Bass lines up Bunian-5 as next oil producer in Indonesia

Bass Oil (ASX: BAS) is about to prepare its Bunian-5 well for future production after encountering oil shows comparable to or better than the best producing well in the onshore Indonesian field.

The oil explorer and producer today reported the well intersecting the two primary reservoirs, the TRM3 and K sandstones, at the same or slightly higher levels than the Bunian-3ST2 well, with 5m of net oil pay recorded in each zone.

The well was drilled to a total depth of 1,662m then wireline logs were acquired to confirm the nature and quality of the oil and gas pay zones.

In today’s update, Bass said the rig has run and cemented 7-inch production casing and is now preparing to complete the well for production from the TRM3 and K1 reservoirs.

In addition, oil and gas shows were observed while drilling through the secondary targets, the TRM 0 and GRM sandstones.

Bass said the significance of these shows will be evaluated further based on the results of wireline logging and sampling.

Enhancing Bunian field production

According to Bass, the Bunian-5 well has the potential to “double overall production” from the Bunian field.

The field lies within the company’s 55% owned and operated Tangai-Sukananti KSO (production sharing contract) in the South Sumatran Basin, Indonesia, which it holds in joint venture with private Indonesian company Mega Adhyaksa Pratama Sukananti.

Discovered in 1998, it currently has two wells in production – Bunian-1 and Bunian-3ST2 – and total best-estimate remaining recoverable reserves of 2.09 million barrels of oil.

Bunian-5 has been modelled to be brought online at 750bbls oil per day to produce 546,000bbls of undeveloped recoverable oil (joint venture share) at the primary TRM3 reservoir level.

According to Bass, the well results were consistent with pre-drill expectations.

Bass shares jumped up 50% to $ 0.003 on the news by afternoon trade.