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Bass Oil Ltd

Bass Oil increases quarterly oil production by 83% at Indonesian onshore fields

The increased production rate is a result of completed optimisation projects.

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Tangai-Sukananti is in Indonesia’s South Sumatra region

Bass Oil Ltd (ASX:BAS) has posted its highest quarterly production since at least 2014 at the Tangai-Sukananti oil fields onshore Indonesia, averaging almost 800 barrels of oil per day.

The net December quarter oil production of 39,920 barrels represents an 83.4% increase from the previous quarter.

Net quarterly sales increased 94.6% to 40,920 barrels and cash reserves at the end of December were US$850,000, an increase of 17%.

 

Bass managing director Tino Guglielmo said the company was entering an exciting period in its history.

A new drilling program is being planned at Tangai-Sukananti and the rig contract is expected to be awarded this quarter, with mobilisation and spud of the initial Bunian-5 well to follow.

The company is also planning work to upgrade the Bunianand Tangai production facilities, which will be required to process the additional fluid production expected after the drilling phase of the work program.

READ: Bass Oil continues to deliver strong monthly oil production in Indonesia

Guglielmo said: “We have significantly increased our production during the quarter, following our successful optimisation programs and ongoing debottlenecking.

“Our development drilling program will commence as soon as possible after the award of the drilling contract expected in first quarter 2019, based on rig availability.

“The company has identified and is targeting the acquisition of some exciting growth opportunities in the prolific oil and gas basins of Indonesia and has partnered with highly-respected local universities and collaborators to improve recovery from our existing fields as well as potentially from acquisition targets.”

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

During the quarter Bass continued to actively pursue acquisition opportunities in Indonesia in line with its strategy of expanding its footprint and building a portfolio of exploration, development and production assets.

A number of onshore and offshore Indonesian acquisition targets are being evaluated for placement on a short list, particularly those close to Bass’ existing production facilities.

Noting that oil recovery factors achieved in Indonesian oil fields are relatively low, the company entered into two memorandums of understanding (MoU) with the Bandung Institute of Technology (ITB) in Indonesia and Sejong University, South Korea.

The collaborations focus on studies into pilot implementation of smart, low-salinity water-flooding systems and carbon dioxide-enhanced oil recovery technologies.

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