Bass Oil has secured funding to complete the Cooper Basin acquisition, which will see the company acquire four tenements in the Basin from Cooper Energy.
The transaction was conditional on a capital raising to fund the consideration which was successfully completed on August 26, 2021.
The company expects formal transaction completion mid-October following achievement of the final conditions outstanding.
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 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.
In July, Bass Oil reported that the acquisition forms a key part of the refreshed Bass strategy to acquire oil and gas assets, providing steady production growth and exploration potential to create step changes in value for shareholders.
Managing director Tino Guglielmo said although this acquisition is the company’s first step into the Cooper Basin, it marks a return to the Basin for the company’s management team.
“We have an intimate knowledge of the region and are confident that the portfolio provides an attractive mix of production and targeted exploration upside. We look forward to providing further updates as the Transaction progresses to completion,” he said.
PPL 207 covering 6.4 km2 , contains the producing Worrior oil field. Worrior has produced 4.1 million barrels of oil since production commenced in December 2003.
The field is operated by Beach and is located 50km South West of Moomba in South Australia.
Significant drilling has occurred to date, with three exploration wells, one appraisal well, and nine development wells targeting the Murta, McKinlay/Namur, Birkhead, Hutton and Patchawarra reservoirs.
The acquisition will increase Bass’ 2P reserves base by 54,000 barrels or 10 per cent after accounting for the Worrior reserves.
The acquired portfolio contains a non-operating interest in a number of prospective exploration assets (separate to PPL 207) that provide Bass with significant upside potential.
Ex PEL 93, ex PEL 100 and ex PEL 110 are located on the highly productive western margin of the Cooper Basin, as defined by the limits of the Permian sediments.
All blocks are well-positioned to receive an oil charge from proven kitchen areas, the Patchawarra trough in the South or Araburry trough to the North.
Bass is looking to collaborate with Beach, the operating partner, to review the prospectivity of the acquired tenements with a view to agreeing and executing a refreshed and impactful exploration strategy.
In addition, Ex PEL 93 is situated 40 km South-West of Moomba and hosts at least two oil prospects which the existing joint venture has assessed to contain a total mean un-risked prospective resource of 4 million barrels of oil (JV share) within the McKinlay and Murta reservoirs.
Ex PEL 100 encompasses PRL 207 – 209 and is 296 km2 in area. It contains the Cleansweep oil discovery and is adjacent to the Cuttapirrie oil and gas field and the Verona gas field.
Ex PEL 110 sits North of Ex PEL 100 and is a 727 km2 in area. The licence contains several oil prospects the existing joint venture has assessed to contain in total a mean un-risked prospective resource of 7.9 million barrels of oil (JV share).
Ex PEL 110 is located approximately 120km from Moomba and within 20km of the Keleary production and export facilities.