Bass unveils new reserves, resources assessment for Tangai-Sukananti KSO
Tuesday, February 26 2019 - 09:00 AM WIB
By Romel S. Gurky
ASX-listed Bass Oil Limited unveiled on Monday the reserves and resources assessment of the Tangai-Sukananti KSO in Indonesia’s South Sumatra Province as at 31 December, 2018.
Bass is the operator and holds a 55 percent share of the Tangai-Sukananti KSO that contains the Bunian and Tangai producing oil Fields.
The company said in a statement that the 1P (Proved) Net Entitlement Reserves reached 0.505 mmbbls compared with 0.320 mmbbls at 31 December, 2017 – a 76 percent increase.
The 2P (Proved plus Probable) Net Entitlement Reserves stood at 0.602 mmbbls compared with 0.670 mmbbls at 31 December, 2017 – a decrease of 2 percent due to 2018 production.
Increased production from Bunian-3 due to de-bottlenecking operations contributed to the uplift in 1P reserves, Bass said.
The completion of technical studies has delivered a dynamic model that allows development scenarios to inform the 1P and 2P cases. This has provided a high confidence level to the significant increase in reserves in the 1P “proved” category, the company explained.
“The 76 percent increase in Net Entitlement 1P Reserves is a strong demonstration of the Indonesian operations team capability and the strong underlying performance of the asset. Record production in 2018 and strong performance of the wells has moved reserves into the Proved category from the Probable, which increases confidence and value assigned to the asset moving into the period of development drilling in 2019 and beyond,” said Bass Managing Director Tino Guglielmo in the statement.
|
Resources & Reserves as at 31 December, 2018 |
||
|
100% Field Reserves (MMbbl) |
||
|
Category |
Proved (1P) |
Proved & Probable (2P) |
|
Developed & Undeveloped |
1.777 |
2.019 |
|
BAS Net Entitlement Reserves (MMbbl) |
||
|
Category |
Proved (1P) |
Proved & Probable (2P) |
|
Developed & Undeveloped |
0.505 |
0.602 |
|
100% Field Contingent Resources (MMbbl) |
||
|
Category |
1C |
2C |
|
Total |
0.552 |
0.882 |
|
Resources & Reserves as at 31 December, 2018 |
||
|
100% Field Reserves (MMbbl) |
||
|
Category |
Proved 1P |
Proved & Probable 2P |
|
100% Field Reserves at 31 Dec 2017 |
0.930 |
2.320 |
|
CY 2018 Production |
(0.207) |
(0.207) |
|
Revisions % change from 2017 |
1.054 +113% |
(0.094) -4% |
|
100% Field Reserves at 31 Dec 2018 |
1.777 |
2.019 |
|
BAS Net Entitlement Reserves (MMbbl) |
||
|
Category |
Proved 1P |
Proved & Probable 2P |
|
Net Entitlement Reserves at 31 Dec 2017 |
0.320 |
0.670 |
|
CY 2018 Production |
(0.057) |
(0.057) |
|
Revisions % change from 2017 |
0.242 +76% |
(0.011) -2% |
|
Net Entitlement Reserves at 31 Dec 2018 |
0.505 |
0.602 |
|
100% Field Contingent Resources (MMbbl) |
||
|
Category |
1C |
2C |
|
100% Field Contingent Resources at 31 Dec 2018 |
0.552 |
0.882 |
Editing by Reiner Simanjuntak