E&P player Bass Oil acquires Australian onshore assets
MELBOURNE, July 12, 2021 – Bass Oil has entered Australia’s upstream sector through a sale and purchase agreement with Cooper Energy for its non-operated interests, the acquiring company announced on Monday.
The USD 486,000 deal includes a 30% stake in the producing Worrior field in the PPL 207 block, 30% interest in the PEL 93 block, 19.7% interest in the PEL 100 block and 20% interest in the PEL 110 block. All onshore assets all have proven reserves, with 2.3 million barrels at PPL 207’s Tyrell field, 1.2 million barrels on PEL 100’s Athelstan field, and 3.3 million barrels at PEL 100’s Frostfang field.
“Bass has been looking to diversify its exploration, development and production assets beyond its operating interest in the producing Tangai-Sukananti licence in Indonesia’s South Sumatra Basin for some time,” said Tino Guglielmo, Bass Oil’s managing director. The acquisition will raise Bass Oil’s proven and probable reserves by 54,000 barrels.