Bass Oil identifies gas resource in Australia's Cooper basin
Sydney-listed Bass Oil on November 16 announced that a “significant” prospective new gas resource has been identified in its exploration licence in Cooper basin in South Australia, following an independent geological assessment by Fluid Energy Consultants.
The play exists in PEL 182, where Fluid has identified a potential gas in place of 21 trillion ft3 along with 845mn barrels in place of condensate/oil.
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“Gas from deep coals, lying below 2500 m, represents a new significant gas play in the Cooper basin and potential new material source of gas for the domestic market,” Bass said.
The company said it plans to conduct further studies to identify the best commercialisation strategies.
“This is a very exciting development for Bass and its shareholders. At a time when the domestic gas market continues to face huge challenges meeting demand, this new potential gas resource represents a credible material contributor of gas to the domestic market,” CEO Tino Guglielmo said.
Bass is the operator of PEL 182 with 100% working interest.