Bass Oil Limited (ASX:BAS), 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, has announced a significant update regarding its Bunian 6 well. The company is debt free and committed to creating shareholder value. Bass Oil confirmed the intersection of oil pay in the TRM3 and K1 sandstone reservoirs, aligning with pre-drill expectations. Further analysis of wireline and mud logs has now identified an additional oil-bearing zone, the M sand, located at the base of the well, marking a third pay horizon for the discovery.
This identification of oil pay in the M sand is particularly noteworthy as this zone has not been previously intersected within the Bunian field itself. However, the M sand is a primary producing reservoir in the adjacent Tangai oil field, suggesting its potential significance for future recoveries. Bass Oil stated that the impact on field reserves will be quantified following further data analysis and upcoming well testing. The rig is currently completing the well as a tandem oil producer from the TRM3, K1, and newly identified M reservoirs.
Bunian 6 is expected to come online shortly after the drilling rig moves off location, poised to substantially increase production. The well is forecast to boost the Tangai-Sukananti KSO’s oil production from the current 250 barrels of oil per day (bopd) to an estimated 750 bopd (on a 100% share basis). Bass Oil’s net share is anticipated to rise from 140 bopd to 410 bopd. Bass Managing Director, Mr. Tino Guglielmo, expressed satisfaction with the result, highlighting the M sand discovery as a “welcome bonus” that should positively impact field oil recoveries and support low-risk production growth.
Mr. Guglielmo added that this result strengthens the interpretation of a westerly extension to the Bunian field and is a key step among several growth projects aimed at establishing Bass Oil as a profitable mid-tier energy company. The drilling expenditure for Bunian 6 is fully cost recoverable against existing production under the terms of the KSO, where Bass Oil Sukananti Ltd operates with a 55% interest.
