Bass Oil Limited (ASX:BAS), an Australian-listed oil producer holding majority interests across fourteen Cooper Basin permits and a South Sumatra Basin KSO, has announced the successful completion of its acquisition of a 100% interest in the Vanessa gas field. The company confirmed receiving all necessary regulatory approval from the South Australian Department of Energy & Mining (DEM) for PPL 268 and PRL 135. This final regulatory step, announced on 17 June 2026, facilitates the transfer of ownership to Bass, marking a significant strategic move for the company.
The Vanessa acquisition includes a shut-in gas production well, a gas processing facility with a nameplate capacity of 10 million standard cubic feet per day, and a five-kilometre gas pipeline connected to the existing Cooper Basin transmission network. Engineering studies for the field’s re-instatement to production are currently well underway. Bass Oil anticipates achieving its first gas sales by the end of 2026, following the recommissioning of the well and facilities. GPA Engineering has been engaged to oversee the certification and recommissioning processes, aiming for efficient operational resumption.
Mr. Tino Guglielmo, Bass Oil’s Managing Director, highlighted the acquisition as a pivotal milestone for the company’s entry into the East Coast Gas Market. He noted that strong gas market demand and robust gas pricing underpin the profitability of fields like Vanessa. Mr. Guglielmo stated the team’s immediate focus is on bringing Vanessa online swiftly to cultivate a new and profitable arm for the business. Furthermore, he underscored Vanessa’s strategic importance for unlocking a potentially significant gas resource within deep coals in Bass Oil’s 100% owned PEL 182, providing opportunities for reserve growth and commercialisation without the burden of drilling a new well.
