Bass Oil (ASX: BAS) is pleased to announce that it has produced a record monthly oil production of 27,795 barrels of oil JV share, or 15,287 barrels Bass share, from its Indonesian Tangai-Sukananti KSO during the month of October. This represents an average daily rate of 896 barrels of oil per day.
This is a 7% increase over the previous Joint Venture production record of 26,077 bbls set in October 2015 and a 63% increase over September 2018 production levels of 17,081 barrels of oil Joint Venture share. Bass has a 55% interest in the Joint Venture.
A successful ongoing production optimisation program along with completion of a three well scale remediation program has led to the field producing at full capacity for the past month, realising company expectations. The field is currently producing at a rate of approximately 850 barrels of oil per day.
Bass Managing Director Mr Tino Guglielmo said today “This production result is a credit to the efforts of Jakarta based and field based teams. It validates our view that the Tangai-Sukananti asset is an excellent foundation asset from which to build our Indonesian business.”