Budget approved for two new onshore Indonesian oil wells

JAKARTA – The Australian-listed, Indonesian oil producer, Bass Oil Limited (ASX:BAS) has received formal approval from Indonesia’s State-owned oil and natural gas

corporation, PT Pertamina, of the budget to drill two onshore development oil wells, Bunian 5 and Tangai 5, from December this year in Bass’s onshore oil fields in southern Sumatra.

Pertamina’s approval is a pre-requisite prior to Bass commencing the procurement process for drilling services and equipment for the two-well schedule.

Bass told the ASX in a statement that the current intent is for drilling of Bunian-5 first, during December 2018, followed by the  proposed Tangai-5 well.

Bass said it is expected that the drilling of these two proposed oil development wells will significantly increase the production capacity of Bass’s 55%-owned Tangai-Sukananti field, as well as increase developed reserves.

www.bassoil.com.au (ATI).