Ann: Annual Report 2010 , page-2

Nothing much new in the AR

If the current mapping/interpretation at Windemere justifies a drilling decision, then I think ~2.5cps is a good entry for the patient punter.

The Chairman states:

The recent share price of around 2.5 cents capitalises the Company at only about $7 million. At this share price level, almost half of the market capitalisation of the Company is represented in cash, which ascribes a value of not much more than $3.5 million to our exploration interests. Accordingly I strongly believe that the market is significantly undervaluing the assets and potential of the company.

Well, it's potentially cheap but the market ain't gonna assign much value to an onshore prospect (Windemere) until a decision to drill is made, nor much value to the offshore permits until farminee funding is forth coming, let alone a rig. Ball is in BAS's court to get something happening.

Wrt Windemere, I note a resource update is due once the mapping/interpretation is complete.

Operating costs were not too bad.
Seems to run around $1mil per annum which is offset by ~$500k income from Bank interest and operator fees.
Long story short, BAS appear to be funded for the next 12 months permit work commitments($993K), a Windemere well($1.3mil), and NET operating costs($500k).

Just a final observation on tax, page 38:

Tax losses
The Group has unrecognised gross income tax losses arising in Australia of $22,943,288 (2009: $22,416,035) that are
available indefinitely for offset against future taxable profits of the companies in which the losses arose other than to offset recognised deferred tax liabilities.

Might come in handy if Windemere is a success.