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Bass Oil directors support Indonesian oil strategy with rights issue participation

The company has this week attained a 55% interest in the Tangai-Sukananti licence in Indonesia’s South Sumatra Basin.

Oil drum and dollar sign
Four company directors have acquired shares with a total value of more than $120,000

Bass Oil Ltd (ASX:BAS) directors have participated in the company’s 1 for 2 non-renounceable rights issue which will assist the company in advancing its Indonesian-focused oil strategy.

The company has generated $631,945 in new funding from the rights issue and a share placement.

Non-executive independent director Mark Lindh purchased 20 million shares valued at $40,000 in indirect interests.

He now holds a total of more than 113.8 million shares in four indirect interests.

MD and chairman participate

Managing director Tino Guglielmo purchased 20 million shares valued at $40,000 and now holds more than 285.63 million shares in two indirect interests.

Chairman Peter Mullins bought 15.2 million shares valued at $30,400 and now holds 60.8 million shares in an indirect interest.

Non-executive independent director Hector Gordon purchased 5 million shares with a value of $10,000 and now holds more than 25.266 million shares in a direct interest.

READ: Bass Oil raises $631,945 for Bunian development well drilling and debt repayment

Under the offer, eligible shareholders were invited to subscribe for one new share for every two shares held at an issue price of 0.2 cents and one free attaching option for every two new shares subscribed or issued.

The options have an exercise price of 0.4 cents and expire on or before July 30, 2021.

Guglielmo thanked shareholders for their support and participation.

He said: “The rights issue will assist with the repayment of Cooper borrowings, drilling of up to two-low risk Bunian development wells and other business development initiatives.”

READ: Bass Oil completes final payment for 55% interest in Indonesian licence

This week the company completed its final payment of $770,000 plus interest to Cooper Energy Ltd (ASX:COE) for its acquisition of a 55% operator interest in the Tangai-Sukananti licence in the South Sumatra Basin of Indonesia.

Bass is now debt-free and has unencumbered ownership of its interest in the field as it prepares to drill the first development well, Bunian 5, this October.

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