Bass Oil’s Bunian 6 delivers a powerful September production lift

• September sales revenue rose 136% to A$1.69 million
• Group production reached 10,285 barrels, up 59%
• Bunian 6 lifted Indonesian field output to approximately 700 bopd
• Vanessa recommissioning remains on budget and on schedule for year-end start-up
• Reprocessed seismic identified multiple structures along trend with the Kiwi gas field

Bunian 6 drives Indonesian production lift

Bass Oil Limited (ASX:BAS) has posted a 136% increase in September sales revenue to A$1,686,790, with the company’s newest Indonesian well now contributing to a substantial lift in production. Group output reached 10,285 barrels for the month, up 59%, while average daily production rose to 343 barrels of oil per day on Bass’ share.

The main operational change came from Bunian 6 in the Tangai-Sukananti fields. The well was brought online from the M sand on 23 September after testing, with initial production of 797 bopd and a 1% water cut. Total field production has since stabilised at approximately 700 bopd, compared with about 250 bopd before the well came online. Bass’ share of Indonesian production reached 7,861 barrels for September, with 7,270 barrels sold at an average price of US$107.98 per barrel.

The result follows the earlier Bunian 6 production surge, which had been reported after the well began producing from the previously unproduced M sand. Bass said the effect on field reserves and its production strategy will be quantified after further analysis of the evaluation and testing data.

Cooper Basin sales recover after trucking disruption

Cooper Basin production was comparatively modest at 2,424 barrels, or 81 bopd, but sales rebounded after trucking resumed in early September. The company exported and sold 3,972 barrels at an average price of A$165.12 per barrel, with Bass attributing the higher sales volume to the drawdown of inventory accumulated during August road closures.

Production reliability at the Worrior and Padulla facilities remained high, with uptimes above 99% and 98.6% respectively. That gives the September revenue result two distinct components: stronger Indonesian production following Bunian 6, and the release of previously stockpiled Cooper Basin oil. The filing does not provide updated cash flow or reserve figures.

Vanessa project moves towards first gas

Bass has shifted its focus to executing the Vanessa gas-field recommissioning project after completing a scoping study with GPA Engineering. The pipeline coating integrity survey found no defects, the site generator was serviced and recommissioned, and pressure safety valves were sent for recalibration and recertification.

Regulatory documentation for the facility restart is being prepared, with hydro-testing of the gas export pipeline and further site work scheduled for November. Bass says the project remains on budget and on schedule for start-up by year end, which would provide its first gas sales into the east coast gas market. The milestone remains subject to regulatory approval and completion of the remaining works.

The same gas growth program also includes the Kiwi development, where GPA Engineering is finalising an updated pre-FEED study and evaluating two tie-in options before FEED and a future Final Investment Decision. Separately, reprocessed Dundinna 3D seismic has improved imaging of the target reservoirs and identified multiple structures along trend with Kiwi, including an enhanced Kiwi North prospect.

Bottom Line?

Bunian 6 has materially changed Bass Oil’s near-term production profile, but the next test is whether output holds while Vanessa progresses from scheduled work to approved first gas.

Questions in the middle?

• Will Bunian 6 sustain approximately 700 bopd at acceptable water cut as more production data becomes available?
• Can Vanessa complete regulatory approval, pipeline hydro-testing and site works in time for year-end start-up?
• How will the new Kiwi trend structures influence the FEED study and the eventual Final Investment Decision?