Release Date: 27 August 2018
Australian-listed, Indonesian oil producer, Bass Oil Limited (ASX:BAS) is pleased to announce that the Company has received formal approval from Indonesia's State-owned oil and natural gas corporation, PT Pertamina, for the budget to drill two onshore development oil wells, Bunian 5 and Tangai 5, from December this year in Bass's onshore oil fields in southern Sumatra.
Pertamina's approval is a pre-requisite prior to Bass commencing the procurement process for drilling services and equipment for the two well schedule.
The current intent is for the drilling of Bunian-5 first, during December 2018, followed by the proposed Tangai-5 well. It is expected that the drilling of these two proposed oil development wells will significantly increase the production capacity of Bass's 55%-owned Tangai-Sukananti field as well as increase developed reserves.
Bass will provide shareholders with further details once logistics and all third-party service providers are finalised.
Planning work for the upgrade of the Bunian and Tangai production facilities continues. A facility upgrade is required to process the additional oil and fluid production anticipated following the completion of the drilling phase of the work program.