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Bass Oil enters purchase agreement with Cooper Energy

Bass

Bass Oil has released its fourth quarter report for the period ending 31 December 2021, detailing its progression to the completion of its Cooper Basin portfolio acquisition from Cooper Energy.

Following an extensive review of acquisition opportunities both in Indonesia and Australia, Bass announced 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 portfolio includes a 30 per cent interest in the producing Worrior oil field and other acreage which exhibit material exploration potential.

Bass Oil managing director Tino Guglielmo said the company has materially progressed the acquisition of a suite of high-quality Cooper Basin assets during the quarter.

“This transaction represents a first step of the company’s growth strategy as it aims to achieve an ambitious production target of 1,000 bopd in the coming 24 months from its assets in Indonesia and Australia,” he said.

“We are excited to be expanding our portfolio of production and growth assets in an environment of increased oil prices.”

The company said the transaction represents a unique opportunity for Bass 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 assets are to be operated by Beach Energy.

According to the report, Bass Oil produced on average 357 barrels of oil per day (bopd) and 403 bopd for the full year of 2021.

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