Bass reports higher oil output in Tangai-Sukananti KSO
Tuesday, July 11 2017 - 04:03 AM WIB
ASX-listed Bass Oil Limited reported Tuesday that production at the Tangai-Sukananti KSO in South Sumatra Province during the month of June remained strong at 17,447 barrels of oil (100% joint venture share) or 9,595 barrels (net to Bass), slightly higher than May output of 17,442 barrels.
The company said in a statement that June oil sales recorded a 4.5 percent uplift compared to the previous month with total sales equaling 18,196 barrels of oil (100% JV share) or 10,007 barrels (net to Bass), at an average price of US$42.07 per barrel.
?The asset continues to produce at expectations, with June quarterly production about 7 percent higher than the previous March quarter. Bass is pleased with this performance, considering the impact of scheduled maintenance activities in early April, and the effects of unseasonal rain which caused minor constraints to production in May,? the statement said.
Development and optimization opportunities recently identified and capable of adding up to 350 bopd (100% JV share) to production will be pursued by the Indonesian based operations team in early third quarter of 2017. ?Bass continues to undertake due-diligence on potential growth opportunities within the South Sumatra region,? the company said.
Bass acquired in February Cooper Energy?s 55 percent interest in the Tangai-Sukananti KSO.
Editing by Reiner Simanjuntak