Bass: Tangai-Sukananti KSO output eases marginally
Friday, October 13 2017 - 02:56 AM WIB
ASX-listed Bass Oil Limited announced Thursday that oil production at the Tangai-Sukananti KSO in South Sumatra Province during the month of September eased marginally as a result of the company?s production optimization initiatives.
Bass said in a statement that monthly production totalled16,089 barrels of oil (100% JV Share) or 8,848 barrels (net to Bass). September oil sales equaled 16,474 barrels of oil (100% JV Share) or 9,060 barrels (net to Bass) at an average price of US$50.97 per barrel, a notable 8.3 percent price uplift on last month.
?Workover activities commenced during September, forming part of the company?s field optimization initiative,? Bass said in an update statement of the KSO operations.
The company said in late September the Bunian-1 well was shut-in to enable replacement of a down-hole pump, which was operating at 30 percent efficiency. Additionally, preparations have commenced for a pressure survey to be undertaken during October in the Tangai-1 well. ?Work conducted this month will have a one-off impact on field production during September and October only, however upon completion Bass forecasts production capacity uplift to in excess of 700 barrels of oil per day.?
Bass also said the integrated reservoir study being conducted by UNPAD comprising a reassessment of the oil-in-place, Reserve and Resource potential of the Tangi-Sukananti asset, is on-track for completion by year-end.
Bass acquired in February Cooper Energy?s 55 percent interest in the Tangai-Sukananti KSO.
Editing by Reiner Simanjuntak