Ann: December Quarterly Activities Report & Appendix 5B, page-17

Hi J,
I did post a long reply a couple of days ago but it disappeared, probably didn’t press send after rereading and correcting mistakes. I went through a stage of double sending because I was losing so many posts. First disappearance for months.

I think the problem with BAS is there are/has been a lot of negative commentary, so there are a lot of disaffected holders out there, as I’m a newbie it is before my time.
I was attracted because of the stupidly low SP and they were producing 700 bopd and about to drill another well.
I piled in when Bunian 5 was a major success.

Since then nothing, nada no buying interest. Shares go up when people want to buy them.

Often it helps if people post detailed and accurate postings. Having a boring, negative site doesn’t help.

I’m a bit disappointed we having doubled production yet. Seems to be plenty of oil available so that is a mystery. It shouldn’t be a mystery Tino should simply say what’s happening good and bad.

I was led to believe 1,400 bopd was the capacity of the facilities. 1,000 bopd is way short of 1,400 bopd. What’s happening. Tino should explain.

I read the Quarterly and I know a well is offline and needs a pump replaced, but we are talking 125 bopd ( off the top of my head), hey I’m good with numbers this information just adds to my doubts.

Is in fact the real story is that the facilities actually can’t handle 1,400 bopd, I don’t know and Tino should explain that.

I’m unclear as to how the oil is ‘exported’ truck, pipe etc. I’m told the costs is about $20 but I haven’t seen a break down of the costs. Tino should explain this stuff.

If the company wants people to put their hard earned money into the company they need to openly explain all things that are happening. Knowledge dispels doubts.

You can see I have a lot of doubts, does everyone else know all this stuff.

Holy Sheet, and then we get to the finances, complete voodoo economics here, don’t pretend to fathom 10% of it. And yet I can correct some of the posters posting wrong info.

Someone kindly posted a 144 page booklet explaining how all the abbreviated systems operate DMO etc. I downloaded it but really, if you know what all that means why not a summary and brief explanation of the relevant parts.

BAS has low MC for the amount of oil it produces but the management needs to make what is happening and how, more understandable or this is going to remain with a very low MC.

On a more positive note if the next few months show increasing oil production over time, things will look better in 6 months or so.

They should delete the same sentences they stick in every announcement that they are seeking new fantastic opportunities and they have a great reputation etc etc add some news or shut up.

At the moment they should focus on expanding Bunian production, put more drills into the field and make a lot of money.

The drill is another one of those mysteries. They paid for Bunian 5 and have been mostly reimbursed but I can find no sign of any money going in or out. Quite disturbing. Tino explain all this.

Sadly your meetings are in Melbourne and I’m in Perth so cant get to meetings and ask 20 questions and then all the follow up questions that are generated.

Where to from here!!!!!

Saltbus