Australia's Bass Oil Completes Acquisition of Cooper Basin Vanessa Gas Field in 2026

en.Wedoany.com Reported - Bass Oil has completed the acquisition of the Vanessa gas field in the Cooper Basin, South Australia, from BeachEnergy, having received regulatory approval from the South Australian Department of Energy & Mining.

The acquisition covers full interests in licenses PPL 268 and PRL 135, which constitute the Vanessa gas field, marking the final step in transferring ownership to this Australian-listed company. The transaction assets include a currently shut-in gas well, a gas processing facility, and a 5-kilometer pipeline connecting to the Cooper Basin gas transmission network. The deal was initially announced in May 2026.

The gas processing facility has a nameplate capacity of 10 million standard cubic feet per day (mscf/d). The Vanessa gas field was drilled in 2007 and began operations in 2018. During its first two years of production, the field produced 1.1 billion cubic feet of natural gas at an initial flow rate of 3.5 mscf/d.

Bass Oil stated that engineering assessments to support the recommissioning of the field and facility have commenced. The company expects first gas sales from the Vanessa field by the end of 2026, following the planned production restart. GPA Engineering has been engaged to assist with certification and recommissioning efforts.

Bass Oil Managing Director Tino Guglielmo said this marks a significant milestone for the company's entry into the east coast gas market. He noted that gas market demand and prices remain strong, and fields like Vanessa can be profitably operated by companies with efficient teams and low-cost structures. The team's current focus is on bringing Vanessa into operation as quickly as possible, as the first step in developing the company's new profitable business. Vanessa is also seen as a key asset for unlocking natural gas resources in deep coal seams within its 100%-owned PEL 182 license.

Bass Oil holds majority interests in 14 licenses in the Cooper Basin, including full ownership of the Worrior and Padulla oil fields, as well as an interest in an asset in Indonesia. The company views Vanessa as a potential driver of reserve growth, particularly through exploration of the Toolachee, Epsilon, and Patchawarra formations, and the commercialization of natural gas resources in PEL 182.

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