BAS - Bass Strait Oil Company

[jabberjaws]

anyone think it's worth getting in on this one? :swear:

[tarnor]

i hold this stock but its pure gambling. if zanegrey is good sp could be easily 1.50$+ possibly 2.50$ range if bad sp 25 - 35c is my uneducated guess.....

currently trading at a little over 50c..

results postponed with little effect on the sp which might suggest that the next move will be on results.

the story is a good one though... field drilled before on 2d siesmic found a small uncommercial column of oil. 3d siesmic indicated that original drill could have been on the margins of a bigger field with potential of 100mb +

halfway through the drill geology was consistent with the seismic data..

I believe the risk reward on this one is worth the punt, very good odds for a wildcat.. very high risk of course please do your own research.....

[RichKid]

TechA posted this on the breakouts thread today, the chart looks great but obviously very volatile. If it settles lower it'll be close to support so a good entry imo, still the results are not known so it is still speculative. Really crashed through resistance today!! BAS has really run well since listing in October 2004.

Tarnor, have you done the maths on those valuations or did you hear about it off brokers? Just out of interest, I suppose it depends on how much oil they find.

[tmallie]

Bit of bad news on todays announcement of showing no commercial hydrocarbons.

Where to from here?

T

[markrmau]

Exploring 3 areas,

1 turned out to be a dud though.

Big speculative gains over last few months over this last drill location.

Now back to pre speculation levels (but now has 1 less potential area)

Perhaps it will fall a bit further?

Of course my guess is as good as yours.

[tarnor]

Richkid those valuations were short term targets from brokers, which mean jack all now.

I got stung pretty hard with this one in at 50c out at 34 was tempted to sell half my holding late friday afternoon but didnt got greedy unfortunately :(

i thought it was worth a punt but from now on i'll stick to the buy early sell before spud routine.

BAS now at 25c, could be a day trade in it (i brougth back in at 30c but sold out at 31c) when the depth started to look bad.

if your thinking about trading this one you would want to consider thier cash reserves which would be pretty much empty. If they want to drill some more holes thiers probably going to be a heavily discounted cap raising pretty soon imho

BAS acreage seems good to me migth be some money to be made in the lead up to thier next exploration drill , thier was certaintly alot of interest in zg..

no idea how far this one will fall but i think thier are alot of people expecting a bounce. could very well go under 20c tommorow, i'm not game..

[TjamesX]

Chartists may like to look at this one... I got in at 6.2c and director has been accumulating. Its a real speccie but there seems to be a reversal occuring leading up to some drilling next year.

BAS are carried through the seismic and drilling in a fairly prospective area by Apache

Long term speccie and its one of only two I hold at the moment

TJ

[TjamesX]

Well I got out yesterday at 11c...

It has been racing along lately - and they recieved a speeding ticket as a result. It has pulled back today.... but I think it is one to watch definitly for 07. Director is still buying

i may be back in if it gets back to 8c

TJ

[BESBS Player]

Hi all,

Had some spare cash around through recent sales and parked a bit in BAS. Looks like a dog at present but has the following longer term (2010) attractions:

* has good acreage
* Albers pulled a rabbit out of the hat with MOG. Maybe BAS along the line?
* BAS Close to historic low SP.
* Recent SPP was 3c so puts a platform under it.
* Every BAS drilling that I have been invlolved with, even the smallest, have managed a SP around 10c-25c. At around 3c, I can't see too much long term pain here if one is patient. Reminds me somewhat of LKO - time to slowly load up.

[dan-o]

Gday BESBS,

I'm interested in the strategy youre following with these penny stocks, what happened with Moby to get the SP from 2c to 57c?
When you said every BAS youve been involved with, do you mean as an investor or do you work in oil & gas?

cheers

[BESBS Player]

G'day Dan.

