Bass Oil has finalised the acquisition of the Vanessa gas field in the Cooper Basin, South Australia, from BeachEnergy after receiving regulatory approval from the South Australian Department of Energy & Mining.
The deal covers a 100% interest in PPL 268 and PRL 135, which comprise the Vanessa field, marking the last step before ownership is transferred to the Australian-listed company.
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The acquisition includes rights to a gas production well that is currently shut-in, a gas processing facility and a 5km pipeline that connects to the existing Cooper Basin transmission network. It was announced in May 2026.
The facility, constructed with a nameplate capacity of ten million standard cubic feet per day (mscf/d), was initially drilled in 2007 and became operational in 2018.
During the first two years of production, the Vanessa field produced 1.1 billion cubic feet at an initial flow rate of 3.5mscf/d.
Bass Oil announced that engineering assessments are already under way to support the recommissioning of the field and its facilities.
The company expects to achieve its first gas sales from Vanessa by late 2026 following the planned restart of production. GPA Engineering has been engaged to assist with the certification and recommissioning process.
Bass Oil managing director Tino Guglielmo said: “This is an important milestone towards Bass’ entry into the East Coast gas market. Gas market demand and gas pricing remain strong, which means fields such as Vanessa can be run profitably by companies with a capable team and a low-cost structure such as Bass.
“The team’s focus now turns to bringing Vanessa online as quickly as possible as a first step aimed at growing a new and profitable arm to the business. Vanessa is also a key asset to be used in unlocking what we believe may be a company-making gas resource contained within the deep coals in our 100% owned PEL 182.”
Bass Oil holds a majority interest in 14 permits in the Cooper Basin, including full ownership of the Worrior and Padulla oilfields, as well as interests in an Indonesian asset.
The company sees Vanessa as a potential driver for reserve growth, particularly through exploration of the Toolachee, Epsilon and Patchawarra formations and commercialisation of gas resources in PEL 182.
