Bass Oil (ASX:BAS) enters SPA with Cooper Energy

• Bass Oil (BAS) enters a conditional sale and purchase agreement (SPA) with Cooper Energy to acquire its South Australian assets
• Under the SPA, Bass will acquire three non-operated Cooper Basin assets and a 30 per cent interest in the Worrior oil field for $650,000
• Following completion of the SPA, Bass will be in a joint venture with a subsidiary of Beach Energy who will operate the assets
• The transaction is subject to a number of conditions including regulatory approvals and Bass raising the required funds
• Bass is steady on the market and shares have been trading at 0.3 cents since July 5

Bass Oil (BAS) has entered a conditional sale and purchase agreement (SPA) with Cooper Energy to acquire its South Australian assets.

Under the SPA, Bass will acquire three non-operated Cooper Basin assets and a 30 per cent interest in the Worrior oil field for a total cash consideration of $650,000.

The SPA will increase Bass’ proven and probable reserves by 54,000 barrels and estimated contingent resources by 200,000 barrels.

Following completion of the SPA, Bass will be in a joint venture with a subsidiary of Beach Energy who will operate the assets.

However, the transaction is subject to a number of conditions including regulatory approvals, Bass raising the required funds and consent of Cooper Energy’s financiers.

Managing Director Tino Guglielmo said he is excited to enter the South Australian market and see the growth opportunities.

“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,” Mr Guglielmo commented.

“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.”

Bass was steady on the market and shares have been trading at 0.3 cents since July 5.