Bass Oil Half-Year Report

Posted by OilVoice Press - OilVoice


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.

  • 2nd acquisition settlement payment to Cooper Energy of US$0.39 million (A$0.5 million) paid; successfully negotiated the deferral of the remaining two payments for six months respectively.

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.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Bass OilASXReportEarningsonshoreoil productionProductionOilSouth SumatraSouth Sumatran Basin

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 8 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice