Bass seeks acquisition opportunities in S. Sumatra

By Romel S. Gurky

ASX-listed Bass Oil Ltd said that it has signed confidentiality agreements with a number of potential counterparties for detailed due diligence on three potential opportunities which lie in close proximity to the company?s existing Tangai-Sukananti production assets in South Sumatra.

The company said in a recent statement that the planned additional value-accretive acquisitions form part of its growth strategy.

Bass said its preference is for on-shore, underperforming production or near production assets, ideally located in South Sumatra to create synergies with the Tangai-Sukananti KSO.

The company added the acquisition will be self-funding, with cash-flow expected to pay all deferred acquisition cost by December of next year.

Bass hold a 55 percent interest in the Tangai-Sukananti production assets, under a KSO valid until 2025.

Editing by Reiner Simanjuntak