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- Bass Oil (BAS) launches a non-renounceable entitlement offer to raise up to $4 million for its Cooper Basin activities
- One new share will be offered for every two held at a price of 4.5 cents each, representing the same price offered in the previously completed placement
- For each new share subscribed for, one attaching option will be received, exercisable at 12 cents each and expiring at the end of September, 2024
- The funds will help finalise the acquisition for eight of Beach Energy’s (BPT) Cooper Basin tenements, which is expected early next quarter
- Shares are trading in the grey at 4.3 cents at market close
Bass Oil (BAS) has launched a non-renounceable entitlement offer to raise up to $4 million for its Cooper Basin activities.
One new share will be offered for every two held at a price of 4.5 cents each, representing the same price offered in the previously completed placement.
For each new share subscribed for, one attaching option will be received, exercisable at 12 cents each and expiring at the end of September, 2024.
The funds will help finalise the acquisition for eight of Beach Energy’s (BPT) Cooper Basin tenements, which is expected early next quarter.
In addition, the money will assist development and exploration activities, with an aim to increase Worrior production to between 200 to 500 barrels of oil per day, with a net margin of at least $80 per barrel.
Managing Director Tino Guglielmo said the acquisition will enable the company to become one of the largest acreage holders in the Cooper Basin.
“The proceeds will allow us to aggressively pursue organic growth via production enhancement activities at the Worrior oil field and conduct highly prospective exploration activities across the portfolio,” he said.
“This is an important milestone in our strategy to become a mid-sized oil and gas producer as the Cooper Basin portfolio provides significant upside and a platform to pursue additional inorganic growth endeavours in the future.’’
Shares were trading in the grey at 4.3 cents at market close.
