Highlights

• Bass to acquire Cooper Energy’s interest in a portfolio of Cooper Basin non-operated assets in South Australia for A$650,000
• Following completion, Bass will be in joint venture with a subsidiary of Beach Energy Limited, who will operate the assets (Beach)
• Acquistion increases Bass’s 2P reserves by 54,000 barrels or 10% and 2C contingent resources by 200,000 barrels
• Includes a 30% interest in the producing Worrior oil field currently producing at over 40 bopd (JV share) with material upside potential

Includes a portfolio of highly prospective exploration interests comprising of:

• a 30% interest in ex PEL 93 (PRLs 213-233)
• a 20% interest in ex PEL 110 (PRLs 183-190) and PRL 237
• a 19.17% interest in ex PEL 100 (PRLs 207-209)

Bass Oil has entered into a conditional sale and purchase agreement (SPA) with Cooper Energy for the acquisition of three non-operated Cooper Basin assets including a 30% interest in the producing Worrior oil field and interests in highly prospective exploration acerage for a total cash consideration of A$650,000.

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. The assets are to all be operated by the highly regarded Beach.(1)

Primarily an onshore Indonesian oil producer, Melbourne-based Bass has been seeking for some time to expand its exploration, development and production assets around its existing Sumatran production footprint and considers that the market is now right to include Australian based acquisitions within its portfolio.

Bass is currently exploring its funding options with a number of parties and will seek to raise the necessary funds to fully develop the assets being acquired in conjunction with Beach.

(1) Beach has agreed to acquire the interests of Senex Energy Limited in the assets and will become operator on and from completion of that acquisition.

The transaction remains subject to a number of conditions precedent, including relevant regulatory approvals, Bass raising the funds required to complete the acquisition and the consent of Cooper Energy’s financiers.

Commenting on the proposed acquisition, Bass Oil Managing Director, Mr Tino Guglielmo, said today, 
“We are pleased to announce the addition of this new arm to our business and our entry, as an oil producer, into the South Australian Cooper Basin, which remains one of the more prolific basins in Australia. From a Bass perspective, this acquisition represents a low cost entry into the Australian energy market and provides us with substantial growth potential.

“Bass has previously demonstrated its ability to extract value from acquired mature fields and, in particular, our executive team have extensive experience and a proven track record of adding shareholder value in dealing with interests in the Cooper Basin. To that end, we are highly motivated to extract material value from this acquisition and to use the acquired assets as a platform from which to expand our portfolio in both the Cooper Basin and other mature basins in Australia”, Mr Guglielmo added.

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