Bass unveils latest reserves, resources at Tangai-Sukananti KSO
Wednesday, September 27 2017 - 08:12 AM WIB
ASX-listed Bass Oil Ltd announced Wednesday its gross (55% share) 2P Reserves at Tangai-Sukananti KSO in South Sumatra as at June 30, 2017 are assessed to be 1.35 million barrels of oil.
Bass said in a statement that in accordance with ASX reporting requirements for fiscal environments that use production sharing contracts or similar, Bass reports Net 2P Oil Reserves of 0.70 million barrels.
Net Reserves are the reserves that Bass has a net economic entitlement to that is a share of cost oil and profit oil that Bass is entitled to receive under the KSO signed with the Indonesian state-owned oil and gas firm PT Pertamina.
The gross (55% share) of 2C Contingent Resources for the Tangai-Sukananti KSO at June 3, 2017 are assessed to be 0.17 million barrels of oil. The gross Contingent Resources comprise volumes attributed to currently producing or future planned wells post license expiry in July 2025. In the case of the gross 1C (55% share) Contingent Resources, they comprise volumes attributed to production post the economic cut-off.
Bass concluded that the review of reserves at June 30, 2017 has been limited to a review of the production performance of the existing producing wells, and future wells using the existing oil-in-place of evaluation at the time of the last major geological review.
Bass said it has recently engaged UNPAD in Indonesia, an independent petroleum geoscience and engineering consultancy, to conduct a major multi-disciplinary integrated study over the entire KSO which will inform a full re-assessment of Oil in Place, reserve and resource potential of this asset. The results of the study are expected to be available by year end 2017.
Resources & Reserves (as at 30 June, 2017) |
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Gross (55% Share) Reserves (MMbbI) |
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| Category | Prover 1P | Proved & Probable 2P | Proved, Probable & Possible 3P |
| Developed | 0.34 | 0.46 | 0.55 |
| Undeveloped | 0.25 | 0.89 | 2.02 |
| Total | 0.59 | 1.35 | 2.57 |
Net Reserves (MMbbI) |
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| Category | Prover 1P | Proved & Probable 2P | Proved, Probable & Possible 3P |
| Developed & Undeveloped | 0.37 | 0.70 | 1.01 |
Gross (55% Share) Contingent Resources (MMbbI) |
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| Category | 1C | 2C | 3C |
| Total | 0.12 | 0.17 | 0.57 |
Editing by Reiner Simanjuntak