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Bass Oil Ltd

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

Oil prices were up 8% during April with an average monthly realised oil price of US$67.39.

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Bass is aiming to drill the Bunian 5 well soon

Bass Oil Ltd (ASX:BAS) is continuing to achieve steady monthly production at the Tangai-Sukananti oilfield onshore Indonesia with total field production of 20,273 barrels of oil JV Share or 11,150 barrels of oil net to Bass.

April oil sales totalled 20,334 barrels of oil JV Share or 11,184 barrels net to Bass.

Monthly oil production and sales were down slightly over March with April production rates averaging 676 bopd (barrels of oil per day).

Oil prices were up 8% during April. The average monthly realised oil price was US$67.39 compared with a monthly average oil price of US$62.49 per barrel recorded in March.

The fields continue to generate positive cash contributions to the business with field operating costs at or below US$25 per barrel.

 

The field continues to perform well with production in April averaging 676 barrels of oil per day JV share.

This was a pleasing result considering that the Bunian 1 and Tangai 1 wells were shut in due to downhole pump failures.

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

The team in Indonesia is currently sourcing a well service rig to perform a program of well work, including the Bunian 1 and Tangai 1 pump repairs, Bunian 4 workover and the Tangai 4 conversion to water injector.

This work will commence as soon as possible.

Development planning

Bass has issued a tender for the provision of 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.

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