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- Bass Oil (BAS) completes its Tangai-5 development well in Indonesia, recording an initial clean up flow rate of 1120 barrels of oil per day (bopd)
- All up, Bass Oil produced roughly 120 barrels of oil during the test with the initial flow rate highlighting the “highly-productive” nature of the M reservoir in the Tangai field
- Bass has now connected the well to the Tangai Production Facility at a controlled rate of approximately 250 bopd as it looks to ramp up the wells production rate
- The company says if its targeted production and export rates are achieved, it will be able to have its $2.2 million investment in the well repaid within three months
- BAS shares are up 2.44 per cent and trading at 3.9 cents as of 12:41 pm AEST.
Bass Oil (BAS) has completed its Tangai-5 development well in Indonesia, recording an initial clean up flow rate of 1120 barrels of oil per day (bopd).
The company said the initial production was recorded on a 13/64 inch choke at a flowing tubing head pressure of 480 psi to an on-site storage tank for a period of 2.5 hours.
All up, Bass Oil produced roughly 120 barrels of oil during the test with the initial flow rate highlighting the “highly-productive” nature of the M reservoir in the Tangai field.
The well has now been connected to the recently-upgraded Tangai Production Facility at a controlled rate of approximately 250 bopd to commission the facility modules and bed down export capacity.
The company is currently deploying a well test crew complete with a test separator and wireline equipment to the Tangai site to perform a well deliverability and pressure build-up survey by the end of the month.
Bass is targeting a production rate of between 500 bopd and 750 bopd following completion of the well test.
Managing Director Tino Guglielmo said if this production rate was achieved, the company expected to raise total oil exports from the Tangai-Sukananti KSO to its limit of
1000 bopd.
“We look forward to achieving a strong steady production rate which will most likely triple our current oil production in the KSO,” Mr Guglielmo said.
“This uplift, combined with the higher oil price in the current market, will see our initial investment repaid in less than three months.”
Tangai-5 is estimated to have cost roughly $2.2 million.
Bass holds a 55 per cent stake in the Tangai Field, with Mega Adhyaksa Pratama Sukananto (MAPS) holding the other 45 per cent.
BAS shares were up 2.44 per cent and trading at 3.9 cents as of 12:41 pm AEST.
