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    Bass Oil signs deal with Cooper Energy

Summary

Sydney-listed Bass Oil has entered into an agreement to acquire fellow Australian explorer Cooper Energy’s interest in three non-operated Cooper basin assets.

by: Shardul Sharma

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Bass Oil signs deal with Cooper Energy

Sydney-listed Bass Oil has entered into an agreement to acquire fellow Australian explorer Cooper Energy’s interest in three non-operated Cooper basin assets for A$650,000 ($487,451), it said on July 12. The deal also includes a 30% interest in the producing Worrior oil field.

“The transaction represents a unique opportunity for Bass to acquire a quality portfolio of assets in the Cooper basin which will provide a platform from which to secure additional interests in this prolific hydrocarbon province,” Bass Oil said.

Following completion of the deal, Bass will be in joint venture with Beach Energy, who will operate the assets. It will have 30% interest in Ex PEL 93, 19.17% in Ex PEL 100 and 20% in Ex PEL 110. The acquisition increases Bass’s 2P reserves by 54,000 barrels or 10% and 2C contingent resources by 200,000 barrels.

Bass said it is currently exploring its funding options with a number of parties and will seek to raise the necessary funds to fully develop the assets being acquired in conjunction with Beach.