Bass reports 1.9% rise in Tangai-Sukananti KSO July output

By Romel S. Gurky

ASX-listed Bass Oil Limited said on Monday that oil production at the Tangai-Sukananti KSO in South Sumatra Province in July totaled 17,781 barrels (100% JV Share), or 9,779 barrels (net to Bass), which represents a steady 1.9 percent uplift compared to the previous month.

Bass said in a statement that July oil sales remained strong with total sales equaling 17,658 barrels of oil (100% JV Share) or 9,711 barrels (net to Bass), at an average price of US$44.24 per barrel.

Bass said it has recently implemented a field optimization program at the Indonesian KSO which has since led to the removal of scale restriction in the Tangai-1 flowline, subsequently increasing oil production from the well in late July. The company said it will report the quantum of the increase once rates from the well have stabilized.

?Bass continues to evaluate additional field optimization opportunities and expects the results to be positively reflected in reported production over the coming months. The field is now comfortably producing over 600 barrels of oil per day (BOPD),? the company said in the statement.

Bass said it is currently undertaking due diligence on potential bolt-on acquisition opportunities in close proximity to the Company?s existing production assets.

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

Editing by Reiner Simanjuntak