Bass Oil Ltd., Melbourne, signed a conditional agreement to acquire Beach Energy Ltd.’s interests in eight permits in the Western flank region of the South Australian sector of the Cooper basin for $650,000 (Aus.) cash.
The purchase follows a similar acquisition from Cooper Energy in the same region in July 2021.
The assets to be acquired include 70% of Worrior oil field in PPL 207 which, when added to acquisition of the Cooper Energy interest of 30%, brings Bass to full ownership of the field.
Also included is 100% interest in the producing Padulla oil field in permit PPL221.
Worrior field contains around 180,000 bbl of remaining 2P oil reserves and 2C contingent resources of 540,000 bbl of oil.
Bass plans a program of three workover wells aimed at converting the contingent 2C resources into 2P reserves in the next 12 months.
Padulla field is producing at 30 b/d and has 2P remaining reserves of 12,500-50,000 bbl of oil. A program to evaluate upside potential is planned on acquisition completion.
In addition, Bass has acquired Beach’s 100% interest in PRL’s 245-246 (including the undeveloped 2003 Kiwi gas discovery) and 100% interest in Beach’s PEL 182.
Bass also has purchased 55% of Beach’s interest in PRLs 207-209 which, when added to Cooper Energy’s 19%, provides Bass with a 74% interest. These permits contain the yet-to-be-developed Cleansweep oil find and the undrilled Athelstan prospect.
Further, Bass has acquired Beach’s 80% interest in PRLs 183-190, which added to Cooper’s 20% brings Bass’s interest to 100%. These permits contain the Frostang prospect delineated on 2D seismic.
Finally, Bass has acquired Beach’s 60% of PRL 237, added to Cooper’s 20%; along with Beach’s 70% of PRLs 231-233, added to Cooper’s 30%.