I do try and be as honest as possible hence I always post at the time I buy (note first post is usually at the same SP as I bought in) so I shall split the answer into 3:

Why buy BAS:

a. It only has a $9m market capital. This is not huge for a penny dreadful and it now has close to $4m cash.
b. New seismic deal with ITR is worth $2m and helps to keep things moving in a tenement that already has some production from it (not BAS).

c. They have also just recently agreed an extenstion to the P47 offshore block, right next to Kipper and Longtom gas fields - which are currently being brought into production by Esso et al and NXS. This is really a 'nearology' factor - punters prefer some guide to past performance when punting on success.

d. From my earlier post:
* has good acreage
* Albers pulled a rabbit out of the hat with MOG. Maybe BAS along the line?
* BAS Close to historic low SP.
* Recent SPP was 3c so puts a platform under it.

My experience with BAS (and general philospohy):

Buy Early Sell Before Spud (or during drilling) is not fool proof. That said, as you shall see from my posts on ASF, it has been quite successful this year (accumulative profits/loss is currently just under 400% for this FY)
Simply, you buy small speccies that have dipped to within 10-15% of annual low SP or have their SP underpinned by a recent SPP. You buy then and wait. As drilling is confirmed and approached, the more active traders come in and will pay a higher premium to get the potential high reward of drilling success but not have their money locked in for weeks/months. If you are patient, then you make money. (See my posts on LKO, MMR and GMR as examples of this)
While I like to keep money more fluid, I shall usually put 25% of funds away in longer term speccies that are near rock bottom. BAS fits this model for me.
In the case of BAS, past pre-spud/early spud share-prices have been between 10c and low 20c. While 25c+ is always a pleasant dream, a more realistic expectation (based on past BAS performances) would be 10-12c for smaller onshore drillings and 20c+ for large offshore Gippsland basin targets.
At this stage, no drilling is scheduled and we have little idea what drilling might be first. Nevertheless, if you are happy to leave cash here for a 12-18 month time slot (hopefully it is quicker but who knows???), then a good profit can likely be made.

3. In the case of MOG, a new drilling confirmation came out. Suddenly MOG had drilling action on the horizon and the SP rocketed. Given Albers has BAS, there is a chance that BAS would be mentioned in similar conversations around the traps. Just speculation but look what happened to MOG...few saw that coming (as the SP said!)


Hope that this is useful, Dan.
Please take all my comments as a mug punters thoughts after a glass of Red (Grant Burge 2000 Filsell is drinking well). I am no expert I can assure you!

[YOUNG_TRADER]

With BAS getting certified Gas reserves of 300Bcf -1.7Tcf at Judith and it being surrounded by NXS's now producing Longtom field and 5-10kms from Santos Patricia Ballen field (Longtom ties into this) and immediately north of BHP/Esso/Santos's Kipper Field

I am surprised the company has not been re-rated, with development and production options all around it surely at some point one of those majors will want to buy the Gas at Judith?

[BESBS Player]

Hi YT.

Managed to top up again early this morning at 3.4c...glad I got in quickly.
Looks like BAS is slowly coming on the radar...:)

Hold BAS at 3.3c ave

[bigt]

Thanks BESBS, I jumped on this following your post last week, happy with the big day today. Closed on a high with big,big volume. Should be a good day tomorrow. Still a bargain.

[YOUNG_TRADER]

There was some uncertainty surrounding whether Judith had certified resources or was just in fact a resource estimate

as far as I can see based on PREVIOUS EXPLORATION work and SEISMIC and other stuff Gaffney and Cline have certified Judiths Gas Resource subject to successful appraisal (drilling)

[BESBS Player]

Well done, YT.
Some good quality posts that are informative to those interested.

I'll be in for the long haul with BAS :) I can see good trading now but at this price, I'll sit and wait until we get a big announcement.

[BESBS Player]

Looks like BAS are slowly creeping up again. Yesterday's volume was higher than usual.

Can't see any major news immediately. Happy to keep accumulating at the lower 3c range (as I have done over the last 7 days).


Holding BAS at 3.4c ave :)

[BESBS Player]

Why buy BAS:

a. It only has a $9m market capital. This is not huge for a penny dreadful and it now has close to $4m cash.
b. New seismic deal with ITR is worth $2m and helps to keep things moving in a tenement that already has some production from it (not BAS).

c. They have also just recently agreed an extenstion to the P47 offshore block, right next to Kipper and Longtom gas fields - which are currently being brought into production by Esso et al and NXS. This is really a 'nearology' factor - punters prefer some guide to past performance when punting on success.

d. From my earlier post:
* has good acreage
* Albers pulled a rabbit out of the hat with MOG. Maybe BAS along the line?
* BAS Close to historic low SP.
* Recent SPP was 3c so puts a platform under it.

