Bass Strait hits market running and ready to drill

Bass Strait Oil Company (BAS) made an immediate impact on the Australian Stock exchange listing on Wednesday at a 50% premium to its issue price.
Bass Strait hits market running and ready to drill 
Bass Strait hits market running and ready to drill 
Bass Strait hits market running and ready to drill 
Bass Strait hits market running and ready to drill 
Bass Strait hits market running and ready to drill

With enviable assets in Australia’s south east investors pushed stock up to 30 cents from its issue price of 20 cents, before settling at 28 cents on a turnover of 6.78 million shares.

The float closed over-subscribed on September 30, with 60 million shares on offer. Its market cap at issue price was $21.38 million.

The company is also expecting the arrival in the Gippsland Basin of the mobile offshore drilling rig, the Ocean Patriot, on October 3rd.

BAS holds significant interests in three Gippsland Basin exploration permits in each of which it is operator, and is manager of another two interests. BAS is expecting to commence its drilling program of two, and possibly up to five wells on Monday. The first well in

the program will be the Moby-1 exploration well in permit Vic/P47.

BAS will be free carried through the first $3.75 million of expenditure on this well, which is expected to cost approximately $4 million, with a 40% interest in Vic/P47 after the well.

Moby-1 is located offshore approximately 25km south of Orbost, Victoria and five kilometres east of the producing Patricia Baleen gas field.

loader