Headlines
- Bass Oil expands into the East Coast gas market with the Vanessa acquisition
- Capital raised through rights issue allocated for strategic project advancement
- Deep coal gas feasibility and Indonesian operations aligned for long-term asset development
Bass Oil Limited (ASX:BAS), listed in the energy sector on the ASX, has operations spanning the Cooper Basin and Indonesia. As part of the broader s&p/asx 300 index, the company operates with no debt and maintains a strong cash position. ASX:BAS is focused on leveraging existing production assets and developing new gas resources through domestic and international projects.
Vanessa Gas Acquisition Expands Market Access
The acquisition of the Vanessa gas field marks a strategic shift for ASX:BAS, providing direct access to infrastructure and enabling entry into the East Coast gas supply network. The infrastructure availability fast-tracks plans for evaluating gas extraction capabilities within PEL 182. The deal aligns with the company’s expansion strategy and enhances its ability to scale production in the region.
The integration of Vanessa allows Bass Oil to rapidly progress development programs, including technical studies and engineering planning. The acquisition strengthens the foundation for evaluating deeper gas formations and ties in with the company’s broader resource development timeline.
Capital Raising to Fund Project Advancement
ASX:BAS has launched a rights issue aimed at supporting upcoming projects. The initiative is designed to secure funding for recommissioning the Vanessa gas facility, furthering Indonesian operations, and conducting advanced engineering studies. Funds will also be directed toward feasibility work on deep coal gas extraction.
The capital raising approach reflects the company’s focus on asset development through cash flow reinvestment. It aims to increase production efficiency and resource utilisation across its portfolio, particularly in key areas such as the Cooper Basin and Indonesia.
Deep Coal Gas Resource in PEL 182
Bass Oil’s resource in PEL 182 is undergoing advanced feasibility assessment for deep coal gas extraction. The asset features a large estimated volume of gas and condensate, making it a central component of the company’s expansion strategy. Phase 2 of the feasibility program will address well configurations and hydraulic stimulation techniques.
Technical studies are designed to evaluate the economic and operational framework required for full-scale extraction. ASX:BAS is working in conjunction with technical partners to finalise the field development plan, with infrastructure access from the Vanessa acquisition streamlining the process.
Kiwi Gas Field Strengthens Resource Base
The Kiwi gas field has recently delivered encouraging performance metrics. Production rates and condensate recovery levels are contributing to an increase in contingent resource volumes for ASX:BAS. The company has noted that the development application for Kiwi is in progress and aims to convert contingent resources into reserves.
The early-stage output data provides a foundation for long-term planning, and the resource uplift supports ongoing infrastructure and engineering activities. The asset contributes materially to the broader resource base and strengthens the company’s position within the domestic gas market.
Bunian 6 Development Well in Indonesia
In Indonesia, the Bunian 6 well is part of an ongoing development plan for the Tangai-Sukananti oil field. The objective is to increase oil production and strengthen the company’s presence in the region. The planned operations are focused on enhancing efficiency and output from the existing reservoir.
Production increases are expected to contribute to a stronger revenue base, improving financial flexibility for future development stages. ASX:BAS continues to align its international and domestic operations with the aim of enhancing overall portfolio performance and cash generation capacity.