Bass Oil has entered into a conditional sale and purchase agreement with a subsidiary of Beach Energy to acquire a portfolio of Cooper Basin assets for a cash consideration of $650,000.
The assets Bass will acquire include the producing and earnings accretive Worrior and Padulla oil fields, and the properties that contain multiple appraisal and prospective targets.
On completion of the acquisition of Beach’s assets, Bass will own a 74-100 per cent interest in eight Cooper Basin tenements.
This represents one of the largest acreage holdings in the core of the Cooper Basin.
The Beach transaction remains subject to a number of preceding conditions, including relevant regulatory approvals.
Bass Oil managing director Tino Guglielmo said the acquisition is an important step towards the company becoming a significant owner-operator in the Cooper Basin.
“Bass has a track record of extracting value from mature fields and is excited by the potential of this portfolio,” said Guglielmo.
In conjunction, Bass has received irrevocable commitments to raise $1.2 million from sophisticated and professional investors through the issue of 800 million new shares at $0.0014 per share.
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