Join our daily newsletter At The Bell to receive exclusive market insights
- Australian based Indonesian oil producer Bass Oil (BAS) announces November’s field production at the Tangai-Sukananti licence in the South Sumatra Basin
- For the month, the project averaged 347 barrels of oil per day (bopd), which is slightly less than October’s result
- Total production for the month was 10,403 barrels of oil JV share or 5722 barrels net to Bass
- However, December is currently tracking higher production at 360 bopd
- On the market today, Bass is up 33.3 per cent and trading at 0.2 cents per share
Bass Oil’s (BAS) field production for November averaged 347 barrels of oil per day (bopd) from 55 per cent operator interest in Tangai-Sukananti licence in the South Sumatra Basin, Indonesia.
Total production for the month was 10,403 barrels of oil joint venture share or 5722 barrels net to Bass. This result is slightly lower than October’s result.
The average monthly realised oil price for November was US$79.45 (A$110.66 ) per barrel, down two per cent from October’s US$81.27 (A$113.20).
Tangai-Sukananti’s total field production was down 4.6 per cent in November, with rates returning to the expected capacity of between 350 bopd including minor field downtime.
However, December is currently tracking higher production at 370 bopd.
Last month, the regulator granted approval from drilling at the Tangai 5 well, located within Tangi field. Drilling at the well is expected to commence early next year.
Additionally, the company has also progressed the Copper Basin acquisition, with the deal nearly completed.
“The transaction represents a unique opportunity for Bass to acquire a quality portfolio of assets in the Cooper basin which will provide a platform to secure additional interests in this prolific hydrocarbon province,” the company said.
On the market today, Bass was up 33.3 per cent and is trading at 0.2 cents per share at 3:15 pm AEDT.
