Bass Oil Sales Soar 132% as Vanessa Gas Field Acquisition Completes
Bass Oil reported a 132% jump in quarterly oil sales revenue to A$2.67 million, driven by steady production and higher prices. The company completed its Vanessa gas field acquisition and is advancing drilling at Bunian 6, aiming to double production by late August.
- Quarterly oil sales revenue up 132% to A$2.67 million
- Production steady at 19,809 barrels, averaging 218 bopd
- Vanessa gas field acquisition completed, recommissioning underway
- Bunian 6 drilling commenced, expected to double production
- Kiwi gas project receives $3.5 million government grant
Oil Sales and Production Gains
Bass Oil Limited (ASX:BAS) posted a significant 132% increase in quarterly oil sales revenue to A$2.67 million for the June 2026 quarter, buoyed by a 37% rise in realised oil prices to US$98.56 per barrel. Production was largely steady, with net output rising slightly by 1.5% to 19,809 barrels, averaging 218 barrels of oil per day (bopd). This stability masks a notable rebound in Cooper Basin sales, where oil sales surged nearly 300% quarter-on-quarter due to clearing of inventory bottlenecks caused by earlier road closures.
Vanessa Gas Field Acquisition Opens New Growth Avenue
June marked a milestone with Bass completing its acquisition of the Vanessa gas field and associated facilities in the Cooper Basin. The purchase includes a gas processing plant and a five-kilometre pipeline linking to the Cooper Basin gas network. Engineering studies are progressing to recommission the facility, targeting first gas sales into the east coast market by year-end. This positions Bass to diversify beyond oil into gas, tapping into conventional reserves and the potential of deep coal formations for future expansion.
Drilling at Bunian 6 to Boost Indonesian Production
Meanwhile, drilling commenced early June at the Bunian 6 well in the Tangai-Sukananti KSO in Indonesia, where Bass holds a 55% interest. The well is forecast to double group production upon coming online in late August, underpinning Bass’s growth ambitions in its South Sumatra Basin operations. Indonesian oil production contributed 12,522 barrels during the quarter, slightly down from the previous quarter but supported by a 27% increase in oil prices linked to ICP crude benchmarks.
Advancing Kiwi Gas Development with Government Support
Bass’s Kiwi gas project in South Australia continues to gain momentum. The company secured a $3.5 million grant from the South Australian Government to accelerate pipeline infrastructure development. Reprocessing of 3D seismic data has yielded promising results, enhancing reservoir imaging and informing upcoming field development decisions. The pre-FEED study update and ongoing discussions with joint venture partner Santos are critical steps toward a final investment decision.
Financial Position and Operational Efficiency
Bass remains debt free with cash reserves of A$3.18 million at quarter-end, despite capital outlays for acquisition and drilling. The company continues to meet rehabilitation liabilities, including payments related to the Vanessa assets. Operational uptime at the Worrior and Padulla oil fields was an impressive 99%, reflecting strong field management and infrastructure reliability. Sales revenue gains were underpinned by resumed trucking operations after earlier disruptions, restoring normal inventory flows.
Bottom Line?
Bass Oil’s strategic asset acquisition and drilling activity set the stage for a transition into gas markets and production growth, but the success of Vanessa’s recommissioning and Bunian 6’s output will be key near-term catalysts.
Questions in the middle?
- Will Vanessa gas field recommissioning meet the year-end sales target?
- How will Bunian 6’s production impact Bass’s overall output and revenue?
- What further exploration upside could the Kiwi seismic data unlock?
