Bass Oil's Cooper basin deal gets state approval
Sydney-listed Bass Oil has received South Australian government approval and registration for recently acquired Cooper basin licence interests, the company said on October 26.
Bass is finalising project planning, approvals and procurement before mobilising equipment to the field to start work on the oil production enhancement programme.
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The company in August completed the deal with fellow Australian oil and gas companies Cooper Energy and Beach Energy to buy eight production and exploration tenements located in the Cooper basin. It executed conditional sale and purchase agreements with Cooper and Beach in July 2021 and March 2022 respectively to acquire their interests in the tenements.
“The transaction represents the second step in the broader strategy to build a portfolio of high quality producing assets in the region and expand Bass’ capabilities to become an Australian operator. Post transaction, Bass is now one of the largest acreage owners in the Cooper basin,” it said.