Bass Oil Limited (ASX:BAS), an Australian-listed oil producer with interests in the Cooper and South Sumatra Basins, has announced its operations update for June. The company holds a majority interest in eight permits in the Cooper Basin, including the 100%-owned Worrior and Padulla oil fields, and a 55% interest in a South Sumatra Basin KSO. The report highlights a 2% increase in total sales revenue for June, reaching A$566,924 net to Bass (USD$371,335).
Daily oil production for the group averaged 241 barrels of oil per day (bopd) for the month, with total monthly production up 4% to 7,220 barrels. Cooper Basin monthly production was 2,996 barrels produced and 2,418 barrels sold at an average oil price of A$110.15 per barrel. Indonesian oil production totaled 4,224 barrels net to Bass, with 4,129 barrels sold at an average oil price of US$67.79 per barrel.
Bass Oil is also progressing regulatory approvals to acquire 100% interest in the Vanessa gas field, which includes a shut-in production well, a gas processing facility, and a 5 km pipeline connected to the existing Cooper Basin gas gathering network. The company recently completed a Non-Renounceable Rights Issue, with a 30% take-up from existing shareholders, raising $925,000 before costs.
Production from the company’s Tangai-Sukananti Oil fields in Indonesia averaged 141 bopd (Bass share) in June. The final materials required for the drilling of the Bunian 6 oil development well are due for delivery to site by the end of August. Bass is currently in discussions with Pertamina to secure a slot on their drilling program to allow the well to be spudded in September.
