Bass Oil Limited (ASX:BAS) Reports Strong October Production Figures
Operational Highlights
Bass Oil Limited (ASX:BAS) reported total sales revenue of US$455,195 (A$692,944) for October. Daily production averaged 263 barrels of oil per day (bopd), culminating in total monthly production of 8,156 barrels. The company’s Cooper Basin operations yielded 2,934 barrels produced and 2,206 barrels sold at an average price of A$113.09 per barrel. Indonesian operations contributed 5,222 barrels to Bass’s output, achieving sales of 5,244 barrels at an average price of US$71.22 per barrel.
Cooper Basin Operations
The Worrior and Padulla oilfields registered a production of 2,934 barrels and sales of 2,206 barrels during October. The average sales price rose by 2.8%, indicating improved market conditions. Facilities maintained high operational uptime, with 97.7% uptime at Worrior and 99.5% at Padulla. Looking ahead, the second HPS unit returned to service in early November, which is projected to boost production by approximately 6%.
Gas Appraisal Insights
The Kiwi 1 Extended Production Test (EPT) confirmed little to no pressure decline, as data from the pressure gauges retrieved in October was analysed. The EPT indicated a maximum flow rate of 4.1 million standard cubic feet per day with significant condensate yields. The company is evaluating the timeline for first production and is advancing discussions for commercial agreements related to gas transportation and processing.
Indonesian Operations Development
Production from the Tangai-Sukananti Oil fields averaged 168 bopd in October. The company actively pursues development opportunities, with ongoing interpretation of reprocessed 3D seismic data suggesting a promising extension of the Bunian structure. Preparations for the drilling of the Bunian 6 development well are underway, ensuring efficient future drilling operations.
Future Outlook
Bass Oil’s strategic initiatives aim to bolster production and accelerate value creation, focusing on off-balance sheet financing options to enhance shareholder value further. Managing Director Tino Guglielmo stated, “We are committed to leveraging our operational capabilities to achieve our production potential and maximise asset value.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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