Bass Oil Reports 2.9% Revenue Growth with 247 bopd Production in January
Bass Oil Limited reported a 2.9% increase in total sales revenue for January 2025, driven by steady daily production and notable gains in both the Cooper Basin and Indonesian operations. The company is advancing gas appraisal efforts that could unlock significant new resources.
- January sales revenue rose 2.9% to US$436,282 (A$700,854)
- Daily oil production steady at 247 barrels per day
- Cooper Basin production up 7%, with oil price averaging A$127.53 per barrel
- Indonesian oil production stable at nearly 4,000 barrels
- Gas appraisal at Kiwi 1 indicates larger Triassic gas play potential
January Production and Revenue Highlights
Bass Oil Limited (ASX: BAS) has delivered a solid operational update for January 2025, reporting a 2.9% increase in total sales revenue to US$436,282 (A$700,854). This growth was underpinned by steady daily oil production averaging 247 barrels of oil per day (bopd), consistent with December's output.
The company’s total monthly production reached 7,644 barrels, with sales of 6,594 barrels. Notably, production from the Cooper Basin, where Bass holds 100% ownership of the Worrior and Padulla oil fields, rose 7% to 3,662 barrels. Sales from this region increased by 9.4%, supported by a 6.8% rise in the average oil price to A$127.53 per barrel.
Operational Efficiency and Facility Performance
Operational uptime remained high, with Worrior and Padulla facilities recording 99% and 97% respectively. The production increase followed a successful pump change-out at Padulla 3 and the operation of two high-pressure separator units at Worrior, highlighting the company’s effective asset management and maintenance strategies.
Indonesian Operations and Development Plans
In Indonesia, Bass’s Tangai-Sukananti oil fields contributed 3,982 barrels net to Bass, with sales of 3,954 barrels at an average price of US$75.01 per barrel. Production was slightly down by 5% due to flowline repairs at Tangai 5. Meanwhile, preparations continue for the drilling of the Bunian 6 development well, with well pad construction complete and flowline installation underway. The Indonesian team is actively securing drilling rig availability amid increased land drilling activity in 2025.
Gas Appraisal and Future Growth Potential
Bass is advancing its gas appraisal efforts at the Kiwi 1 field in the Cooper Basin, where a recent pressure transient analysis suggests the presence of a larger stratigraphic trapping mechanism. The company has secured commercial terms for the sale of approximately 800 barrels of condensate produced during testing and is in discussions regarding gas transportation and processing with joint venture partners and potential buyers.
Further, Bass has initiated a study to assess the extent of Triassic gas potential around the Arrabury Trough, an area with multiple oil and gas discoveries. This study aims to better define the resource base and support future development decisions. Additionally, phase 2 of the PEL 182 deep coal commercialisation study, led by SLB, is underway to evaluate well designs and fracturing requirements to unlock economic gas flow rates.
Strategic Outlook
With a debt-free balance sheet and a diversified portfolio spanning Australia and Indonesia, Bass Oil is leveraging operational improvements and exploration upside to enhance shareholder value. The company’s focus on progressing gas projects alongside stable oil production positions it well to capitalize on evolving energy markets.
Bottom Line?
Bass Oil’s steady production and promising gas appraisal set the stage for potential growth beyond traditional oil revenues.
Questions in the middle?
- How will the results of the Triassic gas play study influence Bass Oil’s development plans?
- What timeline is Bass targeting for the final investment decision (FID) on the Kiwi gas field?
- How might ongoing operational challenges in Indonesia affect production and revenue in coming quarters?