Bass Oil managing director Tino Guglielmo has described the last quester as successful, following it finalising the acquisition of the Cooper Basin assets from Cooper Energy.
Outlined in the September quarter, the company completed a $2.5 million placement and rights issue to fund the Cooper Basin acquisition and Bass’ growth strategy.
Guglielmo said that Bass had materially progressed the acquisition of a suite of high-quality Cooper Basin assets during the quarter.
“This transaction represents a key step of the company’s growth strategy as it aims to become a key oil producer in the Cooper Basin. With capital secured and additional free cash flow due to increased global oil prices, we are excited to explore the potential of our portfolio in the coming months,” he said.
Following an extensive review of acquisition opportunities both in Indonesia and Australia, Bass confirmed that it had entered into a conditional sale and purchase agreement with Cooper Energy to acquire three non-operated Cooper Basin assets on 12 July 2021.
The transaction represents a unique opportunity for the company to acquire a quality portfolio of assets in the Cooper Basin which will provide a platform to secure additional interests in this prolific hydrocarbon province.
The company’s growth didn’t stop there, with the production for the September quarter also averaging 371 barrels of oil per day, and net entitlement oil totalling 9,352 barrels of oil for the quarter.
In addition, during the quarter Bass continued to progress procurement activities related to the upcoming drilling program scheduled to commence in early 2022, consisting of one firm development well, Tangai 5, in the highly productive Tangai field, Indonesia.
Bass Oil Limited is an ASX-listed exploration and production company featuring low-cost onshore oil production in Indonesia and the Cooper Basin.
Bass has realigned its corporate strategy following the landmark acquisition of an interest in the Beach Energy-operated, Cooper Basin based Worrior field, along with several additional assets that exhibit exciting exploration potential.
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