Managing Director's Report
As an Australian ASX-listed company, Bass Oil (ASX:BAS) has a focus, along with our Indonesian-based field teams and partners, on expanding onshore oil production from our onshore holdings in Indonesia'sprolific South Sumatran Basin. The principal asset is a 55% Operator interest in the long-life Tangai- Sukananti licence hosting multiple in-field exploration & production options.
Cash position to US$0.99 million as at 30 June 2018
Net production for half year totalled 52,770 barrels (net to Bass)
Net oil sales for half year totalled 53,612 barrels (net to Bass)
Remediation program underway to address scale and pump problems at production wells in addition to planned upgrade works expected to increase future production from two existing production wells
Two highly prospective field development targets identified for drilling programs expected to commence in the December quarter 2018.
Bass Oil Managing Director, Mr Tino Guglielmo:
“Bass continues to work towards additional future oil production upside with a focus on the completion of a suite of initiatives infield and the planned drilling of two new prospective targets within the existing KSO. Although June 2018 quarterly production was impacted by recent scale and pump issues, Bass has made progress towards its production and optimisation plans, as well as its exploration, development and project partnering strategies for the remainder of calendar 2018. Bass continues to look for acquisition and partnership opportunities to add to our maiden production assets. Ideally, any such growth would involve stranded or dormant oil assets close to our existing infrastructure in which our highly experienced on-ground field teams are already operating in South Sumatra.”
During the half, the Company commenced ongoing strategic development and production optimisation initiatives at the KSO, resulting already in total production capacity uplift at the field and subsequent increased output from selected wells.
Concurrent to existing KSO development, Bass is targeting potential acquisitions of assets sharing synergies with existing operations. Of particular interest are those which are no longer core to the portfolios of other companies, or prospective late development stage or non-core producing assets that have become uneconomic for larger operators to run, and, which lie in close proximity to Bass' existing operations.