Bass Oil Reports 6,025 Barrels Produced in March with Cooper Basin Delays and Indonesian Price Gains

Production Disruptions in Cooper Basin Offset by April Recovery

Bass Oil Limited (ASX:BAS) faced a challenging March in the Cooper Basin as heavy inland rains forced road closures, suspending oil sales and forcing the Padulla field shut-in due to tank storage limits. Production in the basin dropped to 1,757 barrels for the month, averaging 57 barrels of oil per day (bopd), down 27% from February. Despite these setbacks, trucking resumed in early April, swiftly moving 2,197 barrels at a robust A$186.38 per barrel, nearly clearing a month’s worth of inventory and signalling a strong rebound in sales revenue.

Steady Indonesian Output Benefits from Rising Oil Prices

Meanwhile, Bass’s Indonesian operations maintained stable output, producing 4,268 barrels net to Bass in March, a slight 2.7% decline due to minor downtime and natural field decline. However, the average oil price surged 47.1% month-on-month to US$98.18 per barrel, boosting revenue despite the small production dip. This pricing strength provides a timely offset to the Cooper Basin’s weather-induced production challenges.

Vanessa Gas Field Acquisition Nears Regulatory Approval

Bass and Beach Energy have lodged the required bond to secure regulatory approval for Bass’s acquisition of the Vanessa gas field, which includes a gas processing facility and pipeline linking to the Cooper Basin network. Final transfer documentation is being prepared, with first gas sales targeted for the second half of 2026 following recommissioning efforts. The acquisition opens avenues for reserve growth through fracture stimulation of the Toolachee and Patchawarra formations and advances Bass’s ambitions to commercialise deep coal resources in the Permian sequence without incurring drilling costs.

Kiwi Gas Development Accelerates with Government Grant and Seismic Advances

Bass is progressing the Kiwi gas field development, engaging GPA Engineering to update the FEED study, a critical step toward a Final Investment Decision. The South Australian Government’s $3.5 million grant is a significant boost to the project’s funding. Additionally, reprocessing of 3D seismic data over the Kiwi area is yielding encouraging early results, enhancing reservoir imaging and supporting exploration of new Triassic gas prospects. This follows Bass’s recent initiative to deepen understanding of the hydrocarbon source via geochemical analyses, a move that could reshape exploration strategy around the Kiwi field. These developments build on the company’s earlier advanced seismic reprocessing efforts reported in March.

Bunian 6 Well Drilling Set to Boost Indonesian Production

Looking ahead, Bass is poised to ramp up Indonesian output with the imminent drilling of the Bunian 6 oil development well, scheduled to commence in May. All materials are onsite, and the rig is moving into position. This well is expected to significantly increase production, building on the company’s strategy to triple output in the region amid favourable oil prices, as outlined in a recent update. The success of this drilling campaign will be a key near-term catalyst for Bass’s Indonesian portfolio.