Bass: Tangai-Sukananti KSO delivers strong quarterly production

By Aldo Ferdyandri

ASX-listed Bass Strait Oil Company Limited reported Friday that the Cooper Energy Sukananti Limited (CESL) net share of oil production at the Tangai-Sukananti KSO, South Sumatra basin, during the December 2016 quarter, as reported by Cooper Energy, totaled 33.8 kbbl (391 bopd).

The company said this result represents a 33 percent uplift in production compared to the September 2016 quarter. CESL is the holding company for this asset that Bass is to acquire.

The company said that the production increase can be attributed to successful production optimization activities which commenced at the operations in November 2016. Monitoring and optimization activities at the field remain ongoing. ?The field continues to perform strongly with current production remaining consistent at around 700 barrels of oil per day on a 100 percent basis,? it said.

Regulatory approval for Bass? acquisition of Cooper Energy?s 55 percent interest in the Tangai-Sukananti Indonesian production assets has recently been granted. ?The sole remaining condition precedent to transaction completion is the approval from Bass shareholders, which will be sought at a general meeting on February 13,? the company said.

The transaction, once unconditional, will be effective from October 1, 2016 meaning all oil sales post this period are to the benefit of Bass and therefore any increases to production and oil pricing in the interim will have a positive material effect on Bass? net cash flow.

Editing by Reiner Simanjuntak