Bass Oil lifts daily field output 20% in South Sumatra
MELBOURNE - The Australian oil producer, Bass Oil Limited (ASX:BAS), has announced a substantial 20% uplift in field output at its oil producing Tangai-Sukananti KSO, in Indonesia’s prolific South Sumatra Basin.
This lifts the Company’s 2018 daily field output from 550 barrels of oil per day (bopd) earlier this year, to a current 650 bopd, with further gains of between 150 to 250 bopd expected over coming weeks.
Bass says the significant production uplift is a direct result of the successful completion of field optimisation work pursued by Bass over the past six months.
The majority of the uplift and anticipated future uplift in production has resulted from the flow line debottlenecking from the Bunian-3 well.
Bass Oil has also benefited from the results of a major new field development studyby independent petroleum geoscience and engineering consultancy, UNPAD, associated with Indonesia’s Padjadjaran University.
The study’s findings materially upgraded the prospectivity of Bass Oil’s 55% stake in the Tangai-Sukananti licence, identifying an additional 1.62 million barrels of oil (893,000 barrels net to Bass) of un-risked, recoverable, prospective resource in two new drill-ready, near-field prospects.