Exploration & Production

Bass Oil withdraws bid for North Madura PSC

Australia’s Bass Oil will withdraw its bid to acquire a 100% interest in the North Madura production-sharing contract in Indonesia from AziPac
By Staff reporter 20 December 2018 0 33768

Australia’s Bass Oil will withdraw its bid to acquire a 100% interest in the North Madura production-sharing contract in Indonesia from AziPac, according to an announcement on the Australian stock exchange.

The finalisation of the acquisition was subject to the execution of a detailed sales-and-purchase agreement, and Bass was dissatisfied with the results of due diligence enquiries on the two AziPac subsidiaries that were to be acquired by Bass under the transaction.

Bass is presently pursuing several other acquisition opportunities in Indonesia in line...