COOPER BASIN

In August 2022 Bass acquired a portfolio of highly attractive Cooper Basin assets.  The transaction was completed in October 2022.

The assets acquired included a 100% interest in the producing Worrior and Padulla oil fields.  The Worrior and Padulla oil fields are producing ~100 bopd (as of January 2024) at a gross profit margin of ~A$64 per barrel at a Brent oil price of ~US$80. The fields provide 2P reserves of almost 366,000 barrels of oil and 2C contingent resources of approximately 582,000 barrels of oil.

The portfolio also contains properties that host a number of prospective appraisal and exploration opportunities.  Bass owns a high equity stake (74%-100%) in fifteen Cooper Basin licences, representing one of the largest acreage holdings in the core of the Cooper Basin covering a cumulative area of approximately 1,900 km².

Since completing the acquisition of the Cooper Basin assets, Bass has been undertaking a prospectivity review of all its permits, the results of which will become available progressively throughout 2024.  

The portfolio includes a number of retention licences with significant exploration potential, such as the drill ready Athelstan and Tyrell prospects. The Athelstan prospect within Ex PEL 100 is on-trend with, and west of the Santos operated Keleary oil field, while the Tyrell opportunity within Ex PEL 93 is adjacent to the Worrior oil field. The prospects are well positioned for a quick and efficient tie in to existing producing infrastructure in the event of a discovery.