Bass Oil
(ASX:BAS) has entered into a conditional sale and purchase agreement with a subsidiary of Beach Energy
(ASX:BPT) to acquire eight Cooper Basin tenements for $650,000.
The assets to be acquired include Beach’s interest in producing Worrior and Padulla oil fields and a number of properties that contain prospective appraisal and exploration opportunities.
On completion, Bass will own a 74 per cent to 100 per cent interest in the tenements.
In conjunction, Bass has received irrevocable commitments to raise $1.2 million from investors through the issue of 800 million new ordinary shares at $0.0015 a share.
“Bass is pleased to announce this acquisition as it is an important step towards becoming a significant owner-operator in the Cooper Basin,” said managing director Tino Guglielmo.
“In addition, we are taking this long awaited opportunity to complete a share consolidation and minimum holding buy-back, given the transformative nature of this milestone and our aim to build a successful and profitable oil and gas business.”
Shares in Bass Oil
(ASX:BAS) are trading flat at $0.002.
