Bass Oil Limited is set to deepen its exploration of the Triassic gas play in the northern Cooper Basin following a successful flow test at the Kiwi gas field, signaling significant potential for future discoveries and development.
- Bass to conduct a detailed study on Triassic gas potential in northern Cooper Basin
- Kiwi gas field flow test confirms substantial gas and condensate reserves
- Best estimate contingent resources at Kiwi: 3.6 BCF gas and 416,000 barrels condensate
- Bass holds dominant acreage on western flank of Arrabury Trough
- FEED study underway with Final Investment Decision targeted for 2025
Kiwi Gas Field Validates Triassic Play Potential
Bass Oil Limited (ASX: BAS) has announced plans to undertake a comprehensive study to quantify the promising gas potential in the Triassic zone of its northern Cooper Basin tenements. This move follows the encouraging results from the recent Kiwi gas field flow test, which has not only confirmed the commercial viability of the discovery but also highlighted the presence of significant liquids-rich gas reserves with low CO2 content.
The Kiwi gas field, discovered in 2003 and flow-tested in August 2024, demonstrated a maximum production rate of 4.1 million cubic feet per day and nearly 1,000 barrels of condensate daily. These results have led Bass to estimate best case contingent resources of 3.6 billion cubic feet (BCF) of gas and 416,000 barrels of condensate, positioning Kiwi as a cornerstone asset in the company’s portfolio.
Strategic Acreage and Exploration Upside
Bass holds a dominant position on the western flank of the Arrabury Trough, an area that has historically seen multiple oil and gas discoveries in Triassic-aged sediments. The company’s interpretation of the Dundinna 3D seismic survey, particularly the Relative Acoustic Impedance (RAI) attribute, suggests the presence of a larger stratigraphic trap at Kiwi and indicates additional prospects and leads within its licenses.
The upcoming study will focus on refining these seismic interpretations and de-risking follow-up drilling opportunities. If successful, new discoveries could be tied into planned infrastructure connecting Kiwi to the existing Cooper Basin gas gathering and transportation system, enhancing the commercial viability of the broader Triassic gas play.
Advancing Towards Development
Bass has already commenced a Front-End Engineering Design (FEED) study for the Kiwi field development and is actively negotiating commercial agreements necessary to reach a Final Investment Decision (FID) in 2025. The economics of the Kiwi project are compelling, with a best estimate net present value (NPV) of approximately A$24 million under the 2C contingent resource case, and a payback period of just one year.
Managing Director Tino Guglielmo emphasized the transformative nature of the Kiwi asset, highlighting its significant gas volumes, substantial liquids content, and the exploration upside across the Triassic play as key drivers of Bass’s growth strategy. The company aims to maximise shareholder value while positioning itself as a reliable supplier to Australia’s east coast gas market.
Looking Ahead
While the Kiwi gas field represents a major step forward, Bass’s broader Triassic gas play remains underexplored. The planned study and seismic reprocessing will be critical in unlocking further value and identifying new drilling targets. Success here could significantly expand Bass’s reserves and production profile, reinforcing its position in the competitive Cooper Basin landscape.
Bottom Line?
Bass Oil’s next moves in the Triassic play will be pivotal in shaping its future as a key east coast gas supplier.
Questions in the middle?
- Will the upcoming study confirm additional commercial drilling targets beyond Kiwi?
- How will Bass’s negotiations for gas transportation and processing agreements conclude?
- What impact will further discoveries have on Bass’s reserves and share price trajectory?