Press

Bass Oil: Onshore Indonesian Oil Operations Update – May 2018

Posted by OilVoice Press - OilVoice

19-Jun-2018


Highlights

  • New multi-year high monthly average oil price of US$70.51 realised from sales from theCompany's 100%-owned Tangai-Sukananti oil field in onshore Sumatra, Indonesia

  • 9% higher total May production of 18,500 barrels of oil (JV share) or 10,175 barrels (net to Bass)

  • May oil sales volumes from onshore Tangai-Sukananti totalled 17,000 barrels of oil (JV Share) or 9,350 barrels (net to Bass)

  • Upgrades to well pumps at two existing wells expected to double production at these wells

  • Planning for a two well drilling program advanced with expected drilling to commence in the December quarter 2018

Monthly Production and Sales:

Australian based oil producer, Bass Oil Limited (ASX:BAS) is pleased to report in its monthly operations update, a return to the strong production rates expected at Tangai-Sukananti in addition to receiving a new multi-year high realised oil price of US$70.51 per barrel in May.

Total field production at Tangai-Sukananti for May was 18,500 barrels of oil (JV Share) or 10,175 barrels of oil (net to Bass), a 9% improvement on production for April, and another strong performance subsequent to the completion of field optimisation works earlier in the year.

May oil sales equalled 17,000 barrels of oil (100% JV Share) or 9,350 barrels (net to Bass). Oil was at an average realised price of US$70.51 (A$93.67) per barrel, a 7.5% increase on the prior month.

Bass has commenced the detailed planning and approvals process for the 2018 drilling program scheduled to commence in December 2018. The scope of the program includes the drilling of up to two development wells, at Bunian 5 and Tangai 5. Details on the drilling program will be the subject of a separate ASX release, once the schedule is finalised.

It is expected that the drilling of these two proposed development wells will significantly increase the production capacity of the field as well as increase developed reserves.

A recently completed production optimisation study identified two opportunities to further increase Sumatran production and add significant value to this oil asset. The first is a pump upgrade at the Bunian 1 well, from a sucker rod pump to a high rate Electric Submersible Pump (ESP). This will allow an increase in fluid off-take from this well from 1,000 to 2,500 barrels of fluid per day.

The second project involves the installation of a sucker rod pump in the Tangai 1 well. Tangai 1 has been flowing naturally up until now. The installation of a pump will increase the off-take from 1,000 to 2,000 barrels of fluid per day. It will also assist in mitigating the problems with scale blockages to production.

The pumps are scheduled to be installed and commissioned in the September quarter 2018.

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.

Business Development:

Bass recently announced a step-up in its growth strategy in Indonesia with the appointment of a project acquisition specialist. Dr Simon Brealey, an experienced petroleum geologist, has been appointed to the New Ventures role.

Bass continues to evaluate a number of potential onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure, as the Company looks to add additional prospective oil properties to its portfolio during 2018.

Bass OilonshoreIndonesiaOilTangai-Sukananti KSOSumatraProduction

More items from oilvoice


Eco (Atlantic) Oil & Gas - Acquisition of Outstanding Minority Interest in PAO Namibia, Holder of Tamar Block

Acquisition of outstanding minority interest in PAO Namibia, holder of Tamar Block Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the independent oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, is pleased to announce that, through its who ...

OilVoice Press - OilVoice


Posted 1 hour agoPress > EcoEco AtlanticEco Atlantic Oil & Gas +7

Total: Results of the Public Tender Offer of Total on Direct Energie

Paris, September 20, 2018 – Following completion on July 6, 2018 of the acquisition of a 73.04% stake in the share capital of Direct Energie at €42 per share, Total welcomes the results of the public tender offer published by the Autorité des marchés financiers (AMF) yesterday, showing that Total ...

OilVoice Press - OilVoice


Posted 1 hour agoPress > TotalTender OfferDirect Energie +1

Rockrose Energy PLC - Interim Results

Unaudited results for the six months ended 30 June 2018 RockRose Energy PLC (“RockRose” or the “Company”) is pleased to announce its interim results for the six months ended 30 June 2018. Chairman's Statement Your Company continues to make strong progress and is in the process of completing ...

OilVoice Press - OilVoice


Posted 1 hour agoPress > ResultsEarningsRockRose Energy

Range: Waterflood Programme Update

Range, an international oil and gas company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to provide an update with respect of its producing waterflood project in the South East area of the Beach Marcelle field in Trinidad (the "SE Project"), with t ...

OilVoice Press - OilVoice


Posted 1 hour agoPress > RangeTrinidadWaterflood +3

China Will Lead Global Liquids Storage With Highest Capacity Additions and Capex to 2022, Says GlobalData

China is set to lead the global planned and announced liquid storage capacity with the highest capacity additions and capital expenditure (capex) over the next four years (2018 to 2022), says GlobalData , a leading data and analytics company. The company's latest report, ‘ Global Capacity and ...

OilVoice Press - OilVoice


Posted 10 hours agoOpinion > ChinaGlobalDataLiquids +1
All posts from oilvoice