Looks like the punters are starting to see the potential here. SP reached 5c+ before retracing slightly today :D


Now holding at 3.9c average for the long haul

[BESBS Player]

G'day all,

I have been slowly accumulating BAS and am encouraged by the recent Qtrly:

A significant recent event was the
announcement by ExxonMobil and BHP
Billiton of their new offshore Gippsland
Basin oil and gas discovery at the SE
Remora-1 well. This new discovery,
together with ongoing development drilling
at the Kipper field, highlights the potential
of the Gippsland. The proximity and
geological setting of these projects have
positive implications for both Vic/P41 and
Vic/P47 (see below).
BAS and its joint venturers in these
Gippsland permits are seeking drilling
investment from industry and have intensified the marketing effort in Vic/P41 with the appointment of
Oil Basins Limited as agent to assist in identifying potential farminees.

The recent discovery by ESSO/BHP makes the Vic/P41 prospect potentially more tempting to some of the larger companies. The following from the OBL report emphasises the same line:

"The importance of the South East Remora-1 discovery is that it has been made on the downthrown side of the Rosedale Fault – due West to but on a similar geological setting to the Vic/P41 Kipling/Benchley Prospects and the nearby Kipper Gasfield. Verifying and derisking the Rosedale Fault play type prognosed by the Vic/P41 JVPs."

Given Albers contacts, the historically relatively low share price and probable leverege levels (even accounting for an inevitable capital raising along the way when the SP lifts), I think that management would be working hard to get some joint ventures into action. That is the feel I get from the report.

Add to this, Judith Vic/P47 is close to Longtom and suddenly BAS could be seen as 'well worth a punt' by some of the bigger outfits.

As a side issue, just under 60% of shares are held by top 50, only 290,000,000 shares - add an historically low share price and previous runs on drilling news - BAS could easily be a big runner in the next 12 months. This is speculation, of course, but it is based on the above reports and the historical sp runs into previous drillings.

Happily holding BAS (ave. 3.6c)

[BESBS Player]

G'day BASers.

Bargain basement times brought to you by the good folks running so many European economies! Still, no whinges from, can't resist a good sale!


Despite the current market, the big carrot still remains V/P41. With V/P47 providing some positive news, I feel that V/P41 has been de-risked to some extent. Given the potential size of the target and the historic SP patterns when drilling has occurred in the past, one could assume that BAS has a lot of potential IF a deal is done with one of the big-boys.

I'm looking for a large play here (hopefully with a 12 month hold for a 50% CGT discount) on a 7-10 bagger at these Greek/European economy induced prices. While there is risk, remember the gains made when we bought during the first GFC. Pick a few dogs at present near historically low share prices, wait and the results can be staggering. No guarantees but I'm holding and still buying (slowly) as the potential BAS story has not changed merely the current market.

In the mean time, the most likely shorter term play is Windermere. If the market starts to improve a little in a month or two, then this drilling could see a little pre-spud action. This will depend somewhat on the wider market conditions at the time.

I might sound like Pollyanna but lets re-visit this within 12 months and see where we are. ;)

Holding and buying BAS (ave. 2.9c)

[BESBS Player]

Just updating on BAS:

We should see some action at Windermere in H1 next year. From such an historically low SP, this would hopefully get some pre-spud action and lock in a nice profit. If you have held for 12 months, you also get the CGT 50% discount as a bonus. SP action might be a little way off but in such a market, I'm happy to park money here and wait.

The OBL report is upbeat. At one level, I can get excited about Richmond's chances at the 2011 premiership! Hmmm... (I've been waiting over 30 years!) Nevertheless, it is in the self-interest of OBL to try and push a Gippsland JV agreement. Once MOG finish with Artemis, I'm sure that Albers will also be pushing even harder to get BAS moving as well. Nothing like self-interest to encourage people!

