Bass Oil Limited (ASX:BAS), an Australian-listed oil producer with interests in the Cooper Basin and South Sumatra Basin, has released its operations update for July. 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. Bass Oil reported total sales revenue for July of A$517,344 (USD$334,670) net to Bass.
Daily oil production for the group averaged 220 barrels of oil per day (bopd) for the month, with total monthly production reaching 6,820 barrels. Cooper Basin monthly production was 2,718 barrels produced and 1,915 barrels sold at an average oil price of A$108.51 per barrel. Indonesian oil production totalled 4,102 barrels net to Bass, with 4,142 barrels sold at an average oil price of US$66.79 per barrel.
Bass Oil has commenced a production enhancement program in Indonesia aimed at increasing oil production from the Bunian and Tangai fields. A workover rig has been mobilised to the field to work on three wells; Bunian 5, Bunian 4, and Tangai 5. Discussions with gas buyers have commenced regarding the Vanessa acquisition, and regulatory approvals are progressing. The company is also preparing a Research and Development (R&D) claim for work to date to commercialise gas from the deep coals.
The company continues to pursue various funding options for the Kiwi gas field development. Mapping is underway to identify further opportunities. The next study phase includes reprocessing the Dundinna 3D seismic survey to improve target hydrocarbon reservoir imaging, commencing upon receipt of funds from recent capital raising efforts.
