Bass Oil Limited (ASX:BAS) has reported total sales revenue of A$1,827,629 net to Bass for October, up 8.3%, with group daily oil production averaging 424 barrels of oil per day and total monthly production reaching 13,146 barrels, up 28%, according to the company's October operations update.

Key Points

  • Total sales revenue for October was A$1,827,629 net to Bass, up 8.3%
  • Group daily oil production averaged 424 bopd, with total monthly production of 13,146 barrels, up 28%
  • Indonesian oil production was 10,726 barrels net to Bass, up 37%, sold at an average price of US$113.30 per barrel, up 5%
  • Cooper Basin monthly production was 2,420 barrels at an average oil price of A$180.52 per barrel, up 9%
  • Vanessa gas field recommissioning remains on budget and on schedule for start-up by year end, with a hydro-test crew mobilising to site on 26 November

Indonesian Operations and Bunian 6 Well Performance

Production from the company's Tangai-Sukananti Oil fields in Indonesia averaged 630 bopd gross (346 bopd Bass share) in October, up 32% on September, following Bunian 6 being brought online mid-September. Bass' share of field production for the month was 10,726 barrels of oil, with 10,403 barrels sold at an average oil price of US$113.30 per barrel. The M sand in the Bunian 6 well is performing well and has provided sufficient data for a reserve assessment. The field team is preparing to execute a zone change in Bunian 6 to bring the primary TRM3 zone online. Initial subsurface results confirm the well has exceeded expectations and increased confidence in the existence of a westerly extension.

Cooper Basin Operations and Vanessa Gas Field Recommissioning

Cooper Basin production for October was 2,420 barrels, averaging 78 bopd, with oil sales totalling 1,559 barrels at an average price of A$180.52 per barrel. The Worrior and Padulla facilities both recorded uptimes of over 99%. Recommissioning of the Vanessa gas field is progressing, with pressure safety valves recalibrated, re-certified and reinstalled, and electronic controllers confirmed in working order. A draft Gas Transportation and Processing Agreement was received from the Cooper Basin JV and is under review. The crew required to hydro-test the gas export pipeline is mobilising to site on 26 November, following completion of road upgrade works to allow heavy vehicle access.

2027 Drilling Program Planning and Triassic Gas Study Progress

The Bunian 6 drilling result has given the Joint Venture confidence to begin planning a follow-up drilling program in 2027 of up to two wells. The self-funded program will address the Bunian West and Bunian NorthWest structural highs. Separately, reprocessing of the Dundinna 3D seismic survey is complete, with mapping of the area identifying multiple structures on trend with the Kiwi gas field, including enhancement of the Kiwi North prospect immediately adjacent to Kiwi. GPA Engineering is finalising the pre-FEED study update for the Kiwi 1 field development, with two tie-in options under evaluation to be carried into the FEED study.