Oil prices remain sound so this can provide a strong economic incentive. Who knows? There are a few mid-sized companies that might be tempted to take a stake in a Gippsland prospect as a chance to replenish deminishing reserves - maybe a bigger fish will hook in??? Companies such as BPT seem inteerested in LKO's onshore interests. Maybe BAS's Otway site might interest BPT one day?

While the Bass and Gippsland Basin comments are simply thoughts, the Windermere prospect offers a likely insurance when taking a punt here.

The next 12 months should be very interesting for BAS. I remember the time when MOG languished around 2c before big news came out and we saw what happened to MOG since. At the current SP, and given the turbulence of the general market, I like the odds of some SP gains once Windermere arrives.

Happy to wait...

PS. Accumulating BAS at 2-3-2.5c

[BESBS Player]

Just read the Annual report.

Doesn't look like much change from above comments.
Windermere looks the most likely to move the SP. Drilling won't be until 2010 (probably mid at best) so a good long term hold but nothing in the short term to excite.

Happy to hold at present.

[BESBS Player]

Wondering when we will see the Windermere report estimates? Given this is the only SP trigger I can see in the short-term, a nice report would be good.

I've lightened up on BAS but kept a smaller parcel for upcoming results.

[BESBS Player]

Announcement out.

Drilling at Windermere in Q2 (probably late) 2011.

Given BAS links to Gippsland tenements, I suspect that this will slowly become a BESBS (Buy Early Sell Before Spud) play but with plenty of time to enter.


Still holding some BAS now at 2.7c ave.

[King EU]

Only held a small amount of these and sold yesterday cos I thought the spike would only be temporary. Now I kinda wish I hadn't as it looks like it could really rocket upwards on even a hint of positive news.

[BESBS Player]

Hi King.

I suspect that BAS might drift a little in the short term but as we approach drilling at Windermere- now that management have annouced that something will actually happen - interest will gather in 2011. Gippsland and Bass Basins remain a wildcard.


Holding BAS at 2.7c:)

[BESBS Player]

Hi King.

I suspect that BAS might drift a little in the short term but as we approach drilling at Windermere- now that management have annouced that something will actually happen - interest will gather in 2011. Gippsland and Bass Basins remain a wildcard.


Holding BAS at 2.7c:)

Probably talking to myself but it looks like BAS are now starting to see the initial BESBS (Buy Early Sell Before Spudding) entry activity. Today's announcement on the ASX also confirmed an anticipated drilling in Q2.

While BAS will have to fund 50% of the cost (probably around $1.3m according to the annual report) and therefore see a capital raising before spud, I see this being a good BESBS play. I can't imagine BAS running a Share Purchase Plan at 3c, so my punt is that we will get significantly higher before any such action.

The news of Winderemere was no secret - see my post above - and this is where much of my SUR sale has been placed during the last week. Looks like I just beat the rush :)

Should be interesting to watch how it pans out.

Holding BAS @ 2.9c ave

[BESBS Player]

Drilling timeline confirmed in Dec. quarterly. :)

[BESBS Player]

I'm pleasantly surprised that BAS has held up well given Albers significant sales in recent times.

I am still holding and I guess I feel somewhat 'insured' given my entry price ave. is 2.9c Nevertheless, the main concern here is definitely the intentions of Geoffrey Albers.

We need an update on the resource estimate and then a more definite outline of drill times to keep the momentum going. Even then, the risk is that Albers might sell a huge amount of stock and stop the BESBS momentum. One can only hope that he is simply skimming some BAS off the top of his portfolio to buy elsewhere. I remember he did this at the peak of the Zane-Gray drilling many years ago. Add the almost inevitable capital raising and this play is a little less certain than usual.

At this stage, I'll hold and wait for the resource estimate upgrade.


Holding BAS @ 2.9c ave.

[BESBS Player]

Market liked the resource estimate update for Windermere. SP hit 4.5c today. :)

If Albers has been selling to make sure that his holdings were under 20% of the company before the action started (by my calculations, he had crept close to 21% but should be under 20% now given recent sales), then he might not be selling further.
Interesting times ahead.

Holding BAS at 2.9c ave. :p:

[BESBS Player]

If Albers has been selling to make sure that his holdings were under 20% of the company before the action started (by my calculations, he had crept close to 21% but should be under 20% now given recent sales), then he might not be selling further.
Interesting times ahead.

