The company has received binding commitments for $1.1 million via a placement of 15.71 million new fully paid shares in the company predominantly to a Tier 1 institutional resources investor.
“Following strong Tier 1 investor interest and support, we are delighted to announce the successful completion of Bass’ placement, our only capital raising since 2022,” Bass Oil managing director Tino Guglielmo said.
“The funding represents a key component in our strategy to develop the company’s exciting Australian oil and gas prospects, in particular the PEL 182 Deep Coal Seam Gas prospect, a potential ‘company making’ opportunity, as well as our organic growth opportunities.
Bass will also offer eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan (SPP) and will be accepting subscriptions up to a total of A$2.0 million.
“We feel the timing is right to accelerate our growth opportunities. We are grateful to our shareholders for their continues support, and are pleased to offer the shareholders the opportunity to participate in the capital raising via the SPP,” Guglielmo said.
The SPP will be conducted at the same issue price as the placement.
Proceeds will be utilised to fund technical assessment of the PEL 182 Deep Coal Seam Gas asset, Kiwi-1 Gas Extended Production Test and to pursue other high-value oil development opportunities.
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