Bass Oil’s (ASX:BAS) production rate falls, oil price spikes

• Australian-based oil explorer Bass Oil’s (BAS) monthly oil production at Tangai-Sukananti, Indonesia has fallen two per cent on its May production levels
• The company’s monthly average oil production for June was 725 barrels of oil per day (bopd) compared to May’s 742 bopd
• However, Oil prices have increased by 43 per cent on the May statistics; an average oil price for June was US$33.11
• Now, Bass says it has started reviewing a number of onshore Indonesian opportunities as the energy industry appears to be improving
• On market close, Bass Oil remains steady and is trading for 0.2 cents per share

Australian-based oil explorer Bass Oil’s (BAS) monthly oil production at Tangai-Sukananti, Indonesia has fallen two per cent on its May production levels.

The company’s monthly average oil production for June totalled 725 barrels of oil per day (bopd), which is two per cent lower than May’s production rate of 742 bopd. The month’s production totalled 21,745 barrels of oil (JV share) or 11,960 barrels of oil (Bass share).

Meanwhile, sales for June totalled 22,471 barrels of oil (JV Share) or 12,359 barrels (Bass share).

However, oil prices have increased; an average oil price for June was US$33.11, which is up 43 per cent compared to May.

Additionally, Bass Oil says its COVID-19 cost reduction measures have paid off, with the company generating positive cash contributions, with total operating costs, including overheads, at approximately US$20 per barrel.

Additionally, Bass says production from the Bunian and Tangai fields will continue to be unaffected by the current developments.

“Bass has contingency plans in place to mitigate against the impact on production from an unexpected spread of the COVID-19 virus,” the company said.

Bass says it has started reviewing a number of onshore Indonesian opportunities as the energy industry appears to be improving.

“There is significant uncertainty about the pace of any improvement in the economic climate however the company will vigilantly monitor the changes in outlook and will update the market on developments as appropriate,” the company added.

On market close, Bass Oil remains steady and is trading for 0.2 cents per share.