Bass Oil Completes Vanessa Gas Field Acquisition Targeting 2026 Gas Sales

Vanessa Acquisition Opens East Coast Gas Market Door

Bass Oil Limited (ASX:BAS) has crossed a significant threshold with the completion of its acquisition of the Vanessa gas field, including the associated production facility and pipeline infrastructure. The South Australian Department of Energy & Mining’s regulatory nod was the final hurdle before ownership transferred, positioning Bass to enter the East Coast Gas Market with a ready-made asset.

The Vanessa field, located within the Cooper Basin, features a shut-in gas production well and a 5-kilometre pipeline connecting to the existing transmission network. Although production ceased, the facility has a nameplate capacity of 10 million standard cubic feet per day (SCF/d) and previously produced 1.1 billion cubic feet over two years since its 2018 start-up. Bass is targeting first gas sales by the end of 2026, pending the recommissioning of the well and processing plant.

Engineering and Commercial Plans Underway

GPA Engineering has been engaged to oversee the certification and recommissioning process, signalling Bass’s commitment to bringing Vanessa back online swiftly and efficiently. The company sees this acquisition not only as a direct production opportunity but also as a platform for reserve expansion through fracture stimulation of untested conventional and tight gas formations accessed by the existing well.

Moreover, Vanessa’s well penetrated the entire Permian sedimentary sequence, including deep coal layers within Bass’s 100% owned PEL 182 permit. This strategic positioning allows Bass to advance efforts to commercialise a potentially sizeable deep coal gas resource without the high costs of drilling new wells, a notable advantage in a competitive market.

Strategic Timing Amid Strong Gas Market

Managing Director Tino Guglielmo emphasised the importance of this milestone, noting that robust gas demand and pricing underpin the economics of operating Vanessa. The acquisition dovetails with Bass’s broader growth strategy in the Cooper Basin and complements recent operational gains, including a 5% production increase in May and ongoing drilling activities in Indonesia.

The timing is particularly opportune given Bass’s recent capital raising and government grants supporting gas infrastructure projects, positioning the company to leverage infrastructure and market momentum. The Vanessa acquisition thus represents both a near-term production catalyst and a stepping stone towards unlocking longer-term gas resources in the region.