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Bass Oil enjoys price climb after 1,100 barrels of oil a day flows from Bunian 5 well

The company’s price lifted 50% by afternoon as investors welcomed confirmation Bunian oilfield had capacity for doubled production.

Bass Oil Ltd - Bass Oil enjoys price climb after 1100 barrels of oil a day flows from Bunian 5 well
Shareholders are hoping for price gains on positive confirmation of field capacity

Bass Oil Ltd’s (ASX:BAS) share price has gained 50% during intraday trading after it returned to the bourse with news of strong oil flows from its Bunian 5 well in Indonesia.

The Tangai-Sukananti oilfield operator has high hopes for the Bunian 5 well, which hosts two productive reservoirs in the Bunian field well.

Bunian 5’s two reservoirs intersections are at the same or slightly higher levels than at Bunian 3 ST2, the best producing well in Bunian field.

One of the two reservoirs, the high-quality TRM 3 sandstone zone, has been tested by Bass to good result today.

Oil produced to be on-sold

Bass reported production testing had averaged 1,128 barrels of oil a day with a 2% water cut.

“Production was recorded on a fully open choke with a flowing wellhead pressure of 140 psi in the first 12 hours, commencing November 2, 2019.

“The well has been choked back for the next phase of the testing program.”

Investors are expecting revenues from the testing once the company trucks and sells the oil as it confirmed today, along with other oil produced at Tangai-Sukananti oilfield.

“Significant production capacity”

The company’s latest results are being viewed as a further derisking of Bunian oilfield, one shareholders hope could promote successive price rises.

Bass Oil managing director Tino Guglielmo said, “This excellent flow result from the TRM 3 reservoir, the first of two known prolific oil-producing zones, demonstrates that a significant amount of production capacity remains at Bunian field.

“We congratulate the team on a safe and successful campaign, and we look forward to further positive results from the production testing in the coming days.”

Field testing results to continue

Bass said the well had now been cased after producing oil from both its primary targets, the K1 sandstone and TRM3SS sandstone.

The company said, “This result confirms that the Bunian-5 well is expected to double overall production from the Bunian field.”

The vertical well was drilled and completed over 23 days and extends to a 1,662-metre depth.

Next steps for the company involve a production test on TRM 3 reservoir over seven days and a similar test on K sandstone reservoir.

Quick facts: Bass Oil Ltd

Price: 0.002 AUD

ASX:BAS
Market: ASX
Market Cap: $6.68 m
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