Bass Oil’s Bunian 6 success strengthens its next growth phase

October production and revenue accelerate

Bass Oil Limited (ASX:BAS) has turned a stronger Indonesian oil contribution into a broad October improvement, reporting A$1.83 million in sales revenue and 13,146 barrels of group production. Revenue rose 8.3% year on year, while production increased 28% and average daily output reached 424 barrels of oil per day on Bass’s share.

The company sold 11,962 barrels during the month. Managing director Tino Guglielmo said higher production and oil prices had increased revenue and free cash flow, although the announcement did not disclose a free-cash-flow figure. Bass also said it remained debt free.

Bunian 6 opens the door to more Indonesian drilling

Indonesia supplied most of the month’s production growth. Bass’s share of Tangai-Sukananti output reached 10,726 barrels, up 37%, while 10,403 barrels were sold at an average price of US$113.30 per barrel, up 5%.

The result builds on the Bunian 6 oil discovery, which earlier confirmed oil in a previously unproduced zone. Bass said the M sand in Bunian 6 is performing well enough to support a reserves assessment, with the field team preparing to bring the primary TRM3 zone online through a planned zone change.

Initial subsurface work has increased confidence in the westerly extension, according to Bass. The joint venture has started planning a self-funded 2027 program of up to two wells targeting the Bunian West and Bunian NorthWest structural highs. A reserves update is due with the year-end accounts, so the drilling ambition currently comes before a published revision to field reserves.

Vanessa restart moves into site execution

In the Cooper Basin, production totalled 2,420 barrels and sales reached 1,559 barrels at an average price of A$180.52 per barrel. The Worrior and Padulla facilities each recorded uptime above 99%, but the more consequential Cooper Basin development is the planned restart of the 100%-owned Vanessa gas field.

The recommissioning work remains on budget and on schedule for start-up by year end, Bass said. Regulatory certification documents are being prepared, pressure safety valves have been recertified and electronic controllers have been energised. A gas transportation and processing agreement is under review, while crews are due to mobilise for hydro-testing of the export pipeline and other mechanical and electrical works.

That timetable carries execution and approval dependencies. The company’s earlier Vanessa gas restart plan also targeted first gas by year end, but this update provides more detail on the physical work still required before sales can begin.

Kiwi study identifies additional gas structures

Bass is also advancing longer-dated gas opportunities in PEL 182. A pre-FEED update for the Kiwi field is being finalised, with two tie-in options to be assessed in the FEED study before a final investment decision.

Reprocessed Dundinna 3D seismic has improved imaging of the target reservoirs, and mapping has identified multiple structures along trend with Kiwi. Bass highlighted the Kiwi North prospect, immediately adjacent to the field, as the most significant early result. The company also said the Cooper Basin joint venture is continuing work on deep-coal commercialisation, including appraisal wells that could inform Bass’s own efforts.