- Bass Oil (BAS) begins the week in a trading halt pending the release of a capital raising and material acquisition announcement
- The company will remain in the halt until March 2 or when the announcement is released, whichever occurs first
- On February 18, On February 18, Bass Oil announced its Tangai-Sukananti Oil Field in Indonesia had seen production drop eight per cent in January 2022 from December 2021
- The company said it was a result of an unscheduled maintenance event at the Bunian-5 well, resulting in the well being offline for 12 days in the second half of January
- Shares in Bass Oil last traded at 0.2 cents on February 23
Bass Oil (BAS) has begun the week in a trading halt pending the release of a capital raising and material acquisition announcement.
The company will remain in the halt until March 2 or when the announcement is released, whichever occurs first.
Bass Oil is yet to disclose how much it intends to raise or who or what it will be acquiring.
On February 18, Bass Oil announced its Tangai-Sukananti Oil Field in Indonesia had seen production drop eight per cent in January 2022 from December 2021.
The company said it was a result of an unscheduled maintenance event at the Bunian-5 well, resulting in the well being offline for 12 days in the second half of January.
Total production for the month was 10,641 barrels of oil, averaging 343 barrels of oil per day.
The average realised oil price throughout January was US$85.60 (A$119.37) per barrel, a 17 per cent increase from December.
Bass Oil last tapped investors for cash in October 2021 when it undertook a $2.5 million placement and non-renounceable rights issue.
Eligible shareholders were able to subscribe for one new share for every five held at an issue price of 0.2 cents.
Participants also received one free attaching option for every two new shares subscribed for, exercisable at 0.4 cents with an expiry date on or before September 30, 2024.
Bass Oil stated it would use the money to fund its Cooper Basin Portfolio acquisition, undertake well optimisation activities and drill the Tangai 5 well.
Shares in Bass Oil last traded at 0.2 cents on February 23. The company has a $9.22 million market cap.