Bass Oil has agreed to acquire eight Cooper Basin assets from a subsidiary of Beach Energy for a cash consideration of A$650,000 ($472,716).
The purchased assets consist of producing and earnings accretive Worrior and Padulla oil fields, as well as properties that contain multiple appraisal and prospective exploration targets.
Upon completion, Bass will hold a 74%-100% stake in eight Cooper Basin tenements.
The acquired assets are anticipated to provide the company with 2P reserves of around 200,000 barrels of oil and 2C contingent resources of up to 540,000 barrels of oil.
Bass Oil managing director Tino Guglielmo said: “Bass is pleased to announce this acquisition as it is an important step towards becoming a significant owner-operator in the Cooper Basin.
“Bass has a track record of extracting value from mature fields and is excited by the potential of this portfolio. In addition, we are taking this long awaited opportunity to complete a share consolidation and minimum holding buy-back, given the transformative nature of this milestone and our aim to build a successful and profitable oil and gas business.”
The Worrior oilfield, which was discovered in 2003, has produced 4.1 million barrels of oil to date. At present, the field is producing more than 40 barrels of oil per day.
Discovered in 2005, the Padulla Oilfield has a cumulative production of 0.52 million barrels of oil to date. It is currently producing more than 30 barrels of oil per day.
Other assets acquired by the company include the Ex PEL 90K that contains the Kiwi gas discovery, the Ex PEL 93 that contains the Tyrell prospect and the Ex PEL 100 that contains the Cleansweep oil discovery.
The acquired assets also include Ex PEL 110 that contains the Frostfang prospect and the PEL 182 exploration permit in the Patchawara trough.
In October 2019, Bass Oil announced that it had identified two primary reservoirs at Bunian-5 well in Indonesia.
