Bass Oil Limited (ASX:BAS) is an Australian-listed oil producer that holds a majority interest in 14 permits in the Cooper Basin, including the 100%-owned Worrior and Padulla oil fields, and a 55% interest in an Indonesian KSO (operating cooperation contract). The company describes itself as Debt free.

The Bunian 6 result

In a release dated 28 September 2026, Bass said oil production from the Bunian field in Indonesia is now above 800 barrels of oil per day (100% share), up from 250 bopd, following commissioning of the Bunian 6 well. The result is described as above expectations. Initial modelling had forecast an initial rate of 500 bopd from the TRM3 target, with an estimated P50 ultimate recovery of 151,000 barrels on a 100% joint venture basis.

Bunian 6 was brought online from the M sand, a newly discovered oil pool, to evaluate its reserves potential. Production test results from the TRM3 and K1 zones were as expected. Field production is forecast to reach 1,000 bopd after additional trucking resources become available.

Reservoir work and further targets

Bunian 6 is located near the CREST of the structure and was identified through an integrated field study, which also identified Bunian West and Bunian Northwest as further drill targets. The field contains oil at three reservoir levels, with the M sand expected to be produced first, followed by the TRM3 and K1 reservoirs sequentially. Bass will use data from the drilling and evaluation program to update reservoir models and quantify reserves and future development opportunities.

The Indonesian joint venture

Bass Oil Sukananti Ltd is operator with a 55% interest in the KSO, and Mega Adhyaksa Pratama Sukananti Ltd holds the remaining 45%. Bass’s 100% field production figures are therefore shared with its partner.

Sector backdrop

Small oil producers depend on a few wells for a large share of output, so a new well can change production materially. Indonesian KSO arrangements involve contractor and state-oil company terms and operational logistics, such as trucking oil to sales points.

Production tests from new pools are early indications, and reserves are determined after updated reservoir modelling and sustained production.

Risks shareholders should weigh

The figure of more than 800 bopd is on a 100% basis, while Bass holds 55% of the KSO. New wells typically decline over time, and the release does not state the decline rate or reserves from the M sand.

The path to 1,000 bopd depends on additional trucking resources becoming available, which is a logistics constraint. The reserves and development potential of the M sand have not been quantified.

Revenue depends on oil prices and Indonesian operating conditions, and the release does not provide cost, Margin or Cash Flow data.

What’s next

Bass will update reservoir models, quantify reserves and future development opportunities, and aims to lift Bunian field output to 1,000 bopd once trucking is available. Shareholders may wish to watch for updated reserves and decisions on Bunian West and Bunian Northwest.