Bass Oil is conducting a $3.1 million capital raise through a placement and share purchase plan to fuel the expansion of its oil and gas production activities in Australia and Indonesia.

The funds will support initiatives such as the extended production test for Kiwi 1 and advancing deep Permian coal seam gas studies.

The move underscores the company's aim to become a mid-tier oil and gas producer by confirming reserves and economic potential.

It aligns with broader efforts to increase production and establish a significant market presence in Australia and Indonesia.