Bass shareholders will vote to approve the transaction at a general meeting on 13 February 2017.

The deal, which will see Bass buy a 55% stake in the Tangai-Sukananti KSO from Cooper Energy, will transform Bass into a production company after 12 years as an offshore explorer in Australia.

Bass said previously it will pay Cooper upfront cash of A$500,000 (US$378,000) and a scrip consideration of 180 million shares at A$0.15