Bass completes workover program, production capacity uplift in Tangai-Sukananti KSO

By Romel S. Gurky

ASX-listed Bass Oil Limited reported on Friday recovery in oil production at the Tangai-Sukananti KSO in South Sumatra was sooner than expected following completion of well workover program.

As announced in October, Bass forecasted a marginal decrease in production for September and October months resulting from interruptions due to well workovers and field optimization activity. ?Bass is pleased to report however that field output following completion of workover recovered earlier than expected to in excess 600 BOPD, prior to October month-end,? the company said in a statement.

Bass subsequently reported total production of 15,407 barrels of oil (100% JV Share) or 8,474 barrels (net to Bass) during October. In comparison, production in September totaled 16,089 barrels of oil (100% JV Share) or 8,848 barrels (net to Bass).

Bass said that Bunian-1, Tangai-1 and Tangai-3 were all subject to a maintenance program and following recommencement of oil flow from the wells, Bass reported a combined flow-rate increase of ~95BOPD. A planned workover at Bunian-4 which included a tubing repair and pump installation, is near complete, with the well expected back online in November. An indicative flow-rate uplift of between 50 to 100BOPD is expected.

Following completion of the initial field optimization program, Bass forecasts total production capacity uplift to in excess of 700 barrels of oil per day.

The company said it will optimize production from the Tangai- Sukananti KSO to capitalize on increasingly favorable oil prices. October oil sales equaled 14,418 barrels of oil (100% JV Share) or 7,930 barrels (net to Bass) leaving slightly higher stock levels at the Bunian facility as a result. The oil price realized in October was US$52.17 per barrel - a further 2.35 percent price uplift on the previous month.

Bass acquired in February Cooper Energy?s 55 percent interest in the Tangai-Sukananti KSO.

Editing by Reiner Simanjuntak