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Bass Oil (ASX:BAS) - Managing Director, Tino Guglielmo - The Market Herald
Managing Director, Tino Guglielmo
Source: Mining Weekly
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  • Bass Oil (BAS) has spruiked increased field production figures for early April after completing well repair work across its oil project in Indonesia
  • The company reported a 17 per cent improvement on March figures for the first week of April, reaching a production average of 505 barrels of oil per day
  • Bass attributed the uplift in production to the successful completion of well repair work undertaken at its Bunian and Tangai wells throughout February and March
  • The company has also laid plans for further drilling at prospects within the oil field and said it is reviewing "a number of onshore Indonesian and other opportunities" as fiscal energy outlooks improve
  • Bass Oil is up 14.3 per cent following the announcement, trading at 0.4 cents per shar

Bass Oil (BAS) has spruiked increased field production figures for early April after completing well repair work across its oil project in Indonesia.

In an update for its Tangai-Sukananti oil operations in Indonesia, the company reported an increased daily production average of 505 barrels of oil per day for the first eight days of April, representing a 17 per cent improvement on March levels.

March production came to 13,396 barrels of oil under its joint venture share, equating to 7368 barrels net to Bass.

Sales for the period totalled 13,753 barrels of oil also from the joint venture share with over half of this credited to Bass, enjoying an average oil price for the month of US$61.76 (roughly A$81.20) per barrel.

Bass attributed the uplift in production to the successful completion of well repair work undertaken in the field throughout February and March, which included pump repairs at the Bunian one and Tangai one wells and flow line repairs at the
Bunian three well.

Looking ahead, Bass said it is reviewing "a number of onshore Indonesian and other opportunities" in the wake of an improved fiscal outlook for the energy industry.

The company has also flagged plans to commence drilling at one well in the Tangai field and up to two contingent wells in the Bunian field towards the end of this year.

Bass Oil is up 14.3 per cent following the announcement, trading at 0.4 cents per share at 1:47 pm AEST.

BAS by the numbers
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