gold stocks postpage LB desk

Bass Oil Reports February Production Updates; Increase In Average Oil Realisation Price

  • March 19, 2019 05:20 PM AEDT
  • Team Kalkine
Bass Oil Reports February Production Updates; Increase In Average Oil Realisation Price

Australia based, Indonesian Oil producer, Bass Oil Limited (ASX: BAS) has published its February 2019 operations update. The total field production at Tangai-Sukananti for February was 19,329 barrels of oil on JV share basis; on the net basis the company reported 10,631 barrels.

non AMP MTF 10th feb webinar

On the sales front, February saw sales of 18,656 barrels of oil JV share or 10,261 barrels net to Bass. The short month of February was primarily attributed to the lower oil production and sales. However, the production rates were relatively stable at 690 bopd. The oil prices showed resilience in the month of February, and the prices continued to recover during February.

The company saw a good realised oil price. It realised an average price of US$60.51 compared with a monthly average oil price of US$55.74 per barrel recorded in January. The fields operating costs were at or below US$25 per barrel.

The company also reported on its production operations; it witnessed a strong field performance with production in February averaging 690 barrels of oil per day JV share, which was 3% lower than the production levels recorded in January. This result came under the backdrop of the Bunian 1 and Tangai 1 wells both shut due to downhole pump failures for a major portion of February. Further, the company reported that Tangai well has returned to production post the completion of pump repair operations. However, the Bunian 1 well pump replacement is awaiting the return of a well service rig, the same is expected in late March or early April.

On the development planning front, Bass reported that it had sought approval for PT Pertamina to issue a tender for the provision of 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well. The company expects Bunian 5 to commence drilling by mid-year. The well is expected to double production from the field taking up the remaining available production capacity of the Tangai-Sukananti field facilities as well as increasing developed reserves.

The company also provided highlights on its business development front, and it continues to gauge a few potential onshore acquisition targets in Indonesia. Especially those close to its existing oil production infrastructure, as the company looks to add additional prospective oil properties to its portfolio.

The company recently published its CEO’s presentation, and a few of the highlights were, Bass reported an increase in Proved reserves by 76% in 2018. Bass posted a record production of 850 barrels of oil per day (bopd) in October 2018 with a current capacity of ~700 bopd. The company aims to double its production via its development plan. The report highlighted Bass’s commitment to creating value by leveraging its competitive strengths, its team, operating capability and relationships in Indonesia.

Stock Information:

The stock has delivered a negative return of 68.69% since listing. In the last one year, the stock is down by 33.33%.

The shares of BAS closed the day flat at A$0.03 on ASX (As on 19 March 2019) as compared to its previous day’s closing.

Bass Oil Limited’s (ASX: BAS) reported market capitalization is $7.82 million. The total number of outstanding shares is ~2.61 billion. The avg. trading volume is 1,811,324. The Stock’s 52-week high price is A$0.005, and the 52-week low price is A$0.002. The company’s reported EPS (As per the latest ASX declaration) stood at -0.001 AUD.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK