Steady progress in Sumatra for Bass

INDONESIAN oil producer Bass Oil says it suffered some minor disruptions to operations in May, mainly due to extensive rainfall, but still managed to produce some 9600 barrels of oil.
Steady progress in Sumatra for Bass Steady progress in Sumatra for Bass Steady progress in Sumatra for Bass Steady progress in Sumatra for Bass Steady progress in Sumatra for Bass

Tino Guglielmo

Haydn Black

Reporter

The junior's wells within the Tangai-Sukananti licence (55%) produced a total of 17,442bbl, while sales were up 3% from April to of 17,420bbl.
 
The company, which completed the purchase of the permit from Cooper Energy earlier this year, said it was pleased with the asset's recent performance, considering the impact of unseasonal rain.
 
The average price per barrel was $US45.68/bbl.
 
The partners held higher than normal month-end oil inventories in the field, due to the rainfall resulting in export limitations.
 
Month-end inventories stood at 2470bbl, and the company will seek to sell the additional inventory this month.
 
The company said the field continued to perform strongly with production being maintained above a gross 600bopd, or 330bopd net to Bass, which is slightly below February's levels due to natural field decline.
 
Bass believes it could undertake a range of development and optimisation opportunities later this year that could add up to 350bopd of production.
 
The current 2P reserves are 1.73MMbbl with 45% of reserves undeveloped affording substantial low risk upside potential. Production is expected to continue until mid-2025.
 
Managing director Tino Guglielmo confirmed the company was continuing to undertake due-diligence on potential growth opportunities within the prolific South Sumatra in close proximity to its existing Tangai-Sukananti KSO now that it has largely abandoned the Gippsland and Otway basins in Australia for Indonesia.
 
 The company still owns 100% of VIC/P68 and remains keen to find a partner to help it assess the potential of the Rosedale fault system, but despite its belief that there are large prospects that could be lookalikes to the Basker-Mantra-Gummy fields, and the proximity to Cooper's Sole gas development, it is struggling with a lack of exploration interest in the Gippsland Basin.
 
VIC/P68 also contains the small Leatherjacket oil discovery, which may be of sufficient size to support a cluster of small oil fields with exploration success. 
 

 

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