Bass reports higher November oil production
Friday, December 8 2017 - 08:50 AM WIB
ASX-listed Bass Oil Limited reported on Friday a steady recovery in field output at the Tangai-Sukananti KSO in Indonesia?s South Sumatra Province, following completion of the company?s recent well workover program.
The company said in a statement that total production of 16,706 barrels of oil (100% JV Share) or 9,188 barrels (net to Bass) was reported for November, which represents an 8.6 percent uplift on the previous month.
?The workover at Bunian-1 is now complete and the well brought back online mid-November,? the statement said. Flow rate from Bunian-1 increased significantly to 110bopd from its pre-workover rate of 55bopd and pump speed subsequently increased, achieving oil rates of 150bopd.
Bunian-4 remains offline as the company awaits the completion of remedial activity at the well. Bass expects overall production to remain constant over the coming months with a forecast improvement on the basis of Bunian-1 and Bunian-4 operating at full capacity.
October oil sales equaled 16,406 barrels of oil (100% JV Share) or 9,023 barrels (net to Bass). Bass said it continues to capitalize on strengthening oil prices, realizing an average price of US$57.34 per barrel during November. This represents a strong 9.9 percent price uplift on the previous month.
Elsewhere, Bass said that the multi-disciplinary UNPAD University study is progressing as planned. A static geological model has been finalized and the reservoir simulation phase is now underway.
Work completed to date strongly supports the company?s view on the asset?s significant development and appraisal potential, which will result in a material uplift in future production.
Bass expects the study to be completed in January, 2018.
Editing by Reiner Simanjuntak