- Bass Oil’s (BAS) share price is soaring today after outlining a new Indonesian drilling program
- The Melbourne based oil company is looking to double its Indonesian oil output over 2022
- The new drilling program includes one firm well and an additional two contingent wells
- Bass plans on commencing the program towards the end of the year
- On the market today, Bass Oil is up 66.7 per cent and is trading at 0.3 cents per share
Bass Oil’s (BAS) share price is soaring today after outlining a new Indonesian drilling program.
The Melbourne-based oil company is looking to double its Indonesian oil output over 2022.
The new drilling program includes one firm well and an additional two contingent wells. Bass is expecting the program to commence later this year.
Notably, this is the first major new work by Bass on its 55 per cent held oil field interest in southern Sumatra since the COVID-19 pandemic commenced.
According to the company, the site’s reserves and resources have significant potential to expand to the west of the existing Bunian oil field.
Managing Director Tino Guglielmo says Bass Oil will hold production steady throughout 2021 and is anticipating to restart the next Indonesian drilling program later this year.
The program is aimed at providing a significant boost to production in 2022.
“The next well to be drilled is likely to be the Tangai-5 development well which is expected to intersect a highly productive reservoir section. If we proceed as anticipated, we expect to follow up with the Bunian-6 well in the un-drilled southwest part of the field, further increasing production and developed reserves,” he added.
“We are also planning to drill a third well to appraise the very exciting Bunian 3P Extension area which we have historically regarded as a future stand-alone exploration prospect but which we now suspect is part of the greater Bunian field.”
On the market today, Bass Oil is up 66.7 per cent and is trading at 0.3 cents per share at 11:50 am AEDT.