Bass Oil Boosts June Output, Eyes Gas Market with Vanessa Field Deal
Bass Oil Limited reported a 4% rise in June oil production alongside advancing plans to acquire the Vanessa gas field, signaling a strategic pivot towards gas sales and resource expansion.
- June oil production up 4% to 7,220 barrels
- Sales revenue increased 2.3% to A$566,924
- Progressing acquisition of Vanessa gas field with regulatory approvals underway
- Non-renounceable rights issue raised $925,000 with 30% shareholder uptake
- Development plans include drilling Bunian 6 well and deep coal commercialisation study
Steady Production Growth Amid Operational Resilience
Bass Oil Limited has reported a solid operational performance for June 2025, with total oil production increasing by 4% to 7,220 barrels. This growth was supported by the company’s Cooper Basin assets, where production rose 4% to nearly 3,000 barrels, and Indonesian operations that maintained steady output. The company’s daily production averaged 241 barrels of oil per day, reflecting operational stability despite recent flooding in the Cooper Basin, which has now largely receded without impacting output.
Revenue and Pricing Gains Bolster Financial Position
Sales revenue for the month rose 2.3% to A$566,924, buoyed by a 10% increase in average oil prices in the Cooper Basin to A$110.15 per barrel and an 11% price uplift in Indonesian oil sales. These pricing improvements helped offset the modest increase in production costs and underscore Bass Oil’s ability to capitalise on favourable market conditions. The company remains debt-free, reinforcing its financial resilience as it pursues growth initiatives.
Strategic Shift Toward Gas with Vanessa Field Acquisition
A key highlight is Bass Oil’s progress toward acquiring 100% ownership of the Vanessa gas field in the Cooper Basin. This asset includes a shut-in gas well, processing facilities, and a pipeline connecting to the regional gas network. Regulatory approvals are underway, and the company has commenced detailed planning to recommission the field. This acquisition marks a strategic pivot, offering Bass Oil its first opportunity to enter the east coast gas market and unlock reserve growth through potential fracture stimulation of untapped formations.
Advancing Development and Exploration Programs
Alongside the Vanessa acquisition, Bass Oil is advancing its deep coal commercialisation study in partnership with SLB, focusing on well design and fracture stimulation to economically exploit significant coal resources. The company is also preparing to drill the Bunian 6 development well in Indonesia, targeting continued production growth. Discussions continue regarding the Kiwi gas field development, including transportation and processing options, with funding strategies such as farm-downs under consideration.
Capital Raising and Shareholder Engagement
In June, Bass Oil completed a non-renounceable rights issue, raising $925,000 before costs, with a 30% take-up from existing shareholders. The issue included free attaching options, now listed on the ASX, providing shareholders with potential upside. The company’s joint lead managers are working to place the shortfall within the next three months, which will be critical to funding ongoing development and exploration activities.
Bottom Line?
Bass Oil’s June results and strategic moves set the stage for its entry into the gas market and potential resource expansion, but regulatory and funding milestones remain key to watch.
Questions in the middle?
- When will regulatory approvals for the Vanessa gas field acquisition be finalised?
- How will Bass Oil address the shortfall from the rights issue placement?
- What are the timelines and expected outcomes for the deep coal commercialisation study?
