Bass Oil has received approval from the South Australian Government for its Cooper Basin asset acquisition.
Bass executed a sale and purchase agreement to acquire interest in a portfolio of Cooper Basin tenements from Cooper Energy back in July, including a 30 per cent interest in the Worrior oil and gas field.
Acquiring a suite of assets from Cooper Energy has provided the company instant production and substantial exploration opportunities.
Managing director Tino Guglielmo commented back in August that the acquisition represented an important first step in the company’s strategy to acquire assets in the region and to becoming a leading player.
Last week the secured funding to complete the Cooper Basin acquisition. The completion of the transaction was dependent on satisfying a number of conditions, including funding the consideration payment and obtaining government approval.
Now that regulatory approval has been awarded, the company is pursuing final approvals and expects the transaction to be complete by mid-October.
The acquired tenements surround the Santos operated, Moomba processing facility in South Australia.
They are situated on the western margins of the Cooper Basin and cover a cumulative area of approximately 1,300 km2 .
The Cooper Basin assets are located amongst an array of highly lucrative producing oil and gas fields that are operated by world-class oil and gas companies.
The portfolio includes one producing license (covering the Worrior oil field) and a number of retention licences with significant exploration potential, such as the drill ready Athelstan and Tyrell prospects.
The Athelstan prospect within Ex PEL 100 is on-trend with, and West of the Santos operated Keleary Oil Field, while the Tyrell opportunity within Ex PEL 93 is adjacent to the Worrior oil field. The portfolio provides Bass with an initial foothold into the highly prospective Cooper Basin oil province while expanding its production profile.
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