Market Herald logo


Be the first with the news that moves the market
  • Bass Oil will begin drilling at its Bunian-5 well soon, located at an onshore oil rig in the South Sumatra basin
  • Once in production, the Bunian-5 well is expected to double production at the project
  • Bass Oil’s share price has remained flat today, currently sitting at $0.002 apiece

Bass Oil is set to commence drilling soon at the Bunian-5 well, located within the Tangai-Sukananti project – an onshore oil rig in the South Sumatra Basin.

Being a development well, the company is confident in its success. Once operating, Bunian-5 will double production to 1400 barrels of oil per day.

Initially Bunian-5 is expected to produce 750 barrels of oil per day, and it’s estimated the well will produce 546,000 barrels of oil in total.

Once the rig is installed it is expected the well will spud by the end of the month, after roughly 30 days of drilling.

The drilling targets were decided based on results from an integrated field study.

At the Tangai-Sukananti project, the Bunian-1 and Bunian-3ST2 wells are currently in production.

According to a reserve estimate, it is forecast the Bunian field has a total reserve of 2.09 million barrels of oil.

An additional two drilling targets have been identified at the project, which the company will explore.

Bass Oil’s share price has remained flat today, currently sitting at $0.002 apiece, as of AEST 3:21 pm.

BAS by the numbers
More From The Market Herald

" GWA Group (ASX:GWA) completes extension of syndicated banking facility

GWA Group (GWA) has successfully extended its syndicated banking facility.

" Downer (ASX:DOW) refinances $1.4b loan facility

Downer EDI Limited (DOW) has refinanced the group’s inaugural $1.4 billion sustainability linked loan facility, which was established in December 2020.
Quickstep (ASX:QHL) - CEO, Mark Burgess

" Quickstep (ASX:QHL) partners with Swoop Aero

Quickstep (QHL) has signed a strategic supply agreement with Swoop Aero.
Electro Optic Systems (ASX:EOS) - CEO, Dr Ben Greene

" Electro Optic Systems (ASX:EOS) moves ahead with OHB contract

Electro Optic Systems (EOS) will move ahead with a manufacturing contract with OHB Systems after concluding negotiations.