Bass: Substantial oil reserves remain undeveloped in Bunian, Tangai fields

By Romel S. Gurky

ASX-listed Bass Oil Limited said Wednesday that following initial results from field optimization and development studies, it now considers a substantial quantity of oil reserves remain undeveloped within the Bunian and Tangai fields in Tangai-Sukananti KSO, South Sumatra.

The company said in a statement that it has commenced field development and appraisal activities, concurrent to its production optimisation program, that will seek to materially increase oil production, as well as increase the asset?s Proved and Probable (2P) Reserves base.

Bass said that upon closing of the acquisition in February 2017, the company immediately commenced a number of studies investigating the asset?s production profile and reported reserves base, which was initially conducted by existing Australia-based geotechnical personnel. The study has now been extended, with the appointment of UNPAD (University) in Indonesia, an independent petroleum geoscience and engineering consultancy, who is currently conducting a major multi-disciplinary integrated study over the entire KSO.

?The initial study outlined a number of prospective targets and leads which warrant further testing,? the statement said.

Bass said both Bunian-5 and Bunian-6 represent low risk development opportunities with significant flow-rate potential. Tangai-5 is also deemed a low risk development well and targets the up-dip potential from strongly performing Tangai-1. ?Bass? Indonesian team will work to mature the development-wells in the coming period whereby the Company expects to realize significant value up-side,? the company said.

The study being undertaken by UNPAD will provide a full re-assessment of the Oil in Place, Reserve and Resource potential of the property, incorporating prospective undrilled structures, namely; updip Sukananti, updip TMB-6, updip Kupang and the untested shallow gas zone, Bunian ABF, the company said.

Editing by Reiner Simanjuntak