Bass Strait Oil (ASX code: BAS) has completed the sale of Otway Basin permits PEP 167 and PEP 175 in Australia, and has also re-engaged the company's CEO.
On July 11, the company announced the sale of its equity in onshore exploration permits PEP 167 and PEP 175, subject to regulatory approval. Regulatory approval has now been received and Lakes Oil NL has paid the remaining funds to Bass Strait Oil.
The company has also announced the re-engagement of Steven Noske as its permanent CEO.
In March, Bass Straight Oil sought to alter the employment arrangements of the CEO while the company progressed a review of its future strategic direction and continued with its technical evaluation activities in its core Gippsland basin permits Vic/P41 and Vic/P68. These activities have largely been completed and it is appropriate that the company move into a delivery and growth phase.
Noske has continued to work closely with the board during this period to ensure that the core assets are agreed, the forward business strategy is recognized, focus is placed on the immediate imperatives, and plans are in place to return the company to growth.
Over the year, the board said that it has appreciated the commitment and input of Noske and is confident that a return to growth can be achieved.