Bass Oil shareholders back Indonesian purchase

BASS Strait Oil Company shareholders have overwhelmingly backed the company’s purchase of Indonesian oil production, and a shift in the oiler’s direction.

Bass Oil shareholders back Indonesian purchase

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Shareholder approval was the last condition needed to allow the company, to be renamed Bass Oil, to issue shares and make the first of a series of payments to seller Cooper Energy.
 
The purchase date of the 55% interest in the Tangai-Sukananti KSO in South Sumatra was October 1.
 
Yesterday almost 98% of all votes were cast in favour of the deal, the first major transaction for the company's managing director, Tino Guglielmo, who has continued with the company's disengagement of its earlier stage Gippsland Basin assets. 
 
"The strong support displayed by shareholders at today's general meeting endorses Bass' decision to acquire the Tangai-Sukananti production assets and pursue a new strategic direction."
 
The field continues to perform strongly with production capacity of over 700 barrels of oil per day.
 
Production from the fields was 33% higher in the December quarter over the September quarter, largely thanks to ongoing field optimisation. 
 
The transaction, once unconditional, will be effective from 1 October.
 
There are total reserves of 1.73MMbbl and resources of 400,000boe and 2.3 petajoules of gas at the 2C level, with around 45% of reserves undeveloped.
 
Production should last until 2025.
 
The $5.7 million sale will see Bass Oil issue 180 million shares at 1.5 cents per share, worth $270,000, and paying up-front cash of $500,000.
 
Cooper will increase its interest in Bass Oil from 13.5% to 24.09%.

 

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