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Bass Oil Ltd

Bass Oil completes Tangai and Bunian 1 repairs, Bunian 5 development to double Tangai production

The company is looking to expand its portfolio with additional prospective oil properties.

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The monthly average oil price was US$61.01

Bass Oil Ltd (ASX:BAS) has returned both Bunian and Tangai 1 to production after a well service rig carried out pump repairs, with production gradually returning to more than 700 barrels of oil per day during July.

In June the field had a total joint venture production of 632 barrels of oil per day, despite Bunian 1, Tangai 1 and Tangai 3 wells shut due to downhole pump failures.

READ: Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield

The company has also received tenders for the provision of 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well.

Bass’ team in Jakarta is negotiating and finalising contract terms and conditions with the preferred tenderer.

The aim is to drill the Bunian 5 well as soon as the rig is available, likely to be October.

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

READ: Bass Oil raising up to $3 million for development drilling at Indonesian onshore oilfield

Total field production at Tangai-Sukananti in June was 18,968 barrels of oil shared by joint venture or 10,432 barrels of barrels net to Bass.

June oil sales totalled 19,000 barrels JV or 10,450 barrels net to the Australian-based Indonesian oil producer.

The average monthly realised oil price for June was US$61.01 compared with a monthly average oil price of US$67.78 per barrel recorded in April.

The Tangai fields are generating positive cash contributions to the business with field operating costs below US$25 a barrel.

READ: Bass Oil continues steady monthly production in Indonesia as oil price rises

A workover rig is being sourced to perform remaining well work including the Tangai 3 pump repair, the Bunian 4 workover and the Tangai 4 conversion to water injector.

Discussions to secure one or more onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure.

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

2 min read