Bass Oil’s March 2019 Operations Update And FY2018 Results

Bass Oil Limited (ASX: BAS), based out of Melbourne, Australia, is engaged in the exploration and low-cost onshore oil production in Indonesia. Recently, in February 2019 the company acquired 55% interest in the Tangai-Sukananti KSO project in South Sumatra basin from Cooper Energy Limited (ASX: COE). On April 9th, 2019, the company provided its operations update for the month of March 2019.

As per the figures posted, the total field production amounted to 22,957 barrels of oil JV Share or 12,626 barrels of oil net to Bass. The March sales totalled 23,117 barrels of oil JV Share or 12,714 barrels net to Bass. Both the oil production and sales were up, increasing 7% over the February levels to 740 bopd thereby exhibiting a strong field performance despite closing down of the Bunian 1 well due to downhole pump failure.

The average monthly realised oil price for March was USD 62.49 compared with a monthly average oil price of USD 60.51 per barrel recorded in February, marking a rise of 3%. Besides, the fields continued to generate positive cash flows to the business with the field operating costs mostly at or below USD 25 per barrel.

Of late, the Indonesian team is currently sourcing a well service rig to perform a couple of well works including the Bunian 1 pump repair, Bunian 4 workover and the Tangai 4 conversion to water injector. The work will begin shortly.

Under its development planning, Bass has received approval from PT Pertamina, the Indonesian petroleum regulator, to issue a tender for the provision of 750 horsepower capacity drilling rig for the immediate drilling of the Bunian 5 well, which is expected to double the production from the field. Moreover, the company is engaged in evaluating several prospective onshore Indonesian acquisition targets, preferably close to the existing oil production infrastructure to expand its portfolio of oil properties.

The company announced its reserves and resources assessment as of December 31st, 2018 on February 25th, 2019. Accordingly, the net entitlement reserves 0.505 million barrels (mmbbls) were up by 76% on 0.320 mmbbls as of December 31st, 2017. The 2P (Proved plus Probable) net entitlement reserves decreased by 2% to 0.602 mmbbls due to 2018 production.

On March 29th, 2019, Bass released its Annual Report for the year ended December 31st, 2018, posting the operating loss after income tax for the period at $ 419,615, up on $ 98,149 recorded in the prior year ended December 31st, 2017. The company’s net assets were valued at around $ 1.07 million including net cash and cash equivalents of $ 854,117.

The operating activities resulted in cash outflows of $ 333,687 as the payments to suppliers and employees ($ 4.42 million) exceeded the receipts from customers ($ 4.08 million). Besides, the investing activities (expenditure on oil properties, plant and equipment) also generated net cash outflows of $ 26,114, which were further supplemented by $ 369,550 from financing activities.

Bass has a current market valuation of ~ AUD 7.82 million with 2.61 billion outstanding shares. The BAS stock price last traded on April 4th, 2019 at AUD 0.003. Also, the company has a committed and strong shareholder base with the Board and management holding over 16% of the issued capital.


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.

The website 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