Holding BAS at 2.9c ave. :p:

Looks like the SP has settled a little after the EOG conference and questions over sales by Geoffrey Albers.
The SP seems to be settling in the low-mid 4c range without huge sales. Given we are only in March, this seems fair enough. Once we have a confirmed drilling date, then we should see a decent leg-up in the SP.

Holding BAS @ 2.9c ave :)

[Miner]

BSEBs

Are you the only player winning in this field as a part of walkover by others :)

Jokes apart good analysis I was reading from you

[BESBS Player]

G'day Miner.

Nice to see BAS hit 5c today before resting back to close at 4.8c.
I feel confident my thoughts on Alber's sales was accurate. I doubt we will see him sell more until neat the peak of the pre-spud run.
I also suspect, given the SP, that management will try and resist a Capital Raising until after Windermere (given it is an appraisal rather than wildcat well). They should have just enough cash to drill, given ITR's contributions...

Cheers,
BESBS

Holding BAS @ 2.9c ave:D

[BESBS Player]

Interesting to see an equities firm in Adelaide becoming a substantial holder in BAS.
Given their recent purchases, I would think it unlikely that they will dump stock in the next little while, given Windermere is approaching. By spud, it will be interesting to see how they operate.



Holding BAS at 2.9c ave

[BESBS Player]

Interesting to see that Windermere is now delayed until Q4. From my reading of the reason (ie. weather), it is a load of rubbish given the area in question.

My suspicion is that we now know part of the reason for the recent termination of Adams' employment - did anyone bother to book a rig???

I have sold 50% of my holding in the mid 3c range (ave) during the last 2 weeks (made 15% profit) and put the money into BKP for a final run into spud news. The other 50% of BAS I'll carry until spud as they are in front at present.

Until Q4...

[anthracite]

glad adams has gone , looks goods on the horizon , a new appointment not far from drilling now this are looking good. i hope study agreement turns into joint venture

[BESBS Player]

Decided to move some of my BKP profits into BAS at this time for the following reasons:

1. Windermere -1 is now looking likely for a Q4 (or at worst early 2012) drill. It is a small target (not a positive) but being a former oil discovery, it takes on more of an appraisal feel, so this helps to compensateas the chances of a successful drill are heightened.
2. Capital Raising has been done. As ASX did not drop more than 10% during the CR, the shaortfall should be filled by the underwriters. Cash should be okay.
3. The SP is within 10% or so of annual low, and it is supported by the recent CR at
2.5cents.
4. In the main, BAS have managed to gather some day-trader support for drillings (although we are currently operating in a difficult market which adds to the risk of limited profits)
5. The Chinese are looking at BAS's other permits (see earlier ASX announcement). It is a wildcard but if they did become interested in Bass or Gippsland Basins, BAS would lift quickly. Remember what happened to MOG when Petrobas suddenly entered into WA 360? The SP went from the low 3c range and headed toward 20c over a few weeks.

So, based on these reasons, and given the low SP entry point, I'll see what happens.


Holding BAS at 2.6c ave.

[BESBS Player]

Decided to move some of my BKP profits into BAS at this time for the following reasons:


2. Capital Raising has been done. As ASX did not drop more than 10% during the CR, the shaortfall should be filled by the underwriters. Cash should be okay.


ASX announcement out today confirming that shortfall has been placed. :)

[BESBS Player]

Quick update on BAS: I see current 3c as a rough price (now CR is done) and moving to 3.5c as we approach mid/end-November. BAS will need to then confirm the drill to get momentum going beyond 4c. If drill is delayed, then 3c will be it for a while. Up 15% since post 2 weeks ago. :)

Holding BAS at 2.6c ave.

[BESBS Player]

Among the gloom of the global economy that has dampened sentiment in the past few weeks (we can't even get some ridiculous shirts to liven things up at APEC these days!), BAS have announced that Windermere is underway.

