Bass reports strong production in Tangai-Sukananti KSO
Wednesday, June 7 2017 - 02:56 AM WIB
ASX-listed Bass Oil Limited reported production at the Tangai-Sukananti KSO in South Sumatra Province during the month of May remained strong, totaling 17,442 barrels of oil (100% JV share) or 9,593 barrels (net to Bass).
?Bass is pleased with the asset?s recent performance, considering the impact of unseasonal rain which caused minor constraints to production,? the company said in an update statement on Tuesday of the KSO operations in May.
The statement said oil sales recorded a 3 percent uplift compared to the previous month with total sales equaling 17,420 barrels of oil (100% JV share) or 9,581 barrels (net to Bass), at an average price of US$45.68 per barrel. The Joint Venture held higher than normal month-end oil inventories in the field, due to extensive April-May rainfall resulting in export limitations. The unsold month-end inventories stood at 2,470 barrels.
Despite minor disruptions to operations in May, the field continues to perform strongly with production currently at or above 600 barrels of oil per day (BOPD) in early June (100% JV share) or 330 BOPD (net to Bass). ?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 Q3 (third quarter) 2017,? the company said.
Bass said it continues to undertake due-diligence on potential growth opportunities within the prolific oil and gas province which lies in close proximity to the company?s existing Tangai-Sukananti production assets.
Bass acquired in February Cooper Energy?s 55 percent interest in the Tangai-Sukananti KSO.
Editing by Reiner Simanjuntak