viewBass Oil Ltd

Bass Oil continues to deliver strong monthly oil production in Indonesia

The fields continue to generate positive cash contributions to the business with field operating costs at or below US$30 per barrel.

oil barrels
Bass is evaluating potential onshore Indonesian acquisition targets

Bass Oil Ltd (ASX:BAS) is continuing to achieve strong monthly production at the Tangai Sukananti fields onshore Indonesia at an average of 712 barrels of oil per day in December 2018.

This is the third highest production level attained from the field in the last 12 months.

Total field production at the Tangai-Sukananti was 22,071 barrels of oil (JV Share) or 12,139 barrels of oil (net to Bass) in December 2018.

December oil sales totalled 23,747 barrels of oil (100% JV Share) or 13,061 barrels (net to Bass).

The oil price fall continued during December in line with movements in global oil markets.

The average monthly realised oil price was US$53.86 compared with a monthly average oil price of US$62.25 per barrel received in November.

The fields continue to generate positive cash contributions to the business with field operating costs at or below US$30 per barrel.


The construction of the new Bunian 5 well site was completed in December.

Drilling contract negotiations are continuing with drilling expected to occur in the first quarter of 2019 subject to rig availability

Bunian 5 drilling program is expected to further increase the production capacity of the Tangai-Sukananti fields as well as increase developed reserves.

Meanwhile, planning work for the upgrade of the Bunian and Tangai production facilities continues.

A facility upgrade is required to process the additional oil and fluid production anticipated following the completion of the drilling phase of the work program.

READ: Bass Oil targets high-value and low-risk opportunities with growth strategy

During December, Bass revealed that it elected to withdraw from the acquisition of a 100% participating interest in the North Madura PSC following the completion of its due diligence inquiries.

The company 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.

Quick facts: Bass Oil Ltd

Price: 0.0015 AUD

Market: ASX
Market Cap: $5.01 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Bass Oil Ltd named herein, including the promotion by the Company of Bass Oil Ltd in any Content on the Site, the Company receives from said...



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