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Bass Oil Ltd

Bass Oil completes Bunian 5 well site construction, records strong monthly oil production

The company continues to generate positive cash flow with field operating costs at or below US$30 a barrel.

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Bass’ Tangai JV asset holds gross 2P reserves of 1.28 million barrels of oil

Bass Oil Ltd (ASX:BAS) has completed construction of the Bunian 5 well site at its Tangai-Sukananti oil fields onshore Indonesia, with drilling planned to start mid-year.

Production at Tangai-Sukananti throughout January equalled levels recorded in December, averaging 710 barrels of oil per day.

 

Total January production amounted to 22,071 barrels, with 12,100 barrels attributable to Bass.

The average monthly realised oil price was US$55.74 compared with a monthly average oil price of US$53.86 a barrel recorded in December.

The company also continues to evaluate potential onshore Indonesian acquisition targets, particularly those closest to Bass’ existing production infrastructure.

READ: Bass Oil increases quarterly oil production by 83% at Indonesian onshore fields

Bass implemented a production optimisation upgrade at the Bunian and Tangai facilities to process additional oil and fluid production expected after the completion of drilling.

Speaking on the upgrade, Bass managing director Tino Guglielmo told Proactive that the company was getting ready for an exciting drilling program in 2019.

He said: “For us to be able to increase production just by optimisation methodologies is just wonderful.

“We’ve got a drilling program in 2019, 2020, that’ll be somewhere between two and four wells to be drilled in our existing properties.

“New properties that we’re looking at acquiring all the time, we’re prepared to actually go in and do remediation, and do a little bit of drilling through ‘19.”

READ: Bass Oil continues to deliver strong monthly oil production in Indonesia

The award for Bunian 5’s drilling contract has been delayed due to the availability of 650 horsepower rigs.

Bass has proposed to issue a tender for the provision of 750-horsepower capacity drilling rigs which are more common to the area.

The drilling program is expected to increase the production capacity of Tangai-Sukananti as well as increase developed reserves.

Optimisation and upgrade planning work at the Bunian and Tangai facilities continues.

Quick facts: Bass Oil Ltd

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Market: ASX
Market Cap: $5.69 m
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