- Bass Oil (BAS) enters a conditional sale and purchase agreement (SPA) with a subsidiary of Beach Energy (BPT) to acquire its interest in eight Cooper Basin tenements
- The assets include Beach’s interest in the Worrior and Padulla oil fields, as well as properties that contain multiple prospective appraisal and exploration opportunities
- On completion of the SPA, Bass will own a 74 to 100 per cent interest in eight Cooper Basin tenements, representing one of the largest holdings in the area.
- Bass will acquire the tenements for a cash consideration of $650,000 with the company to use the funds from a $1.2 million share placement
- Shares in Bass are steady on the market and are trading at 0.2 cents
Bass Oil (BAS) has entered a conditional sale and purchase agreement (SPA) with a subsidiary of Beach Energy (BPT) to acquire its interest in eight Cooper Basin tenements.
The assets include Beach’s interest in the Worrior and Padulla oil fields, as well as properties that contain multiple prospective appraisal and exploration opportunities.
On completion of the SPA, Bass will own a 74 to 100 per cent interest in eight Cooper Basin tenements, representing one of the largest holdings in the area.
The transaction is subject to a number of conditions, including relevant regulatory approvals.
Bass will acquire the tenements for a cash consideration of $650,000 with the company to use the funds from a $1.2 million share placement.
Under the placement, 800 million new ordinary shares will be issued to sophisticated and professional investors at 0.15 cents.
This price represents a 25 per cent discount to Bass’ closing price of 0.2 cents on February 25 and a 22 per cent discount to the 15-day volume-weighted average price.
Additionally, participants will receive one free attaching option for every three shares subscribed for, exercisable at 0.4 cents on or before September 30, 2024.
As well as funding the acquisition, Bass will use the money for working capital and buy-back.
“Bass is pleased to announce this acquisition as it is an important step towards becoming a significant owner-operator in the Cooper Basin,” Managing Director Tino Guglielmo said.
“Bass has a track record of extracting value from mature fields and is excited by the potential of this portfolio.”
Shares in Bass were steady on the market and were trading at 0.2 cents at 11:42 am AEDT.