- Australian oil producer Bass Oil (BAS) to commence drilling of the Tangai-5 oil well within its joint ventured project onshore Sumatra in Indonesia this week
- The company says the Tangai-5 development well, if successful, has the potential to improve production at Tangai-Sukananti KSO from 350 barrels of oil per day (bopd) to about 1,000 bopd
- Bass has a 32-day work plan to drill, complete and bring the well into production
- The Tangai-Sukananti licence area in the mature oil and gas producing South Sumatra Basin includes the currently producing Bunian and Tangai oilfields
- BAS shares jump 25 per cent to 0.3 cents
Bass Oil (BAS) shares have jumped after the company announced drilling of the Tangai-5 oil well within its joint ventured producing Tangai-Sukananti KSO project onshore Sumatra in Indonesia will commence this week.
The company said the Tangai-5 development well, if successful, could improve production at Tangai-Sukananti KSO from 350 barrels of oil per day (bopd) to about 1,000 bopd.
Tangai-5 was expected to spud on Tuesday March 29 and Bass considered the well had an 85 per cent likelihood of success.
It has a 32-day work plan to drill, complete and bring the well into production.
The company holds a 55 per cent operating interest in the Tangai-Sukananti licence in the mature oil and gas producing South Sumatra Basin.
The licence area includes the currently producing Bunian and Tangai oilfields.
Tangai contains oil at two reservoir levels and the Tangai-5 well will target the primary M sand and secondary K reservoir levels, which have produced or tested oil at Tangai-1 (M and K), Tangai-2 (M and K), Tangai-3 (M) and Tangai-4 (K) wells.
Bass said Tangai-5 would “confirm” the production and reserve potential of the K level at an optimal location on the structure.
BAS shares were trading 25 per cent higher at 0.3 cents at 2:19 pm AEDT.