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

  • Mar 19, 2019 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.

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.


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