Bass Oil Acquires Interests in Five E&P Licenses in the Cooper Basin
Melbourne-headquartered Bass Oil Ltd. has entered into a conditional Sale and Purchase Agreement (SPA) with ASX-listed Cooper Energy Ltd. to acquire its non-operated interests in a portfolio of five E&P licenses located in the Cooper basin, onshore Australia, in exchange for a total cash consideration of A$650,000. Upon completion of the transaction, Bass Oil will be in a joint venture with a subsidiary of Beach Energy Ltd., which will operate the assets.
The assets acquired include a 30% interest in PPL 207 and Ex PEL 93 (now PRLs 231-233), a 19.17% interest in Ex PEL 100 (now PRLs 183-190), and a 20% interest in Ex PEL 110 (now PRLs 183-190) and PRL 237 located in the Cooper basin. PPL 207 contains the producing Worrior oil field, while Ex PEL 93 contains the drill-ready Tyrell oil prospect. Ex PEL 100 includes the drill-ready Athelstan oil prospect, Ex PEL 110 contains the Frostfang oil prospect, and PRL 237 contains the Namur SS and Dalray prospects.
As of June 30, 2021, the total net proved + probable (2P) reserves attributable to the assets were 54 thousand barrels of oil (Mbbls), while the 2C net contingent resources were 200 Mbbls.
“This acquisition represents a low-cost entry into the Australian energy market and provides us with substantial growth potential. Bass has previously demonstrated its ability to extract value from acquired mature fields 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,” said Tino Guglielmo, Managing Director of Bass Oil.
ASX-listed Bass Oil is engaged in exploration and production activities in South East Asia, and currently operates the Tangai-Sukananti KSO in the South Sumatra basin in Indonesia.
Based in South Australia, Cooper Energy is focused on exploration, development and production activities in the Cooper, Otway, and Gippsland basins in Australia.
The transaction is subject to relevant regulatory approvals, Bass Oil raising the funds required to complete the acquisition, and the consent of Cooper Energy’s financiers.