Bass: Tangai-Sukananti KSO operations update

(30 September 2019)--Bass  Oil Limited  is pleased to announce that the Bunian 5 well, Tangai-Sukananti KSO in South Sumatra was spudded on 24 September 2019. Since then the rig crew ran and cemented the 20” conductor at 45 mKB prior drilling ahead to 407 mKB, the proposed surface casing point. At 0400hrs this morning the rig was conditioning the hole prior to running the 13-3/8” surface casing. The well will be drilled to a Total Depth of 1700 mKB and expected to intersect the primary target at 1392 mKB.

Next Steps

The 13-3/8” surface casing will be run and cemented in place following which drilling operations will recommence towards the intermediate casing point at 1310 mKB.

The Bunian Field Overview

The Bunian Field was discovered in 1998. Bunian-1 and Bunian-3ST2 are currently in production. The entire KSO area is fully defined by the 2011 Sukananti 3D seismic survey data, which was comprehensively reprocessed in 2014 to a very high quality.

The Bunian Field is a SW-NE trending anticline bounded by faults to the south, west and east. The elongated structure has two structural crests mapped at the primary objective TRM3SS reservoir level. Bunian-5 will test one of these crests and confirm the oil potential of the northern half of the Bunian Field. The Bunian Field contains oil at 3 reservoir levels. Bunian-5 will target the primary TRM3SS and secondary GRM and K reservoir levels, which have produced or tested oil at Bunian-1 (TRM3SS), Bunian-3ST2 (TRM3SS and K) and Bunian-4 (TRM3SS and GRM) wells.

For the combined reservoirs, the Bunian field has total best-estimate remaining recoverable reserves of 2.09 million barrels of oil JV share (0.602 million barrels oil net entitlement reserves to Bass). Bunian-5 is modeled to come on line at 750 barrels of oil per day and produce 0.546 million barrels of undeveloped recoverable oil JV share at the primary TRM3SS reservoir level.

Bunian-5 is a vertical well being drilled from the surface location of the Bunian-4 deviated well. The well is estimated to take 30 days to drill and complete reaching a total depth of approximately 1700 metres. In the success case, Bunian-5 will be completed and brought into production immediately. The drilling expenditure will be fully cost recoverable against existing production under the terms of the KSO. Joint Venture participants in the KSO are Bass Oil Ltd, Operator 55% and Mega Adhyaksa Pratama Sukananto Ltd (MAPS) 45%.

In addition to the existing fields, Bass has defined two exploration prospects being Sukananti Updip and Bunian West. Both prospects target oil potential at multiple reservoir levels which contain the oil in the existing Bunian and Tangai Fields within the KSO. (ends)