Key points today included:

* drilling pad being constructed
* drill should spud around early December
* 2 weeks to drill from spud
* Daily reports to the market upon spudding

From a trader perspective, BAS has some appeal:

1. Windermere -1 is actually happening. No delays...it is on!
2. It is a small target (not a positive) but being a former oil discovery, it takes on more of an appraisal feel, so this helps to compensate as the chances of a successful drill are heightened (although, as always, never certain).
3. Capital Raising covered costs.
3. The SP is within 10% or so of annual low, and it is supported by the recent CR at 2.5cents. Despite the general market, this is a relatively stable SP platform to enter for a punt.
4. In the main, BAS have managed to gather some day-trader support for drillings in the past.
5. Daily Reports are helpful to traders. This allows one to follow closely the progress of the drill rather than wait on weekly or even more random reports.

If the Italians can finalise a change of leadership, the Greeks can stay afloat, the French can offer a tight budget to keep their AAA rating and we get some better news from the US shortly (and these are sizeable 'ifs' to be fair)- especially as we head into the festive season - then BAS might yet bring some pre-spud activity.

Holding BAS at 2.6c ave and watching. :)

[BESBS Player]

Finally seeing some volume build up in BAS today.
Given we are still a week away (or so) from spud, it will be interesting to see if BAS can get any traction in the SP.
The target is small but it is really an appraisal, so the chances of success are much higher than a typical wildcat.

Holding BAS at 2.6c ave and watching. :)

[BESBS Player]

Interesting times pre-spud for BAS:

"Appointment of Mr Jayme McCoy and Mr David Lindh OAM as Non-Executive

[/color]Directors of the Company:

Mr Jayme McCoy has over 25 years experience in the oil and gas industry and

previously served as the Managing Director of ASX listed Sundance Energy

Australia Ltd. prior to his resignation earlier this year.

Mr David Lindh OAM has over 30 years experience as both a lawyer and company

director. Mr Lindh is currently the Chairman of ASX listed Island Sky Australia Ltd and

has been the Chairman of Enterprise Energy Ltd, Orca Petroleum Ltd and Centrex

Metals Ltd. Mr Lindh is also currently Chairman of Adelaide Equity Partners Limited, a

director of various other unlisted companies and a consultant with Minter Ellison lawyers

in Adelaide." ASX announcement 25/11


Happy to see Adelaide Equities starting to throw their weight around. Let's
face it - BAS have done precious little for over 2 years. With Adelaide Equities
on the board and keen to see their investment grow, suddenly we should see some
renewed enthusiasm to get deals done. Now lets hope that they start to get things moving with the Chinese. A decent announcement in this areaand the SP could go northward very quickly.

As a possible side benefit, given Adelaide Equities sudden appearance on the board, one would think it is unlikely that they plan to dump large amounts of recent SPP stock. This is good news for the SP as we want to see it grow as spud approaches.


Nice to see SP hit 3.2c today.

Holding BAS at 2.6c ave :)

[BESBS Player]

With Windermere about to start drilling in the next week or so, the announcement of Vic/P41 being renewed is great news in the context of recent talks with the Chinese.

In simple terms:
1. BAS have gone to the trouble to renew this tenement. This shows that they believe it is worth their trouble.
2. Vic/P41 should contain large potential drilling targets. Success in these types of targets are company makers.
3. We know that the Chinese have $$$ and are talking to BAS about their leases. Hmmm...I like the possibilites here.

If the drill bit is kind at Windermere (and given oil shows in 1987, the odds are better than usual wildcats), BAS might be heading for a possible re-rating.

Happily holding BAS at 2.6c ave :)

[BESBS Player]

Following my BESBS (Buy Early Sell Before Spud) policy, I have finished selling out of BAS.

I like the chances of success at Windermere (as it is an appraisal more than a wildcat) and there is always the chance of a Chinese JV deal. Nonetheless, a failure or indecisive result at Windermere, in this market, won't be popular. Time to move on and take a profit. The old saying rules for me on this one - "you never go broke taking a profit."


Good luck to holders as this company does have potential with new management direction.


Bought ave. 2.6c
Sold ave. 3.3c

Profit 25% :)

[BESBS Player]

Sad to see that Windermere turned out to be a dud. BAS needed some success and this would have been a small yet useful commercial income stream.

Unless the Chinese team come up with a great 'free carried' deal for BAS, it looks like a quiet time ahead.

On the positive, again the BESBS method came up profitable. :)

Until the next potential well of significance...