- Bass Oil (BAS) reports its field production at the Tangai-Sukanantu license for December 2021 averaged 374 barrels of oil per day, a monthly increase of eight per cent
- The company owns a 55 per cent operator interest in the Tangai 5 Well, which is located in Indonesia’s South Sumatra basin
- The company says December 2021 production totalled 11,579 barrels of oil, with sales of 11,932 barrels of oil at an average realised oil price of US$ 72.89 (A$100.13) per barrel
- The company also says drilling of the Tangai 5 Well is scheduled to start at the end of March 2022 with earthworks to commence shortly
- Company shares are up 33.3 per cent to 0.2 cents
Bass Oil has reported its field production at the Tangai-Sukanantu license for December 2021 averaged 374 barrels of oil per day, a monthly increase of eight per cent.
The company said rates have returned to the expected capacity of between 350 barrels of oil per day to 380, including minor field downtime.
The company owns a 55 per cent operator interest in the Tangai 5 Well, which is located in Indonesia’s South Sumatra basin.
December 2021 production totalled 11,579 barrels of oil (6368 barrels of oil net to BAS), with sales of 11,932 barrels of oil at an average realised oil price of US$ 72.89 (A$100.13) per barrel.
In November, the regulator granted approval for the drilling of the Indonesian Tangai 5 well and the procurement plan.
The company said drilling of the Tangai 5 Well is scheduled to start at the end of March 2022 with earthworks to commence shortly.
According to Bass, its team is continuing procurement activities related to the well and its engineering team are continuing with well design and planning.
Company shares were up 33.3 per cent to 0.2 cents at 1:56 pm AEDT.