Bass Oil (ASX:BAS) plans to acquire a 100% interest in the Vanessa gas field from Beach Energy (ASX:BPT), subject to required approvals, according to a Wednesday Australian bourse filing.
The firm will assume future abandonment liabilities for the well and facility with assistance provided by Beach. The acquisition includes a shut-in gas production well, processing equipment, and a five-kilometer pipeline connecting the field to the Cooper Basin gas transmission network at Moolion North.
The Vanessa gas production facility requires around AU$1.3 million for its recommissioning and to return the well to production.
The firm launched a one-for-three non-renounceable entitlement offer to eligible shareholders at an issue price of AU$0.032 per share to raise up to AU$3.1 million, before costs. Participants in the issue will also receive one free attaching option for every two shares subscribed, exercisable at AU$0.05 on or before May 31, 2028.
PAC Partners Securities and Adelaide Equity Partners agreed to act as joint lead managers to the rights issue.
Its shares fell 5% on market close on Wednesday.
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