Highlights

  • Group production up 20.9% to 23,944 barrels, averaging 260 barrels of oil per day.
  • Oil sales of A$2.82 million, up 4.4% on the June quarter.
  • Bunian 6 online, lifting Indonesian field production to about 700 bopd.
  • Vanessa gas field recommissioning on budget and on schedule for a year-end start.

Bass Oil Limited (ASX:BAS), an oil producer with interests in the Cooper Basin in Australia and a 55% interest in the Tangai-Sukananti KSO in Indonesia, has released its quarterly report for the period ended 30 September 2026. Group production rose 21% on the June quarter to 23,944 barrels, averaging 260 barrels of oil per day (bopd), driven largely by the Bunian 6 well coming online on 23 September. Oil sales reached A$2.82 million, at an average price of A$139.41 (US$97.27) per barrel.

Bunian 6 Lifts Indonesian Output

In Indonesia, Bass produced 16,390 barrels (Bass share) during the quarter, up 30.9% on the June quarter, and sold 15,736 barrels, up 25.3%. Net entitlement oil after the Domestic Market Obligation was 14,203 barrels. Bunian 6 was completed as an oil producer, with initial production from the M sand of 797 bopd at a 1% water cut. Total field production has since stabilised at about 700 bopd, up from 250 bopd, or from 140 bopd to 385 bopd on a Bass share basis.

The company said the well is expected to achieve cash payback of its drilling cost by January 2027. Managing Director Tino Guglielmo described Bunian 6 as the most impactful project delivered by the team so far this year. The realised Indonesian oil price for the quarter was US$88.84 per barrel, down 8.2%.

Cooper Basin Oil and Gas Development

Production from the 100%-owned Worrior and Padulla oil fields averaged 82 bopd, up 2.5% on the June quarter, with facility uptimes of 99%. However, sales fell 21% to 6,178 barrels after rain-related road closures in July disrupted trucking, resulting in Cooper Basin revenue of A$0.94 million. Trucking resumed in August, and oil stocks returned to normal levels by the end of September. The average realised Cooper Basin price was US$105.69 (A$151.49) per barrel.

At the Vanessa gas field, the recommissioning project remains on budget and on schedule for start-up by year end. September works included a pipeline coating integrity survey that found no defects, servicing of the site generator and recertification of pressure safety valves, with hydro-testing of the gas export pipeline scheduled for November. The company expects first gas sales from Vanessa early in the new year. Meanwhile, the pre-FEED study update for the Kiwi gas field is being finalised, and reprocessing of the Dundinna 3D seismic survey has identified multiple structures on trend with Kiwi, including an enhanced Kiwi North prospect.

Cash Position and Corporate Update

Bass held cash of $2.07 million at 30 September 2026, down from $3.18 million in the June quarter, mainly due to the cost of drilling Bunian 6. The company also holds $5.4 million in restricted cash supporting future rehabilitation obligations in the Cooper Basin, with a final payment of $54k made on 1 October satisfying the required rehabilitation bond. The company carries no debt and has no oil hedges in place.

In the PEL 182 permit, the Santos-led Cooper Basin joint venture continues efforts to commercialise deep coal resources, with the Jack Lake 8 appraisal well drilled and fracture stimulated and the Neuro 1 well drilled. Bass said success in that program would be directly applicable to its own commercialisation efforts.

Key Takeaways

Bass Oil’s September quarter was shaped by the addition of Bunian 6, which lifted group production and is expected to contribute to cash flow through year end. While wet weather weighed on Cooper Basin sales, operations there continued with high uptime. The Vanessa gas restart, expected first gas sales early in the new year, and progress on the Kiwi development are key items to follow.