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Australia: Bass Oil receives Government approval for Cooper Basin asset acquisition
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Bass Oil signs deal with Cooper Energy
Sydney-listed Bass Oil has entered into an agreement to acquire fellow Australian explorer Cooper Energy’s interest in three non-operated Cooper basin assets for A$650,000 ($487,451), it said on July 12. The deal also includes a 30% interest in the producing Worrior oil field.
“The transaction represents a unique opportunity for Bass to acquire a quality portfolio of assets in the Cooper basin which will provide a platform from which to secure additional interests in this prolific hydrocarbon province,” Bass Oil said.
Following completion of the deal, Bass will be in joint venture with Beach Energy, who will operate the assets. It will have 30% interest in Ex PEL 93, 19.17% in Ex PEL 100 and 20% in Ex PEL 110. The acquisition increases Bass’s 2P reserves by 54,000 barrels or 10% and 2C contingent resources by 200,000 barrels.
Bass Oil (ASX:BAS) enters SPA with Cooper Energy
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Bass Oil (BAS) enters a conditional sale and purchase agreement (SPA) with Cooper Energy to acquire its South Australian assets
Under the SPA, Bass will acquire three non-operated Cooper Basin assets and a 30 per cent interest in the Worrior oil field for $650,000
Following completion of the SPA, Bass will be in a joint venture with a subsidiary of Beach Energy who will operate the assets
The transaction is subject to a number of conditions including regulatory approvals and Bass raising the required funds
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