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BAS - Bass Oil

Discussion in 'Stocks 0-H' started by jabberjaws, Feb 19, 2005.

  1. jabberjaws

    jabberjaws

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    BAS

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

    tarnor

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    Re: BAS

    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.....
     
  3. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: BAS

    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.
     

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  4. tmallie

    tmallie

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    Re: BAS

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

    Where to from here?

    T
     
  5. markrmau

    markrmau

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    Re: BAS

    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.
     
  6. tarnor

    tarnor

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    Re: BAS

    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..
     
  7. TjamesX

    TjamesX

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    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
     
  8. TjamesX

    TjamesX

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    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
     
  9. BESBS Player

    BESBS Player

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    BAS: Bass Strait Oil & Gas

    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.
     
  10. dan-o

    dan-o

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    Re: BAS: Bass Strait Oil & Gas

    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
     
  11. BESBS Player

    BESBS Player

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    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!
     
  12. YOUNG_TRADER

    YOUNG_TRADER

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    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?
     

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  13. BESBS Player

    BESBS Player

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    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
     
  14. bigt

    bigt

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    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.
     
  15. YOUNG_TRADER

    YOUNG_TRADER

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    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)
     

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  16. BESBS Player

    BESBS Player

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    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.
     
  17. BESBS Player

    BESBS Player

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    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 :)
     
  18. BESBS Player

    BESBS Player

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    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
     
  19. BESBS Player

    BESBS Player

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    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)
     
  20. BESBS Player

    BESBS Player

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    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)
     
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