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Bass Oil achieves increased monthly production in Indonesia as oil price rises

Crude oil touched a new 5-month high on Monday as the violent clashes in Libya continue, adding to supply fears.
barrels of oil
March production volumes totalled 22,957 barrels of oil

Bass Oil Ltd (ASX:BAS) is continuing to achieve strong monthly production at the Tangai-Sukananti oilfield onshore Indonesia at an average of 740 barrels of oil per day JV share in March, up 7% from February.

Total field production at Tangai-Sukananti for March was 22,957 barrels of oil JV share or 12,626 barrels of oil net to Bass.

March oil sales totalled 23,117 barrels of oil JV share or 12,714 barrels net to Bass.

Oil prices were up 3% during March. The average monthly realised oil price was US$62.49 compared with a monthly average oil price of US$60.51 per barrel recorded in February.

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

Aiming to double production

Bass has sought and received approval from PT Pertamina to issue a tender for the provision of a 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well.

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.

Evaluating acquisition targets

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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