Bass Oil Posts A$517K July Revenue with 220 Barrels Daily Output
Bass Oil reported steady oil production in July alongside progress in acquiring the Vanessa gas field and advancing deep coal commercialisation efforts.
- July oil production steady at 220 barrels per day
- Total sales revenue of A$517,344 for July
- Vanessa gas field acquisition progressing with regulatory approvals
- Production enhancement program launched in Indonesia
- Deep coal commercialisation study advancing with SLB partnership
Steady Oil Production Maintains Momentum
Bass Oil Limited maintained a consistent production profile in July, averaging 220 barrels of oil per day across its Australian and Indonesian assets. Total production for the month reached 6,820 barrels, generating sales revenue of A$517,344. The Cooper Basin operations contributed 2,718 barrels at a premium average price of A$108.51 per barrel, while Indonesian fields delivered 4,102 barrels at US$66.79 per barrel.
Progress on Vanessa Gas Field Acquisition
Significant strategic progress was made in Bass Oil’s gas ambitions with the ongoing acquisition of the Vanessa gas field in the Cooper Basin. The company is actively engaging with potential gas buyers and advancing regulatory approvals, aiming to recommission the gas production facility and pipeline. This acquisition represents a critical step toward Bass Oil’s first gas sales into the east coast market and offers potential for reserve growth through fracture stimulation of untapped formations.
Deep Coal Commercialisation and R&D Initiatives
Bass Oil is also pushing forward with a deep coal commercialisation study in partnership with SLB, focusing on well and fracture stimulation design to unlock economic potential. This follows a successful phase 1 geomechanical model using the Vanessa well as a reference. The company is preparing an R&D claim for FY24 expenditures related to this work, which could yield a substantial cash rebate, underscoring its commitment to innovation in unconventional gas resources.
Enhancing Indonesian Production and Development Plans
In Indonesia, Bass Oil has initiated a production enhancement program targeting the Bunian and Tangai fields. The program includes three well workovers designed to improve productivity by addressing sand buildup, testing additional oil zones, and repairing pumps. Meanwhile, preparations continue for drilling the Bunian 6 development well, with discussions underway to secure a drilling slot as early as September.
Looking Ahead – Funding and Exploration
On the development front, Bass Oil is exploring funding options, including farm-down opportunities, for the Kiwi gas field. The company has commenced seismic data reprocessing to better identify follow-up prospects, signaling a methodical approach to expanding its gas portfolio. These initiatives, combined with the Vanessa acquisition and deep coal efforts, position Bass Oil to potentially diversify and grow its revenue streams beyond oil production.
Bottom Line?
Bass Oil’s steady production and strategic gas initiatives set the stage for a pivotal transition in its energy portfolio.
Questions in the middle?
- Will regulatory approvals for the Vanessa gas field acquisition be secured on schedule?
- How effective will the Indonesian production enhancement program be in boosting output?
- What are the prospects and timelines for commercialising the deep coal gas resource?