![CDATA[News - Bass Strait Oil taps into Cooper Energy's expertise to develop permits ]]> https://www.proactiveinvestors.com.au/companies/news/150116/bass-strait-oil-taps-into-cooper-energys-expertise-to-develop-permits-39911.html Bass Strait Oil (ASX:BAS) has entered into a services agreement with its largest shareholder Cooper Energy (ASX:COE) to tap into its technical and commercial expertise.

The services agreement will help Bass Strait Oil to enahnce its understanding and development of existing permits and review new oportunities.

The agreement will run over a one year period from March 2013 through to March 2014.

Cooper Energy is an oil producer with about 500,000 barrels of oil production per year from Cooper Basin in South Australia. It also has 150 barrels of oil per day gross production from its Sukananti field in Indonesia in its kitty.

Cooper also holds prospective explroation licenses in the Cooper, Otway and Gippsland Basins in Australia.

Bass Strait Oil has its permits spread over onshore Otway Basin, where it is the 100% interest holder and operator of two permits and the operator of five permits offshore in the Gippsland Basin.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 22 Feb 2013 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150116/bass-strait-oil-taps-into-cooper-energys-expertise-to-develop-permits-39911.html
<![CDATA[News - Bass Strait Oil Company closes A$1.1M fully underwritten entitlement issue ]]> https://www.proactiveinvestors.com.au/companies/news/150115/bass-strait-oil-company-closes-a11m-fully-underwritten-entitlement-issue-33370.html Bass Strait Oil Company’s (ASX: BAS) shareholders have subscribed for A$812,605.4 in shares under its fully underwritten one for six entitlement issue to fund continued development of its oil and gas assets.

This was raised from the issue of more than 54 million shares priced at A$0.015 each to existing shareholders.

The shortfall of 19.9 million shares under the fully underwritten non-renounceable entitlements issue will be placed by GMP Securities Australia, bringing the total amount raised to A$1.1 million.

The entitlement offer was part of a broader capital raising that included the placement of 56.2 million shares at A$0.015 each for a total of A$843,089 to Cooper Energy (ASX: COE), making the oil and gas producer a strategic shareholder in Bass Strait.

Bass Strait and Cooper also reached an in principle agreement allow Bass Strait to use the technical and commercial resources of Cooper, including geological, geophysical and engineering studies, economic analyses and management of seismic and drilling operations.

This investment could potentially increase to A$1.3 million, giving Cooper a 19.9% stake in Bass Strait.

Proceeds from both the placement and entitlement issue will be applied towards costs associated with the Stanton 3D seismic survey in Vic/P41 and Vic/P66 in the offshore Gippsland Basin that is scheduled to start later this calendar year, subject to vessel availability.

The funds raised will ensure that the company is fully funded for its work commitments through 2013.

 

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Wed, 12 Sep 2012 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150115/bass-strait-oil-company-closes-a11m-fully-underwritten-entitlement-issue-33370.html
<![CDATA[News - Bass Strait Oil Company draws on experts to maximise value of offshore Gippsland Basin permits ]]> https://www.proactiveinvestors.com.au/companies/news/150114/bass-strait-oil-company-draws-on-experts-to-maximise-value-of-offshore-gippsland-basin-permits-32445.html Bass Strait Oil Company has engaged IndigoPool to assist with the farm out or divestment of its five Gippsland Basin permits offshore Victoria due to the interest it has received from a number of potential farm in partners.

IndigoPool will draw on its access to a worldwide pool of oil and gas entities interested in participating in these types of opportunities and review a broad spectrum of value enhancing opportunities for these assets to maximise their value.

The five permits range from near term appraisal development opportunities through to wildcat and frontier exploration opportunities.

VIC/P47 is the most advanced of the five permits and contains the Judith and Moby gas discoveries that are in close proximity to existing or planned infrastructure in adjacent licences.

Judith was drilled by Shell in 1989 and has certified best estimate recoverable prospective gas resources in the greater Judith area of 210 billion cubic feet with an upside of 801Bcf.

Further volumes may be found through appraisal drilling.

Moby is comparatively modest though it may be viable as a satellite development to Judith.

VIC/42 contains the ZaneGrey and Omeo gas condensate discoveries and is located next to Australia’s largest oil field, Kingfish, and other producing fields operated by ExxonMobil and BHP Billiton (ASX: BHP).

Bass Strait Oil has a 40% interest in VIC/P47 and 100% interest in VIC/P42.

Other permits include VIC/P41, VIC/P66 and VIC/P68.

 

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Thu, 16 Aug 2012 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150114/bass-strait-oil-company-draws-on-experts-to-maximise-value-of-offshore-gippsland-basin-permits-32445.html
<![CDATA[News - Bass Strait Oil Company has proposed equity raising to announce, in pre open ]]> https://www.proactiveinvestors.com.au/companies/news/150112/bass-strait-oil-company-has-proposed-equity-raising-to-announce-in-pre-open-32280.html Bass Strait Oil Company (ASX: BAS) has been granted a trading halt today pending the release of proposed capital raising details, with the company's shares placed in pre-open.

Bass Strait Oil has not yet indicated where the potential inflow of fund will be allocated, but the company recently in a positive move consolidated its onshore Otway Basin portfolio with the award of PEP 175, the renewal of PEP 167 and the farm-in to PEP 150.

