Bass' agreement with compatriot and major shareholder Cooper Energy to buy a 55% stake in the Tangai-Sukananti KSO in South Sumatra represents current net production of 250 barrels per day of oil.
Bass said it will pay Cooper upfront cash of A$500,000 and a scrip consideration of 180 million shares at A$0.15 per share at completion in three months.
Cooper will also receive additional payments as they fall due.
