- 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.