Bass Oil Ltd. has raised AU$3 million to progress gas sales and boost oil production, including its strategy to enter the East Coast gas market.
The company issued 47.6 million shares at 6.3 cents per share. The settlement of the shares is expected to occur on March 23.
The proceeds of the placement will be used to complete the acquisition of the Vanessa gas field and facilities and progressing the Kiwi liquids rich gas project to a final investment decision. Bass Oil also plans to use the funds towards drilling of the Bunian 6 oil development well in Indonesia.
Bass Oil Managing Director Tino Guglielmo said the share placement signalled investors’ endorsement of the company’s strategy to enter the East Coast gas market and increase oil production at a time of increased oil prices.
“The placement allows Bass to complete the acquisition and recommissioning of Vanessa which will be the first gas field to be bought into production achieving Bass’ long-held ambition to enter the East Coast gas market.
“Bass secured a binding three-year contract for the sale of all gas to be produced from Vanessa field with Origin Energy in December.
“Vanessa, the Kiwi project, and the PEL 182 deep coal gas play are key pillars for the company’s future growth.”
Bass Oil agreed to acquire the Vanessa gas field from Beach Energy in 2025 as part of its strategy of becoming a mid-sized oil and gas producer.
The Vanessa gas field contains a quantity of remaining recoverable conventional gas in the Epsilon formation. It also has significant untested conventional and tight gas potential in both the Toolachee and Patchawarra formations.
