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Bass Oil achieves more than 20% month on month lift in oil production

Tangai-Sukananti is one of the company’s Indonesian oil production assets in which it has a 55% stake.
Map of oil field where Bass's Tangai-Sukananti project is located
Bass reported net oil production of 9,021 barrels in February

Bass Oil Ltd (ASX:BAS) has achieved a substantial lift in oil production in February from its joint venture interest in the Tangai-Sukananti field.

This is one of the company’s Indonesian oil production assets in which it has a 55% stake.

The project is in the prolific oil and gas region of South Sumatra.

As at 31 December 2017, Tangai-Sukananti was producing on average 600 barrels of oil per day from 4 wells.

Production increases following maintenance

During February, Bass reported total field production of 16,403 barrels of oil or 9,021 barrels of oil net to Bass.

This represents a 24% increase on the previous month’s output following the successful completion of scale removal at the Tangai-1 well.

Works completed at the water separation tank and the associated pipework at the Bunian Central Processing Facility also had a positive impact.

Total February oil sales were 14,616 barrels of oil or 8,038 barrels net to Bass at an average realised oil price of US$59.82 per barrel.

Robust reserve base

Bass’s gross 2P reserves at 30 June, 2017 were assessed to be 1.35 million barrels of oil.

Bass intends to build a substantial oil and gas business with a clear focus on executing opportunities in the South East Asia region.

Management’s interests are closely aligned with those of shareholders as they account for more than 20% of the company’s stock.

Given the company's solid reserves position and the fact that it is delivering regular production, the market capitalisation of $10 million is surprisingly modest.

Field optimisation to increase production at Bunian

Bass has installed a new flowline connecting Bunian-3 to its production facility, removing a bottleneck which constrained production.

The new line is now subject to hydro-testing prior to its commissioning later this month.

Following the testing, management expects oil production from Bunian-3 to increase by more than 75 barrels per day.

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