Bass Oil (ASX: BAS) signs a binding three-year Gas Sales Agreement with Origin Energy.
Contract covers up to 12.045 PJ of gas from the Vanessa field, commencing 2026.
Agreement underpins full commercialisation of the Vanessa Gas Project.
First gas expected in 2026 following completion of the acquisition and recommissioning of facilities.
Vanessa asset package includes a processing plant and 5 km pipeline into the Cooper Basin network.
Bass positions Vanessa as a cornerstone asset for expanding its East Coast gas footprint.
Bass Oil Formalises Long-Term Gas Sales Agreement
Bass Oil Limited has executed a binding Gas Sales Agreement with Origin Energy for the supply of all gas produced from the Vanessa Gas Project in South Australia’s Cooper Basin. The three-year agreement, beginning in 2026, provides pricing certainty and forms the commercial foundation for returning the field to production.
The arrangement is conditional on Bass completing the acquisition of Vanessa and recommissioning its facilities, both of which are underway. Once operational, gas volumes of up to 12.045 PJ will be delivered into Origin’s wholesale and retail network.
Vanessa Field Positioned for Restart in 2026
The Vanessa asset package includes a production facility and a dedicated pipeline connecting directly to the Cooper Basin transmission system. Originally drilled in 2007 and brought into production in 2018 at 3.5 million SCF per day, the field produced 1.1 BCF across two years before being shut in.
Bass has already commenced planning for the restart, noting that current market conditions support economically viable production from smaller fields under a low-cost operating structure. The Company also highlights the strategic role Vanessa may play in unlocking potential deeper gas resources within its surrounding acreage.
Management Perspective
Bass Managing Director Tino Guglielmo described the Origin agreement as a critical milestone for entering the East Coast gas market. He emphasised that strengthening demand and favourable pricing dynamics have created a window to bring Vanessa back online and establish a profitable new business segment for the Company.
Management also reiterated that Vanessa’s development could materially support future commercialisation of deeper gas targets in the nearby PEL 182 permit.
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Highlights
Bass Oil Formalises Long-Term Gas Sales Agreement
Bass Oil Limited has executed a binding Gas Sales Agreement with Origin Energy for the supply of all gas produced from the Vanessa Gas Project in South Australia’s Cooper Basin. The three-year agreement, beginning in 2026, provides pricing certainty and forms the commercial foundation for returning the field to production.
The arrangement is conditional on Bass completing the acquisition of Vanessa and recommissioning its facilities, both of which are underway. Once operational, gas volumes of up to 12.045 PJ will be delivered into Origin’s wholesale and retail network.
Vanessa Field Positioned for Restart in 2026
The Vanessa asset package includes a production facility and a dedicated pipeline connecting directly to the Cooper Basin transmission system. Originally drilled in 2007 and brought into production in 2018 at 3.5 million SCF per day, the field produced 1.1 BCF across two years before being shut in.
Bass has already commenced planning for the restart, noting that current market conditions support economically viable production from smaller fields under a low-cost operating structure. The Company also highlights the strategic role Vanessa may play in unlocking potential deeper gas resources within its surrounding acreage.
Management Perspective
Bass Managing Director Tino Guglielmo described the Origin agreement as a critical milestone for entering the East Coast gas market. He emphasised that strengthening demand and favourable pricing dynamics have created a window to bring Vanessa back online and establish a profitable new business segment for the Company.
Management also reiterated that Vanessa’s development could materially support future commercialisation of deeper gas targets in the nearby PEL 182 permit.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au