Bass realises significant 20% uplift in daily field output at onshore oil production assets in South Sumatra
Latest optimisation work results in significant increase in Sumatran oil field output
20% uplift in daily field production to 650 BOPD at Indonesian Tangai-Sukananti KSO with further gains expected over coming weeks
Australian oil producer, Bass Oil Limited (ASX:BAS) has announced a substantial 20% uplift in field output at its oil producing Tangai-Sukananti KSO, in Indonesia's prolific South Sumatra Basin.
This lifts the Company's 2018 daily field output from 550 barrels of oil per day (bopd) earlier this year, to a current 650 bopd, with further gains of between 150 to 250 bopd expected over coming weeks.
The significant production uplift is a direct result of the successful completion of field optimisation work pursued by Bass over the past six months. The majority of the uplift and anticipated future uplift in production has resulted from the flow line debottlenecking from the Bunian-3 well.
As previously reported, the 2-7/8” diameter Bunian 3 flowline was identified as significantly restricting production capacity from this well. The flow line was replaced with a larger 4- 1/2” flowline. The new line was commissioned in mid March.
Removing this restriction has doubled the flow capacity from this well from 350 bopd up to approximately 700 bopd. The well is currently producing 450 bopd with production to be gradually increased to its maximum during April.
The gains are part of the strategy by Bass' Indonesian operations team to continually focus on optimising well performance and the performance of existing production infrastructure from the KSO to remove any restriction to overall output from the KSO. The team has worked diligently to complete the various planned field optimisation initiatives and the Company is now pleased to realise this strong subsequent uplift to total field output.
Bass Oil also benefited last month from the results of a major new field development study by independent petroleum geoscience and engineering consultancy, UNPAD, associated with Indonesia's Padjadjaran University.
The study's findings materially upgraded the prospectivity of Bass Oil's 55% stake in the Tangai-Sukananti licence, identifying an additional 1.62 million barrels of oil (893,000 barrels net to Bass) of un-risked, recoverable, prospective resource in two new drill-ready, near field prospects.
The study found these prospects have the potential to significantly increase recoverable oil from the Tangai-Sukananti licence as well as further increasing recoveries from Bunian and Tangai. Bass has now added these two new drill prospects to the Company's planned 2018- 2019 exploration and development drilling program.