Bass on acquisition trail

BASS Oil has released its half-year results from its Indonesian oil production operation at Tangai-Sukananti licence in the South Sumatra Basin.
Bass on acquisition trail Bass on acquisition trail Bass on acquisition trail Bass on acquisition trail Bass on acquisition trail

Staff Reporter

Highlights included:
 
• A 31.2% increase in production to 69,370 barrels (first half calendar year 2018: 53,000 barrels) from production optimisation and scale remediation activities.
 
• A 26% increase in first half calendar year 2019 sales revenue to $2.09 million (2018 comparable: $1.66 million) on higher production and prices.
 
• A $0.62 million improvement in EBITDA to $0.36 million (2018 comparable: $0.26 million), demonstrating cash generation potential of the business.
 
Bass managing director Tino Guglielmo said his company was focused on growing the business in Indonesia as it prepared for an upcoming drilling program.
 
"The team has identified and is targeting the acquisition of some exciting growth opportunities in the prolific oil and gas basins of Indonesia and is looking to double production by drilling the Bunian 5 development well in October this year," Guglielmo said.

 

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