Bass Oil Limited (ASX:BAS), an Australian oil and gas producer with assets in Indonesia, has announced the successful completion of a $3 million share placement. The company received binding commitments for approximately 47.6 million new shares at $0.063 per share. The placement garnered strong support from existing shareholders, alongside new institutional and sophisticated investors, signaling confidence in the company’s strategic direction.
The proceeds from the placement are earmarked for several key initiatives. These include completing the acquisition of the Vanessa gas field and its associated facilities, drilling the Bunian 6 oil development well in Indonesia, and recommissioning the Vanessa gas field, its facilities, and the pipeline. Additionally, the funds will support progressing the Kiwi liquids-rich gas project towards a Final Investment Decision.
Bass Oil’s Managing Director, Tino Guglielmo, expressed satisfaction with the placement’s outcome, highlighting its endorsement of the company’s strategy to enter the East Coast Gas Market and boost oil production amid elevated oil prices. He noted that the placement enables Bass to complete the Vanessa acquisition and recommissioning, positioning it as the first gas field to commence production, achieving the company’s ambition to enter the East Coast Gas Market. Bass secured a binding three-year contract for the sale of all gas produced from the Vanessa field with Origin Energy in December.
For every two placement shares subscribed, investors will receive one free attaching option, exercisable at $0.0945 and expiring two years from the issue date. Settlement of the placement shares is expected on March 23, 2026, with quotation and trading anticipated to begin on March 24, 2026. PAC Partners Securities Pty Ltd acted as Lead Manager to the offer, and Peak Asset Management Pty Ltd served as Co-Manager. The announcement was authorised for release by the Bass Oil Limited Board of Directors.
