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BAS, BASS STRAIT OIL COMPANY LTD
Brierley
post Posted: Dec 30 2011, 09:32 AM
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In Reply To: garryg's post @ Dec 29 2011, 08:04 PM

QUOTE
Unless the Chinese do something dramatic and free carry BAS, I think it might be a while before we hear a lot more (of substance) from management.


Hi G
Those offshore Gippsland prospects have been drill ready for a few years now and still no takers.

It's possible that a farminee will eventually come along but we know it can easily be 6-12 months from farmin deal to rotary lie detector arriving on site. Plus BAS would have another dilutionary cash topup in the process.

So its the old story, wait for the rig booked, cash topped up, then enter for a besbs play.

All the best for the NY

 
garryg
post Posted: Dec 30 2011, 09:13 AM
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In Reply To: bermuda's post @ Dec 30 2011, 07:46 AM

G'day Bermuda.

Sorry to hear about BAS but I'm imagining that it was only a small investment in the whole landscape of what you do.



At present I'm sticking entirely to the Buy Early Sell Before Spud (BESBS) method but now have to wait for stocks to get to the point of drilling. Until then, it is like drifting in the doldrums... (LKO, CUE, RIA, OEL). Bring on the rotary lie-detector in 2012.

 
bermuda
post Posted: Dec 30 2011, 07:46 AM
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In Reply To: garryg's post @ Dec 29 2011, 08:04 PM

Yes, I agree it could be a while. It was a punt for me that didn't come off. The oil was there but they can't make it commercial.

Such is life. Will do my own research in future and even that ain't looking that crash hot lately having got losses on BUL, BAS, EKA, MAD, STX, COE, OXXCA. Just as well ADE, BOW, NWE and SXY got me into positive territory.

Happy NWE Year everyone.

 
garryg
post Posted: Dec 29 2011, 08:04 PM
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In Reply To: Brierley's post @ Dec 15 2011, 01:46 AM

Hi B,

Time proved the BESBS method was the better option than holding through Windermere. That said, I do feel sympathy for BAS as this did look a decent chance of a small yet commercial success.


Unless the Chinese do something dramatic and free carry BAS, I think it might be a while before we hear a lot more (of substance) from management.
All the best for the New Year.



Cheers,

Garry

 
Brierley
post Posted: Dec 15 2011, 01:46 AM
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In Reply To: garryg's post @ Dec 14 2011, 10:46 PM

Hi G
Good move, stuck to your rules.

Notable lack of interest in this one, I guess BAS's past has caught up with them.

Presence of oil at Windermere is proven, now to see if it will flow at commercial rates.

Not holding

 
garryg
post Posted: Dec 14 2011, 10:46 PM
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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% smile.gif

 


bermuda
post Posted: Dec 2 2011, 08:16 PM
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In Reply To: garryg's post @ Dec 2 2011, 12:02 PM

Garry,

As I said before this thing could really take off. I have done a lot of research on this one and togrther with some learned oil conference talk thought I would take a punt. I don't usually touch these specs but hey this one excites me.

Good luck

 
garryg
post Posted: Dec 2 2011, 12:02 PM
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In Reply To: garryg's post @ Nov 28 2011, 03:25 PM

More good news today from BAS:


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.


Holding BAS at 2.6c ave biggrin.gif


 
garryg
post Posted: Nov 28 2011, 03:25 PM
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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

[color="#0000ff"]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 2.6 ave biggrin.gif

 
garryg
post Posted: Nov 28 2011, 03:12 PM
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In Reply To: bermuda's post @ Nov 21 2011, 07:58 PM

Agree 100%, Bermuda.

This really is an appraisal well (although a small target in global terms) so the risk is lessened. If they hit oil, up we go as cash flow should be relatively easy to start here.

As you say, the drill bit is the ultimate lie-detector!

 
 


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