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 August, reporting a 20% increase in total sales revenue, reaching A$615,721 net to Bass (USD$402,559). 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 update highlights increased daily oil production, averaging 228 barrels of oil per day (bopd) for the month, a 3.5% increase, with total monthly production of 7,062 barrels.
The company’s Cooper Basin monthly production totalled 3,050 barrels, with 2,635 barrels sold at an average oil price of A$104.45 per barrel. Indonesian oil production reached 4,012 barrels net to Bass, with 4,028 barrels sold at an average oil price of US$64.27 per barrel. Bass Oil has commenced a production enhancement program in Indonesia, aimed at increasing oil production from both the Bunian and Tangai fields.
The company’s acquisition of the Vanessa gas field is progressing through regulatory approvals. Bass is also preparing a Research & Development (R&D) claim for work to commercialise gas from the deep coals, potentially receiving a 43.5% cash rebate on qualifying expenditure. Discussions with gas buyers interested in production from the re-start of the Vanessa field have commenced, with planning underway for the recertification and recommissioning of the Vanessa well, facilities and pipeline.
Bass Oil is pursuing various funding options, including farm down, for the Kiwi gas field development. The company has also commenced the mapping phase of a study aimed at identifying follow-up opportunities to the Kiwi gas discovery. The next phase of the study includes the reprocessing of the Dundinna 3D seismic survey to improve the imaging of the target hydrocarbon reservoirs. The announcement was authorised for release by the Board of Directors of Bass Oil Limited.
