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Bass Oil aims to double Tangai-Sukananti oil field production by drilling Bunian 5 well

The field continues to generate positive cash contributions to the business with field operating costs at US$20 per barrel.

Bass Oil Ltd - Bass Oil aims to double Tangai-Sukananti oil field production by drilling Bunian 5 well

Bass Oil Ltd (ASX:BAS) is aiming to drill the Bunian 5 well at its Tangai-Sukananti joint venture in Indonesia as soon as the rig is available which is now likely to be October.

Importantly, Bunian 5 is expected to double production from the oil field taking up the remaining available production capacity of the Tangai-Sukananti field facilities as well as increasing developed reserves.

Production and sales

The JV achieved total field production of 22,273 barrels of oil JV Share or 12,250 barrels of oil Bass share in August at Tangai-Sukananti.

August oil sales totalled 22,071 barrels of oil JV Share or 12,139 barrels Bass share. Monthly average oil production for August was 718 bopd (barrels of oil per day).

The average monthly realised oil price for August was US$56.59 compared with a monthly average oil price of US$61.26 per barrel recorded in July.

The field continues to generate positive cash contributions to the business with field operating costs at US$20 per barrel.

Field production has been steady throughout August with the wells recording minimal downtime.

The production facility has been subject to some water handling restrictions but this has resulted in only a minor restriction in oil production.

Business development

Bass continues to evaluate and negotiate on a number of onshore and offshore Indonesian opportunities, as the company looks to add additional prospective oil properties to its portfolio during 2019.

Quick facts: Bass Oil Ltd

Price: 0.002 AUD

ASX:BAS
Market: ASX
Market Cap: $6.23 m
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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

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