Bass Oil Limited (ASX:BAS) announced on 17 June 2026 the successful completion of its acquisition of a 100% interest in the Vanessa Gas Field and its associated facilities. Bass Oil Limited is an Australian-listed oil producer with interests across fourteen permits in the Cooper Basin and a South Sumatra Basin KSO. The company received final regulatory approval from the South Australian Department of Energy & Mining (DEM) for the transfer of ownership of PPL 268 and PRL 135, encompassing the Vanessa Gas Field. This strategic acquisition includes a shut-in gas production well, a gas processing facility, and a 5km gas pipeline connecting into the existing Cooper Basin transmission network.
The Vanessa facility, which operated from 2018 and produced 1.1 BCF over two years before being shut-in, holds a nameplate capacity of 10 million standard cubic feet per day. With the acquisition finalised, Bass Oil is advancing engineering studies for the field’s re-instatement to production. Detailed planning for the certification and recommissioning of the Vanessa well, facilities, and pipeline is underway, with GPA Engineering engaged for assistance. Bass Oil anticipates achieving its first gas sales into the East Coast Gas Market by the end of 2026, following the successful recommissioning of these assets.
Managing Director Mr Tino Guglielmo underscored the significance of this milestone, stating, “This is an important step towards Bass’ entry into the East Coast Gas Market. Gas market demand and pricing remain strong, which means fields such as Vanessa can be run profitably by companies with a capable team and a low-cost structure such as Bass.” He emphasised the team’s immediate focus on bringing Vanessa online swiftly to foster a new and profitable arm to the business. Mr Guglielmo also highlighted Vanessa’s role as a key asset for unlocking a substantial gas resource within the deep coals of Bass Oil’s 100% owned PEL 182, offering potential for further reserve growth.
