Release Date: 9 April 2018
Record March output as Indonesian oil field production lifts ~21% on February levels as a result of optimisation work
Highest output since 2017 project acquisition
Further uplift of 150-250 barrels of oil per day expected from Bunian-3
Total March production of 19,883 barrels of oil (JV share) or 10,936 barrels (net to Bass)
March oil sales totaled 19,299 barrels of oil (JV Share) or 10,615 barrels (net to Bass)
Optimisation work undertaken resulted in a ~20% uplift to 650 BOPD at Tangai-Sukananti KSO (South Sumatra) with further gains expected over coming weeks
Australian oil producer, Bass Oil Limited (ASX:BAS) is pleased to report in its monthly operations update, record March oil production from the Company's Indonesian oil production assets.
During March, Bass reported total field production of 19,883 barrels of oil (JV Share) or 10,936 barrels of oil (net to Bass). The strong production uplift of 21% brings production from Tangai- Sukananti KSO in South Sumatra to its highest levels since project acquisition by Bass Oil early in 2017. As foreshadowed in previous announcements, this robust and improving performance is a direct result of the successful optimisation work pursued by Bass over the past 6 months.
March oil sales equaled 19,299 barrels of oil (100% JV Share) or 10,615 barrels (net to Bass) at an average realised oil price of US$59.83 (A$77.82) per barrel.
Bass commissioned the new 4-1/2” flowline at the Bunian-3 well in mid-March. As previously reported, this larger flowline was installed to clear the bottleneck identified at Bunian-3, facilitating significant improvements in production rates. The removal of this bottleneck has doubled the flow capacity of this well from 350 barrels of oil per day (bopd) up to approximately 700 bopd. The well is currently producing 450 bopd with production to be gradually increased in April to its maximum. This successful flowline installation is in addition to other previously announced optimisation work, including:
Bunian-1 pump speed improvements
Tangai-1 scale removal program, and;
Efficiency gains from scale removal from the water separation tank and associated pipework at the Bunian Central Processing Facility.
The gains are part of the strategy by Bass' Indonesian operations team to continually focus onoptimising 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. The Company is now pleased to realise this strong subsequent uplift to total field output.
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 September 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 onshore Indonesian acquisition targets, particularly those closest to its existing production infrastructure, as the Company looks to add additional prospective oil properties to its portfolio during 2018.
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