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Bass Oil withdraws from North Madura acquisition following due diligence process

The due diligence conditions for the acquisition were not met.
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Bass’ Tangai JV asset holds gross 2P reserves of 1.28 million barrels of oil

Bass Oil Ltd (ASX:BAS) has elected to withdraw from the acquisition of a 100% participating interest in the North Madura production sharing contract (PSC) in Java from AziPac Limited.

Finalisation of the acquisition was subject to the execution of a detailed sale and purchase agreement and Bass being satisfied with its due diligence enquiries on the two AziPac subsidiaries being acquired.

As neither of the conditions have been met, Bass has elected to withdraw as it is entitled to do under the heads of agreement (HoA) entered into by both companies.

 

Bass is actively pursuing other acquisition opportunities in Indonesia in line with its strategy of expanding its Indonesian footprint.

The oil producer aims to build a diversified portfolio of exploration, development, enhanced production and producing assets.

READ: Bass Oil continues strong monthly oil production at onshore project in Indonesia

Production from Bass’ onshore Tangai Sukananti joint venture project in Indonesia’s South Sumatra continues to expand.

The company logged its highest and second highest production volumes in October and November, respectively, producing 27,795 and 23,434 barrels of oil in each month.

November production averaged to 781 barrels per day.

Development of the Bunian 5 well is also advancing with drill planning and procurement processes ongoing.

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