Bass Oil weathering the storm

BASS OIL says that during the March quarter the global fiscal environment entered a period of great uncertainty as a result of pandemic but the company responded quickly, taking measures to ensure the health and safety of its employees.
Bass Oil weathering the storm Bass Oil weathering the storm Bass Oil weathering the storm Bass Oil weathering the storm Bass Oil weathering the storm

Tino Guglielmo

Staff Reporter

It had also taken steps to insulate the company from the financial impact of the steep falls in oil prices.
"The company is operating low cost assets and is well positioned to weather the current fiscal storm," said Bass Oil managing director Tino Guglielmo.
Bass it an Australian-listed Indonesian oil producer with a 55% operator interest in the Tangai-Sukananti licence in the South Sumatra Basin.
Highlights for the March quarter included:
• Production average of 713 barrels of oil per day JV share demonstrating consistent performance from the Bunian and Tangai fields.
• Net oil production for March quarter totalled 35,467 barrels and net oil sales for the quarter totalled 35,682.
• Net entitlement oil to Bass for the quarter totalled 22,818 barrels generating sales revenue of
$1.10 million and the oil price received averaged $48 for the quarter.
Bass added that modifications to the production facility were under way to increase the water handling capacity and allow for further increases in production from the Bunian 5 well and other higher water producing wells.
"The fields continue to generate positive cash contributions to the business with field operating costs around $20 per barrel," the company said.