Bass Oil completes Cooper basin deal
Bass Oil has 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 said on August 2.
Sydney-listed Bass executed conditional sale and purchase agreements with Cooper and Beach in July 2021 and March 2022 respectively to acquire their interests in the tenements.
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The company said it aims to significantly increase oil production at the Worrior oilfield and will fast-track the Worrior-11 well to lift production and enhance free cash flow. Bass is also looking to take advantage of the east coast gas market shortage and exploit the gas potential in its northern Cooper basin properties including the Kiwi Stratigraphic trap which offers a prospect resource of more than 24bn ft3, it said.
“This portfolio offers a number of high-quality opportunities and oil and gas optionality that we will prioritise throughout 2022 and 2023,” Bass managing director Tino Guglielmo said.