PERTH (miningweekly.com) – ASX-listed Bass Oil has struck a A$650 000 deal with fellow listed Cooper Energy to acquire that company’s interest in a portfolio of Cooper basin non-operated assets in South Australia.
Bass Oil on Monday told shareholders that the transaction represented a unique opportunity for Bass to acquire a quality portfolio of assets in the Cooper basin, which would provide the company with a platform from which to secure additional interests in the province.
The acquisition will increase Bass’ 2P reserves by 54 000 bbl, or some 10%, and its 2C contingent resources by 200 000 bbl, and would see Bass enter into a joint venture (JV) agreement with a subsidiary of ASX-listed Beach Energy, which is the operator of one of the assets.
The acquisition will include a 30% interest in the producing Warrior oilfield, which is currently producing some 20 barrels a day, with material upside potential.
Bass MD Tino Guglielmo said that the company is currently seeking funding options, and would seek to raise the necessary funds to fully develop the assets being acquired in conjunction with new JV partner Beach.
“We are pleased to announce the addition of this new arm to our business and our entry, as an oil producer, into the South Australian Cooper basin, which remains one of the more prolific basins in Australia.
“From a Bass perspective, this acquisition represents a low cost entry into the Australian energy market and provides us with substantial growth potential.”
He noted that the company was highly motivated to extract material value from the acquisition, and to use the acquired assets as a platform from which to expand its portfolio in both the Cooper basin and other mature basins in Australia.
The transaction with Cooper Energy remains subject to a number of conditions, including regulatory approval and Bass raising the required funds to complete the acquisition.