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Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield

The drilling program is expected to double field production capacity, up from 700 barrels of oil per day (bopd) to about 1,400 bopd.

The company’s business development initiatives are progressing well

Bass Oil Ltd (ASX:BAS) has received commitments to raise $150,000 via a private placement of shares to sophisticated and professional investors at a price of 0.2 cents per share.

In parallel, Bass has launched a ~$2.7 million pro-rata non-renounceable entitlement offer of shares on a 1 for 2 basis at an issue price of 0.2 cents per share.

The private placement and the rights issue both include a 1 for 2 free attaching option exercisable at 0.4 cents on or before July 30 2021.

READ: Bass Oil increases production and sales at Indonesian onshore oilfield

Funds from the placement and the rights issue will be used for:

• Repayment of the final instalment of the deferred consideration to Cooper Energy Ltd – $770,000;
• Drilling of up to two low-risk Bunian development wells, one in October 2019 and the second in October 2020; and
• Business development initiatives, joint studies, acreage release applications and bilateral negotiations - funds raised will enable Bass to expand its onshore Indonesian oil production footprint through value-accretive acquisitions.

Bass managing director Tino Guglielmo said: “Bass is entering an exciting phase in its history as it will shortly complete the procurement process to secure a drilling rig to spud the Bunian 5 well expected in October of this year.

“This well is expected to double field production capacity, up from 700 barrels of oil per day (bopd) to facility limits of approximately 1,400 bopd.

“Our business development initiatives are progressing well with the company in detailed evaluation on a number of opportunities as well as progressing technical and commercial discussions on the short-listed opportunities.

“Finally, I am pleased, that after completion of the final payment of the deferred consideration Bass will own outright its 55% interest in the Tangai-Sukananti producing property.

“This property has established our reputation as a competent operator and trusted joint venture partner. It is the platform upon which we will build a successful business in Indonesia.”

Quick facts: Bass Oil Ltd

Price: 0.0015 AUD

Market: ASX
Market Cap: $5.01 m

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