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.
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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.