Bass Oil completes A$1.4mn placement
Sydney-listed Bass Oil has successfully completed the placement of shortfall shares to raise an additional A$1.44mn ($0.97mn), it said on September 14. This brings the total rights issue and shortfall funding to A$4.02mn.
The company intends to use the funds to further enhance the recently acquired Cooper basin assets, with the aim of increasing free cash flow generation.
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Bass said it plans to capitalise on the east coast gas market shortage, utilising the gas potential in its northern Cooper basin properties, including the Kiwi Stratigraphic trap, which offers a prospect resource of more than 24bn ft3 of gas.
The Kiwi gas study is progressing and the company is undertaking an evaluation of the cost and feasibility of connecting to the Cooper basin gas gathering network, it said.