Bass Oil Secures $3M Placement at $0.063 to Fund Vanessa Gas and Indonesian Drilling

Capital Raise to Accelerate Growth

Bass Oil Limited (ASX:BAS) has successfully completed a $3 million capital raising through a placement of approximately 47.6 million new shares priced at $0.063 each. The placement attracted strong support from both existing shareholders and new institutional and sophisticated investors, underscoring confidence in the company’s strategic direction.

The proceeds will be directed towards several pivotal initiatives, including the completion of the acquisition and recommissioning of the Vanessa gas field and associated facilities. This move is central to Bass Oil’s ambition to become a supplier in the lucrative East Coast Gas Market, a sector currently experiencing heightened demand and pricing.

Strategic Projects Driving Future Production

Alongside the Vanessa project, Bass is advancing the drilling of the Bunian 6 oil development in Indonesia, expected to boost oil production by mid-year. The company is also progressing the Kiwi liquids-rich gas project towards a Final Investment Decision, highlighting a multi-pronged approach to growth.

Notably, Bass has secured a binding three-year gas sales contract with Origin Energy for all gas produced from the Vanessa field. This contract provides a stable revenue foundation as the company prepares to commission the Vanessa gas facility and enter the East Coast Gas Market in 2026.

Investor Incentives and Market Positioning

Investors participating in the placement will receive one free attaching option for every two shares subscribed, exercisable at $0.0945 and expiring in two years, subject to shareholder approval. The placement price reflects a 13% discount to the last traded share price and a 25% discount to the 15-day volume weighted average price, providing an attractive entry point for new and existing investors.

Managing Director Tino Guglielmo emphasised the strong endorsement from the market, stating that the capital raise supports Bass Oil’s strategy to capitalise on elevated oil prices and expand its footprint in the Australian gas market. The company’s focus on both oil and gas projects positions it well to leverage current energy market dynamics.