Bass Oil to acquire eight Cooper basin assets from Beach
Sydney-listed Bass Oil will acquire fellow Australian energy producer Beach Energy’s eight Cooper basin tenements for A$650,000 ($472,534), it said on March 2 in a statement.
The assets to be acquired include Beach’s interest in the producing Worrior and Padulla oil fields and a number of properties that contain prospective appraisal and exploration opportunities, it said.
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On completion, Bass will own a 74%-100% interest in eight Cooper basin tenements. The transaction remains subject to a number of conditions precedent, including relevant regulatory approvals.
Meanwhile, Bass said it has received commitments to raise A$1.2mn from investors through the issue of 800mn new ordinary shares.