Bass Oil reported steady December production with a notable gas sales agreement for the Vanessa field, signaling a strategic shift towards gas commercialization.
- December sales revenue of A$546,277 with 239 barrels of oil per day production
- Cooper Basin oil production up 3.1% to 2,717 barrels at A$94.02 per barrel
- Signed three-year gas sales deal with Origin Energy for Vanessa gas field
- Vanessa acquisition regulatory approval progressing, expected soon
- Indonesian drilling preparations underway for Bunian 6 well
Steady Production Amid Operational Enhancements
Bass Oil Limited has delivered a solid operational update for December 2025, maintaining its position as a debt-free oil producer with a clear focus on growth. The company reported total sales revenue of A$546,277, underpinned by an average daily production of 239 barrels of oil per day (bopd). This output reflects a slight improvement in the Cooper Basin, where production rose by 3.1% to 2,717 barrels, sold at an average price of A$94.02 per barrel.
Operational uptime at the Worrior and Padulla oil fields remained high at 99%, supported by maintenance activities such as the replacement of the Padulla 3 jet pump, which contributed to the production increase. Meanwhile, Indonesian operations saw a modest decline in output to 4,690 barrels, attributed to minor downtime and natural field decline, with oil sold at US$60.05 per barrel.
Strategic Gas Sales Agreement and Vanessa Acquisition
A key highlight of the update is Bass Oil’s binding three-year gas sales agreement with Origin Energy for the Vanessa gas field, marking the company’s entry into the east coast gas market. The agreement covers the purchase of up to 12 petajoules of gas, commencing with the planned recommissioning of the Vanessa gas production facility and pipeline in the second half of 2026.
Regulatory approval for the Vanessa acquisition is progressing and expected shortly, a critical step that will enable Bass to commercialise both conventional and tight gas reserves in the Toolachee and Patchawarra formations. The acquisition also opens the door to exploring the significant deep coal gas potential within the PEL 182 permit, leveraging existing infrastructure to mitigate drilling costs.
Exploration and Development Initiatives
Further exploration efforts include the ongoing Triassic gas play study around the Kiwi gas field, which has identified additional prospects and a potential new hydrocarbon source from Triassic-aged sediments. Bass is actively seeking funding options, including farm-downs, to advance development in this promising area.
On the Indonesian front, preparations for the Bunian 6 oil development well are underway, with all materials delivered and drilling tenders under evaluation. The timing of drilling will depend on securing a rig, indicating a cautious but forward-looking approach to expanding production capacity.
Outlook and Market Positioning
Bass Oil’s December update underscores a balanced strategy of optimising existing oil production while pivoting towards gas commercialization, a sector increasingly critical in Australia’s energy landscape. The company’s debt-free status and operational improvements provide a solid foundation, but the success of the Vanessa acquisition and gas sales agreement will be pivotal in shaping its medium-term growth trajectory.
Bottom Line?
Bass Oil’s transition into gas sales and steady production gains set the stage for a transformative 2026.
Questions in the middle?
- When will regulatory approval for the Vanessa acquisition be finalised and what conditions might apply?
- How will Bass Oil finance the development and commercialisation of the deep coal gas resources in PEL 182?
- What is the timeline and expected impact of the Bunian 6 drilling on Indonesian production volumes?