Bass Oil (ASX:BAS) sees production drop at Indonesian oil field, oil prices rise

• In January, Bass Oil’s (BAS) Tangai-Sukananti Oil Field in Indonesia averaged 343 barrels of oil per day, an eight per cent drop in December
• Over the month, the company saw its Bunian-5 well experience an unscheduled maintenance event and close the well for 12 days
• However, there was a rise in oil prices, with the realised oil price at US$85.60 (A$118) per barrel, a 17 per cent increase compared to the previous month
• Bass has made further progress with its acquisition of Cooper Energy’s South Australian assets
• On the market, Bass Oil is in the grey and trading at 0.2 cents per share

Bass Oil (BAS) has reported production from its Tangai-Sukananti Oil Field in Indonesia averaged 343 barrels of oil per day in January 2022.

This is an eight per cent drop from production in December 2021, due to an unscheduled maintenance event at the Bunian-5 well. Therefore, the well was offline for 12 days in the second half of January.

Bunian-5 came back into production on February 11.

Total production for the month was 10,641 barrels of oil and 10,459 barrels of oil were sold during the period. Bass received net production was 5852 barrels of oil and the company obtained sales receipts for 5573 barrels of oil in January.

The averaged realised oil price throughout the month was US$85.60 (A$118) per barrel, a 17 per cent increase compared to December.

Notably, the oil and gas industry has seen a rise in demand over the recent months.

Last year, Bass entered a conditional sale and purchase agreement (SPA) with Cooper Energy to acquire its South Australian assets.

The purchase represents a “unique opportunity” for Bass to buy a portfolio of assets in the Cooper basin.

This deal is now progressing steadily towards completion, the company told the market.

On the market, Bass Oil is in the grey and trading at 0.2 cents per share at 12:54 pm AEDT.