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Bass Oil to commence drilling Bunian-5 well this week, oil price surges

The drill rig is at the well location and is 80% rigged up, Bunian-5 is estimated to bring on 750 barrels of oil per day.

Bass Oil Ltd - Bass Oil to commence drilling Bunian-5 well this week, oil price surges
Compliance and readiness checks are now ongoing prior to well spud

Bass Oil Ltd (ASX:BAS) expects to commence drilling the Bunian-5 vertical oil and gas well later this week within the Bunian Field within the Tangai-Sukananti KSO Project located onshore Indonesia.

The Bunian-5 well is estimated to take 30 days to drill and reach a total depth of 1,700 metres.

The Tangai-Sukananti KSO is located on the island of Sumatra in Indonesia and hosts two oil fields, Bunian and Tangai.

Bass owns a 55% interest in Tangai-Sukananti KSO and is the operators of the project.

The Bunian-1 and Bunian-3ST2 wells are currently in production.

The Bunian Field contains oil at three reservoir levels and Bunian-5 will target the primary TRM3SS and secondary GRM and K reservoir levels.

These reservoirs have produced or tested oil at Bunian-1 (TRM3SS), Bunian-3ST2 (TRM3SS and K) and Bunian-4 (TRM3SS and GRM) wells.

Adding 750 barrels per day

Bunian-5 is modelled to come on line at 750 barrels of oil per day and produce 0.546 million barrels of undeveloped recoverable oil JV share at the primary TRM3SS reservoir level.

Should the 1,700-metre well be successful, it will be completed and brought into production immediately.

Bass has other targets within the Bunian Field it intends to drill after Bunian-5 keeping investors leveraged to ongoing exploration-based news flow.

Oil prices surge after supply disruption

The oil price surged as high as 19% this morning after a drone attack on a production facility in Saudia Arabia on the weekend.

Saudia Arabia is one of the world's largest oil suppliers so the event was significant for oil prices.

President Trump took to Twitter earlier this morning local time to try calm the price reaction by saying that the US would release some of its reserves to meet market demand.

The US President has recently been outspoken that he wants US interest rates lower, and a higher oil price threatens that future as the higher oil price supports higher inflation.

 

 

 

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