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Bass Oil continues steady oil production in Indonesia generating positive cash flow

The Bunian 5 development well has commenced drilling and is expected to double production.

Bass Oil Ltd - Bass Oil continues steady oil production in Indonesia generating positive cash flow
High impact business development opportunities under advanced evaluation

Bass Oil Ltd (ASXBAS) has achieved total monthly field production of 20,115 barrels of oil JV share or 11,063 barrels of oil Bass share for September 2019.

September oil sales totalled 21,088 barrels of oil JV share or 11,598 barrels Bass share. Monthly average oil production for September was 671 barrels of oil per day (bopd).

The average monthly realised oil price for September was US$60.13 compared with a monthly average oil price of US$56.59 per barrel recorded in August.

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

Production operations

Field production has been steady throughout September 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.

The team in Indonesia has sourced and contracted a workover rig to perform the remaining well work, which includes the Tangai 3 pump repair, the Bunian 4 workover and the Tangai 4 conversion to water injector.

The commencement of this work has been delayed to accommodate the early arrival of the drilling rig to site for the drilling of the Bunian 5 well.

The workover program will commence are soon as possible following the completion of the drilling program.

Business development

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

The active business development program has a three-tiered strategy designed to create and maximise value through:

  • company transforming acquisitions;
  • material growth exploration opportunities; and
  • optimisation of existing mature fields through the application of proven technologies.

Within Indonesia, there are a number of very high impact oil and gas projects that fall into each of these categories that Bass is in an excellent position to be able to acquire.

Bass expects that a combination of these business development opportunities would firmly place the company in the mid-tier/junior ASX listed oil and gas producer sector, i.e. 2,000-5,000 boepd (barrels of oil equivalent per day).

Quick facts: Bass Oil Ltd

Price: 0.002 AUD

ASX:BAS
Market: ASX
Market Cap: $6.68 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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