Bass Oil has entered into a sale and purchase agreement with Cooper Energy for the acquisition of three non-operated South Australia Cooper Basin assets, including a 30 per cent interest in the producing Worrior oil field.
The agreement represents a unique opportunity for Bass to acquire a quality portfolio of assets in the Cooper Basin which will provide a platform from which to secure additional interests in the prolific hydrocarbon province.
Primarily an onshore Indonesian oil producer, Melbourne-based Bass has been seeking for some time to expand its exploration, development and production assets around its exisiting Sumatran production footprint and consider that the market is now right to include Australia based acquisitions within its portfolio.
The company is currently exploring its funding options with a number of parties and will seek to raise the funds to fully develop the assets being acquired in conjunction with Beach Energy.
Managing diretor Tino Guglielmo said the company is pleased to announced the addition of this new arm to its business and enter the South Australian Basin.
“Bass has previously demonstrated its ability to extract value from acquired mature field and, in particular, our executive team have extensive experience and a proven track record of adding shareholder value in dealing with interests in the Cooper Basin,” he said.
“We are highly motivated to extract material value from this acquisition and to use the acquired assets as a platform from which to expand our portfolio in both the Cooper Basin and other mature basins in Australia.”