Bass Oil Reports 3% Production Rise, Plans Vanessa Gas Field Buy
Bass Oil Limited reported steady oil production in May with a 3% increase in output and announced plans to acquire the Vanessa gas field, marking a strategic pivot towards gas production in Australia’s evolving energy landscape.
- May oil production steady at 232 barrels per day, up 3%
- Cooper Basin oil sales average A$99.90 per barrel, Indonesian sales at US$61.04
- Bass to acquire 100% interest in Vanessa gas field with infrastructure
- Advancing deep coal commercialisation study and Kiwi gas field development
- Indonesian drilling delayed due to rig availability
Steady Production Performance
Bass Oil Limited maintained a steady production profile in May 2025, averaging 232 barrels of oil per day (bopd) across its operations. This represents a modest 3% increase in total monthly production to 7,184 barrels compared to April. The Cooper Basin assets, including the 100% owned Worrior and Padulla oil fields, saw a 10% rise in production to 2,970 barrels, with oil sales fetching an average price of A$99.90 per barrel. Meanwhile, Indonesian operations contributed 4,214 barrels at a lower average price of US$61.04 per barrel, reflecting regional market dynamics.
Strategic Shift Toward Gas Production
In a significant strategic move, Bass announced its intention to acquire full ownership of the Vanessa gas field, located within permits PPL 268 and PRL 135 in the Cooper Basin. This acquisition includes a shut-in gas well, processing facilities, and a pipeline connecting to the existing gas network. The Vanessa field holds undrained conventional gas reserves, positioning Bass to enter the east coast gas market, a sector increasingly critical amid Australia's energy transition.
Unlocking New Resource Potential
The Vanessa acquisition is more than just a gas asset purchase; it opens avenues for reserve growth through exploration of untested conventional and tight gas formations. Additionally, the field offers a unique opportunity to advance the commercialisation of deep coal resources within Bass’s PEL 182 permit. The company has partnered with SLB to progress a geomechanical study focusing on fracture stimulation design, aiming to economically exploit these resources. This aligns with broader Cooper Basin initiatives, including those led by Santos, to trial advanced drilling and fracking technologies.
Advancing Kiwi Gas Field Development
Bass is also progressing development plans for the Kiwi gas field, conducting Front-End Engineering Design (FEED) studies to refine scope and cost estimates. Discussions with the Cooper Basin Joint Venture continue regarding transportation and processing options for gas and liquids from Kiwi. The company plans to enhance reservoir imaging through seismic data reprocessing, contingent on funding from a recent capital raising.
Operational Challenges in Indonesia
On the Indonesian front, production from the Tangai-Sukananti oil fields remained steady at 136 bopd. However, drilling of the Bunian 6 development well has been delayed due to rig availability issues, with ongoing negotiations to secure a rig slot through Pertamina EP. This delay introduces some uncertainty into the timing of production growth from the region.
Bottom Line?
Bass Oil’s pivot into gas with the Vanessa acquisition could redefine its growth trajectory amid a shifting energy market.
Questions in the middle?
- When will regulatory approvals for the Vanessa gas field acquisition be finalized?
- How will delays in Indonesian drilling impact Bass Oil’s production forecasts?
- What are the commercial prospects and timelines for deep coal resource development in PEL 182?
