Bass Oil Limited (ASX:BAS) Reports Significant Production Growth
Operational Highlights
Bass Oil Limited (ASX:BAS) announced substantial operational achievements for December 2024. The company reported total sales revenue of US$424,007 (A$682,012), reflecting a 13.9% increase compared to November. Daily oil production averaged 247 barrels of oil per day (bopd), resulting in total monthly production of 7,642 barrels, marking a 5% growth.
In the Cooper Basin, Bass Oil’s production increased by 20%, yielding 3,437 barrels. Sales from the region reached 2,411 barrels, with an average oil price of A$119.39 per barrel, up 4.8% from the prior month. Bass’s Indonesian operations also performed well, with 4,206 barrels produced and 4,243 barrels sold at an average price of US$69.83 per barrel.
Production Operations
The Worrior and Padulla oilfields demonstrated notable performance enhancements. Total production from these fields reached 3,437 barrels for December, up 19.7% on November, with oil sales climbing 40% during the same period. The high uptime of 99% and 93% at Worrior and Padulla respectively contributed to this increased output.
Gas Appraisal and Forward Strategy
A thorough analysis of the Kiwi 1 Extended Production Test has confirmed no measurable pressure decline in the reservoir. This outcome supports Bass’s belief in the potential economic value of a larger Triassic gas play at Kiwi. Current discussions are underway regarding the sale of approximately 800 barrels of condensate produced during the test.
Plans are being established to carry out Front End Engineering Design (FEED) studies to finalise developments at the Kiwi field, as Bass seeks a positive future development investment decision as soon as possible.
Indonesian Developments
In Indonesia, Bass has completed well pad construction for the Bunian 6 development well, enabling future drilling efficiency. Final confirmations regarding rig availability are underway to solidify the spud date.
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