MELBOURNE: Bass Oil Limited (ASX:BAS) announced plans to acquire a 100% interest in the Vanessa gas field from Beach Energy Ltd., marking a strategic move to expand its gas production capabilities in Australia’s Cooper Basin. The company also launched a $3.1 million capital raise to fund the acquisition and growth initiatives.
Key Details of the Acquisition
– The Vanessa gas field, located in permits PPL 268 and PRL 135, includes a shut-in production well, a gas processing facility and a 5-kilometer pipeline connected to the Cooper Basin gas network.
– Bass aims to recommission the field to resume gas sales, positioning itself in Australia’s growing energy market. The field also holds untapped tight gas potential in the Toolachee and Patchawarra formations, which could be unlocked through fracture stimulation.
– The acquisition, subject to regulatory approvals, includes future abandonment liabilities, with support from Beach Energy.
Bass launched a 1-for-3 non-renounceable entitlement offer at $0.032 per share to raise $3.1 million. Shareholders will receive one free option for every two shares subscribed, exercisable at $0.05 by May 31, 2028.
Funds will be allocated as follows:
– $1.3 million – Vanessa field acquisition, recommissioning and rehabilitation bond.
– $1 million – Drilling the Bunian-6 well in Indonesia to boost oil production.
– $100,000 – Kiwi field development study.
– $120,000 – Triassic gas potential study.
– Remaining funds will support working capital and offer expenses.
Strategic Growth Initiatives
– Vanessa Field: Bass plans to restart conventional gas production while evaluating tight gas and deep coal potential in the region. The field’s infrastructure will also aid in testing the commercial viability of deep coal resources in PEL 182.
– Indonesia Operations: The Bunian-6 well aims to increase Bass’s oil production in South Sumatra from 135 to 435 barrels per day.
– Kiwi Project: The company is advancing a front-end engineering design (FEED) study for the Kiwi gas field, with a final investment decision expected in 2025.
“This acquisition accelerates our entry into the gas business and aligns with our strategy to become a mid-sized oil and gas producer,” said Managing Director Tino Guglielmo. “The capital raise supports high-impact work programs to drive production growth and long-term shareholder value.”
Rights Issue Timetable
– Record Date: May 20, 2025
– Offer Closes: June 13, 2025
– Shares Issued: June 19, 2025
Bass Oil Limited, headquartered in Melbourne, operates oil and gas assets in Australia and Indonesia. The company is debt-free and focused on value creation through strategic development and exploration.