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Bass Oil hits record Indonesian oil production again in December

The company is building towards a substantial onshore Indonesian oil and gas business with a focus on executing opportunities in South Sumatra.

Bass Oil Ltd - Bass Oil hits record Indonesian oil production again in December
A Smart-Water injection trial will commence in the current quarter

Bass Oil Ltd (ASX:BAS) has set a new oil production record at its 55%-owned Tangai Sukanati KSO in the South Sumatra oil & gas region of Indonesia, the second successive monthly record.

The joint venture’s monthly average oil production for the month was 1,009 barrels of oil per day (bopd).

This is an increase of 7% over the record set in the previous month, attributable to the Bunian 5 well which was brought on-line in November.

Total JV field production for the month was 31,265 barrels of oil, or 17,196 barrels net to Bass.

Price per barrel

December JV oil sales totalled 31,916 barrels of oil with Bass’ share being 17,554 barrels.

Average monthly realised oil price for December was US$66.15, up 6% compared with a monthly average of US$62.32 per barrel in November.

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

Production facility modifications

A pump failure in Bunian 1 impacted production and is expected to be replaced and the well returned to continue operations in early February.

Modifications are being made to the production facility to allow for anticipated further increases in production from the Bunian 5 well and other higher water producing wells.

The current field producing, processing and exporting limit is approximately 1,100 bopd while the modifications continue.

Well workover

A workover rig was mobilised to Tangai Sukanati in December to perform a workover program on the Bunian 4 location.

The goal is to remove a downhole obstruction preventing the production of well fluids with the well brought back into production from the TRM 3 oil zone, which should add to the total production capacity.

This rig will then move to complete the remaining well work including the Bunian 1 and Tangai 3 pump repairs.

The workover program will conclude with the Tangai 4 conversion to water injector

Pilot trial

Tangai 4 well will host the field pilot for the Smart-Water injection trial in the current quarter.

This trial is targeting an increase in field recovery via the injection of tailored low salinity water to improve oil recoveries.

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ASX:BAS
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