Indonesian oil field production uplift of ~24% on January levels as output returns to normal
February production of 16,403 barrels of oil (JV share) or 9,021 barrels (net to Bass)
February oil sales totaled 14,616 barrels of oil (JV Share) or 8,038 barrels (net to Bass)
Results from major integrated field study reveal material upgrades to prospectivity of Bass' 55% stake in South Sumatran Tangai-Sukananti KSO
Australian oil producer, Bass Oil Limited (ASX:BAS) is pleased to provide shareholders with a February operations update on the Company's Indonesian oil production assets.
During February, Bass reported total field production of 16,403 barrels of oil (JV Share) or 9,021 barrels of oil (net to Bass). This represents a strong ~24% uplift on the previous month's output following the successful completion of scale removal at the Tangai-1 well, the water separation tank and the associated pipework at the Bunian Central Processing Facility. The occurrence of this scale was previously restricting flow capacity from the overall Tangai-Sukananti field.
Tangai-Sukananti Historical Production (55% basis)
Bass has completed installation of the 4-1/2 inch flowline connecting Bunian-3 to its production facility. The upgrade will remove a bottleneck which was caused by the original 2-7/8 inch flowline, subsequently constraining production. The new pipeline is now subject to hydro-testing prior to its commissioning later this month, following which Bass expect oil production from Bunian-3 to increase by in excess of 75 barrels per day.
Field Development Study
First results from the multi-disciplinary field development study being performed by UNPAD have been announced. (Refer to ASX Announcement on 5 March 2018 - Bass Oil Flags Major Indonesian Prospectivity Boost)
Bass has highlighted the significant appraisal and near field exploration potential of the Tangai-Sukananti KSO. Success at either of the drilling prospects recently identified will result in a material uplift in future production potential and subsequent extension to field life.
Bass is nearing completion of the full study that will inform the Oil in Place (OIP) Reserves and subsequent development drilling targets. Drilling is anticipated to commence in the third quarter of this calendar year.
Concurrent planning work for the upgrade of the Bunian and Tangai production facilities is also underway. A facility upgrade is required to process the additional oil and fluid production rates anticipated following the completion of the drilling phase of the work program.
Bass continues to evaluate a number of acquisition targets, as the Company looks to add additional prospective oil properties to its portfolio during 2018.