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Bass Oil Ltd

Bass Oil continues strong monthly oil production at Tangai Sukananti onshore Indonesia

The company is generating positive cash contributions with field operating costs at or below US$25 a barrel.

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The Tangai Sukananti joint venture is in South Sumatra

Bass Oil Ltd (ASX:BAS) has continued with strong field performance at its Tangai Sukananti oilfield onshore Indonesia, producing a total of 19,329 barrels of oil in the shorter month of February.

Oil sales for February totalled 18,656 barrels of oil and the monthly average oil price achieved was US$60.51, up from the average price of US$55.74 per barrel recorded in January.

 

An average of 690 barrels of oil per day was produced, down only 3% from January despite both the Bunian and Tangai 1 wells being shut for a substantial period due to downhole pump failures.

Tangai 1 has since been returned to production after pump repair operations and the company is awaiting a well service rig, expected in late March or early April, for pump replacement at Bunian 1.

READ: Bass Oil increased proved reserves at onshore Tangai Sukananti oil field by 76%

Bass has sought approval from Indonesian state-owned oil and natural gas corporation PT Pertamina to issue a tender for a 750-horsepower capacity drilling rig to drill the Bunian 5 well.

Drilling is expected to begin by mid-year and Bass anticipates Bunian 5 will double production from the field and increase developed reserves.

Evaluation of potential onshore acquisition targets continues as Bass seeks to add prospective oil properties to its portfolio.

Quick facts: Bass Oil Ltd

Price: 0.002 AUD

Market: ASX
Market Cap: $6.68 m
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Bass Oil set to drill 'a low-risk and very high-impact well' with Bunian 5

Bass Oil Ltd (ASX:BAS) managing director Tino Guglielmo updates Proactive Investors on increased reserves, increasing production, and expanded criteria in the search for additional Indonesian oil assets. Guglielmo says, "The Buyian 5 well is going to be at least as good as the Bunyan 3...

on 11/3/19

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