Bass Oil (ASX:BAS) to acquire eight Cooper Basin assets from Beach

Company News

by Lauren Evans

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.

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