The company's acreage over the central Victorian sector of the basin now extends to over 2300 net square kilometres.

The halt will last until the earlier of an announcement being made to the market, or the opening or trade on Wednesday 15th August.

 

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Mon, 13 Aug 2012 13:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150112/bass-strait-oil-company-has-proposed-equity-raising-to-announce-in-pre-open-32280.html
<![CDATA[News - Bass Strait Oil Company focusing on onshore Otway Basin shale play ]]> https://www.proactiveinvestors.com.au/companies/news/150111/bass-strait-oil-company-focusing-on-onshore-otway-basin-shale-play-31778.html Bass Strait Oil Company (ASX: BAS) has built up an acreage position in the onshore Otway Basin with close proximity to infrastructure, allowing any discoveries to be quickly commercialised.

The net 2315 square kilometre position over the Victorian section of the Casterton unconventional shale play consists of the newly awarded PEP 175, the renewal of PEP 167 for another five years as well as the acquisition of a 15% interest in PEP 150 from Cooper Energy (ASX: COE).

This allows Bass Strait Oil to establish a balanced portfolio of conventional and unconventional prospects and leads.

The permits straddle the main gas pipelines which deliver domestic gas to the markets of both South Australia and Victoria, allowing any gas discovery to be quickly commercialised.

Oil discoveries will also benefit from the easy terrain with good allweather road access and a
relatively short transport distance via sealed highway to the Geelong refinery.

Bass Strait Oil had in April regained full control of PEP 167 after Interra Resources decided to pull out of the joint venture over the permit.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 27 Jul 2012 14:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150111/bass-strait-oil-company-focusing-on-onshore-otway-basin-shale-play-31778.html
<![CDATA[News - Bass Strait Oil Company back to 100% on Otway Basin permit, focusing on shale oil play ]]> https://www.proactiveinvestors.com.au/companies/news/150110/bass-strait-oil-company-back-to-100-on-otway-basin-permit-focusing-on-shale-oil-play-27234.html Bass Strait Oil Company (ASX: BAS) has resumed full control of PEP 167 in the onshore Otway Basin, which is prospective for the Casterton oil shale play and the Waarre conventional gas play.

This comes after Interra Resources decided to pull out of the joint venture over the permit and assigned its 50% stake to Bass Strait Oil.

Bass Strait Oil has also decided to renew the permit, which expires on 1 July 2012.

The company has previously said the Casterton shale oil play is likely to form the focus of exploration for the second 5 year permit term of the permit while the Warre gas play has yielded major gas fields both onshore and offshore to the east.

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Tue, 03 Apr 2012 14:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150110/bass-strait-oil-company-back-to-100-on-otway-basin-permit-focusing-on-shale-oil-play-27234.html
<![CDATA[News - Bass Strait Oil focusing on more advanced Otway, Gippsland Basin plays, surrenders Bass Basin permits ]]> https://www.proactiveinvestors.com.au/companies/news/150109/bass-strait-oil-focusing-on-more-advanced-otway-gippsland-basin-plays-surrenders-bass-basin-permits-26146.html Bass Strait Oil (ASX: BAS) has chosen to focus on its more advanced exploration and appraisal opportunities in the Otway and Gippsland basins rather than its two Bass Basin exploration permits.

As a result the company has chosen to give up its 100%-owned T/42P and T/43P permits following completion of their initial six-year terms.

In the offshore Gippsland, Bass Strait is focused on commercialising the Judith field in VIC/P42 that has certified contingent resources of between 194 and 934 billion cubic feet of gas.

Reprocessing of the Moby 3D seismic survey is being carried out and the joint venture is actively looking for a farm-in partner to fund operations.

Bass Strait is also planning to focus on the deeper Windermere Member of the Eumeralla Formation in PEP 167 onshore Otway Basin that had hydrocarbon shows in the Windermere-2 well.

The key play in the area will be the Laira Formation of the Crayfish Group and the Casterton Formation as a tight oil or unconventional shale oil play.

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Thu, 08 Mar 2012 09:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/150109/bass-strait-oil-focusing-on-more-advanced-otway-gippsland-basin-plays-surrenders-bass-basin-permits-26146.html
<![CDATA[News - Bass Strait Oil Company in pre-open pending equity raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/150108/bass-strait-oil-company-in-pre-open-pending-equity-raising-announcement-19302.html Bass Strait Oil Company (ASX: BAS) has been granted a trading halt by the ASX pending the release of a proposed material equity raising announcement, with the company's shares placed in pre-open.

The halt will last until the earlier of the announcement or the open of trade on Thursday 8 September 2011.

Bass has not yet indicated where the potential inflow of funds will be allocated, but the company has recently been progressing the Windermere Oil Project.

Last month the company announced as operator for the PEP 167 Joint Venture, advised that formal acceptance of the Windermere-3 Operations Plan has been received from the Victorian government.

The company has also signed a land access agreement with the landholder of the Windermere-3 well-site.

 

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Tue, 06 Sep 2011 13:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/150108/bass-strait-oil-company-in-pre-open-pending-equity-raising-announcement-19302.html