Bass Oil Builds June Production As Bunian 6 Drilling Advances

Bass Oil (ASX: BAS) generated net sales revenue of A$561,477 in June as group oil production increased 3% from May.

Output averaged 225 barrels of oil per day (bopd), with 2,527 barrels from the Cooper Basin and 4,219 barrels net to Bass from its Indonesian operations.

The Bunian 6 development well began drilling on 5 June and is expected to come online in late August, with Bass targeting a doubling of group production.

The well forms part of Bass’s Indonesian development program and is expected to double group production once online.

Bass also completed its Vanessa gas field acquisition during June and is advancing engineering work to recommission the facility and establish its first gas sales.

Production Edges Higher

Cooper Basin production averaged 84bopd, up 4% from May, while the Worrior and Padulla facilities recorded respective uptimes of 99% and 96%.

Bass sold 1,114 barrels from the basin at an average A$116.58 per barrel after rain closed roads to trucking, which is expected to resume in late July.

Indonesian production from the Tangai-Sukananti Oil fields averaged 141bopd, up 2%, with 4,218 barrels sold at an average US$77.48 per barrel.

The Indonesian business contributed the majority of June group output as drilling continued at the Bunian 6 wellsite.

Vanessa Gas Restart

Bass completed the acquisition of the 100%-owned Vanessa gas field and associated facility in mid-June, adding a processing plant and 5-kilometre pipeline connected to the Cooper Basin gas network.

GPA Engineering is defining the scope required to recommission the facility and return Vanessa to production, with first sales into the east coast gas market estimated by year-end.

The acquisition provides an opportunity to book remaining conventional gas reserves and assess untested conventional and tight gas potential in the Toolachee and Patchawarra formations through the existing well.

Vanessa also offers a location to test deep coal potential within Bass’s surrounding permit area because the well penetrated the full Permian sedimentary sequence.

Kiwi 1 Field Studies

GPA Engineering is updating early engineering work for the 100%-owned Kiwi 1 Field Development while Bass discusses potential infrastructure connections before selecting a development concept.

Bass received a 25% advance from the A$3.5 million South Australian government grant intended to accelerate the Kiwi development process.

Reprocessing of the Dundinna 3D seismic survey is almost complete and early mapping of the improved dataset has produced encouraging results.

Bass has sent Kiwi condensate and Arrabury Trough rock samples to a specialist US laboratory to investigate the source of the liquids-rich gas and guide exploration around the field.

Elsewhere, results from a Cooper Basin deep coal appraisal program using high-angle or horizontal wells and multi-stage fracture stimulation may inform Bass’s own commercialisation plans.