Bass Oil Limited (ASX: $BAS) has announced a proposed placement of fully paid ordinary shares in the Company (New Shares) to eligible institutional, sophisticated, or professional investors, along with a Share Purchase Plan of New Shares to all eligible shareholders of the Company. The Offer is not underwritten, and the Company and the Lead Manager reserve the right to withdraw or vary the Offer. This presentation is for informational purposes only and does not constitute an offer to issue or sell securities in Bass. Recipients are advised to make their own independent investigations and consult professional advisors as an investment in Bass is considered speculative in nature.
Strategically, the capital raising aims to fund the expansion into the Australian east coast gas market and confirm reserves at Kiwi 1 through an extended production test. The Company has achieved significant milestones of full year profitability and positive cash flow in CY23, positioning itself to capitalize on its growth pipeline following record revenue and sustained high oil prices. The engagement of global technology company, SLB, to perform a technical study seeking to identify the pathway to commercialization of Bass' deep coal resources in the 100% owned PEL 182 is a significant step towards future growth and profitability.
Bass Oil Limited's capital raising announcement reflects the company's strategic focus on funding expansion into the Australian east coast gas market and confirming reserves at Kiwi 1. The Company has achieved significant milestones of full year profitability and positive cash flow in CY23, driven by record revenue and sustained high oil prices. The engagement of global technology company, SLB, to perform a technical study seeking to identify the pathway to commercialization of Bass' deep coal resources in the 100% owned PEL 182 demonstrates the Company's commitment to future growth and profitability. With the recent mapping upgrading Kiwi Contingent Resources and the potential for significant gas resources in the Cooper Basin, Bass Oil Limited is poised for further development and success in the coming years.