Bass Oil: Shares skyrocket on gas resource discovery in PEL 182

Bass Oil Shares skyrocket on gas resource discovery in PEL 182

• Bass Oil (BAS) discovers a “significant” prospective gas resource within its PEL 182 permit in South Australia’s Cooper Basin
• Fluid Energy Consultants completed a geological assessment of the permit, estimating its gas potential to be 21 trillion cubic feet of gas along with 845 million barrels of condensate
• Bass and Fluid defined the Moolion East prospect as the ideal area to test the deep coal play through one or more horizontal wells
• The company says this is a “very exciting” development, and it will conduct further studies to take the prospect to drillable status
• BAS shares are up 103 per cent on the back of the discovery to trade at 7.5 cents at 2:14 pm AEDT