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Bass Oil Ltd

Bass Oil increases production and sales at Indonesian onshore oilfield

The field continues to generate positive cash contributions to the business with field operating costs below US$25 per barrel.

oil barrels
Bass is aiming to drill the Bunian 5 well soon

Bass Oil Ltd (ASX:BAS) is continuing to achieve steady monthly production at the Tangai-Sukananti oilfield onshore Indonesia with total field production of 22,249 barrels of oil JV share or 12,237 barrels of oil net to Bass for the month of May.

May oil sales totalled 21,719 barrels of oil JV Share or 11,945 barrels net to Bass.

Monthly oil production and sales were up over April with May production rates averaging 717 bopd (barrels of oil per day).

The oil price was steady during May. The average monthly realised oil price was US$67.78 compared with a monthly average oil price of US$67.39 per barrel recorded in April.

Importantly, the fields continue to generate positive cash contributions to the business with field operating costs below US$25 per barrel.

Production operations

The field continues to perform well with production in May averaging 717 barrels of oil per day JV share.

This was a pleasing result considering that the Bunian 1, Tangai 1 and Tangai 3 wells shut in due to downhole pump failures.

A well service rig has mobilised to site to carry out the Bunian 1 and Tangai 1 pump repairs.

The team in Indonesia is currently sourcing a workover rig to perform the remaining well work including the Bunian 4 workover and the Tangai 4 conversion to water injector.

Development planning

Bass has received tenders for the provision of a 750-horsepower capacity drilling rig for the drilling of the Bunian 5 well. The tenders are currently being evaluated.

The aim is to drill the Bunian 5 as soon as the rig is available.

The well is expected to double production from the field taking up the remaining available production capacity of the Tangai-Sukananti field facilities as well as increasing developed reserves.

 

Bass continues to evaluate a number of potential onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure, as the company looks to add additional prospective oil properties to its portfolio.

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Market Cap: $5.84 m
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