Join our daily newsletter At The Bell to receive exclusive market insights
- Bass Oil (BAS) has ended the day 33 per cent down despite recording a new oil production record for its Indonesian well during November 2019
- Monthly production for November was 975 barrels of oil per day which is a 36 per cent increase from October
- This production increase is due to the Bunian 5 well, which was bought online in November
- Bass has ended the day down 33.3 per cent with shares trading for 0.2 cents apiece
Bass Oil (BAS) has ended the day 33 per cent down despite recording a new oil production record for its Tangai-Sukananti KSO during November 2019.
Monthly average oil production for November was 975 barrels of oil per day (bopd), which is up 36 per cent from October and nine per cent high than the previous record set in October 2018.
Image sourced Bass Oil
This production increase is due to the Bunian 5 well which was bought on line in November.
The production facility has been going under modifications to allow for the anticipated further increases in production from the Bunian 5 well and other higher water producing wells.
The field is currently producing over 1100 bopd and is expected to increase further in December and January.
Bass is particularly encouraged by the multiple confirmed reservoirs of the well with the two primary zones independently delivering peak flow rates of 860 and 650 bopd. However, they are currently restrained.
These results confirm that Bunian 5 has a plentiful production capacity from two productive zones that are capable of doubling overall production from the Bunian field.
Total field production for the month was 29,225 barrels of oil joint venture share, or 16,074 barrels of oil Bass share.
November oil sales totalled 27,432 barrels of oil joint venture share or 15,083 barrels Bass share.
The average monthly realised oil price for November was US$62.32 (AUD$90.58) compared with a monthly average oil price of US$58.77 (AUD$85.42) per barrel recorded in October.
The fields continue to generate positive cash contributions to the business with field operating costs at approximately US$20 (AUD$29.07) per barrel.
Bass is now continuing to evaluate and negotiate on a number of onshore and offshore Indonesian opportunities as it continues to look to add additional prospective oil properties to its portfolios during 2019.
Indonesia is home to a number of very high impact oil and gas projects that Bass is able to acquire.
It expects that a combination of business development opportunities would be able to place the company in the mid-to-junior tier of ASX-listed oil and gas producers, manufacturing between 2000 and 5000 barrels of oil equivalent per day.
Bass has ended the day down 33.3 per cent with shares trading for 0.2 cents apiece in a $10.02 million market cap.
