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Bass Oil to Raise AUD 3 million to Fund Development Drilling at Tangai Sukananti

Source: www.gulfoilandgas.com 7/5/2019, Location: Asia

Bass Oil has announced that it has successfully arranged a $0.15 million private placement to sophisticated and professional investors through the issue of New Shares at $0.002 (0.2 cents) per share. The Placement includes a 1 for 2 free attaching option exercisable at $0.004 on or before 30 July 2021.

The issue price represents a discount of approximately 33% to the last closing price of $0.003 and a 10% discount to the 5 day volume weighted average price (VWAP).

In parallel, the Company also announces a ~$2.7 million pro rata non renounceable entitlement offer of new shares on a 1 for 2 basis, at an issue price of $0.002 (0.2 cents) per share (the ‘Rights Issue’). The Rights Issue includes a 1 for 2 free attaching option (‘Option’) exercisable at $0.004 on or before 30 July 2021.

The Rights Issue will provide an opportunity for all eligible shareholders to participate in the capital raising on the same terms as the Placement.

Funds from the Placement and Rights Issue will be used for:
- Repayment of Cooper borrowings $770,000 by 31 July 2019 - Drilling of up to two low risk Bunian development wells, one in October 2019 and the second in October 2020 - 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

Managing Director, Tino Guglielmo commented: 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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