Bass reports lower February production at Tangai-Sukananti field

By Romel S. Gurky

ASX-listed Indonesian oil producer Bass Oil Limited reported on Tuesday that production at Tangai-Sukananti field in South Sumatra Province for February of this year was 19,329 barrels of oil (JV share) or 10,631 barrels of oil net to Bass.

This is lower than total field production in January of 22,071 barrels (JV share).

Bass said in a statement that February oil sales totaled 18,656 barrels of oil JV Share or 10,261 barrels net to Bass.

“Monthly oil production and sales were lower primarily due to February being a short month with only 28 days. Production rates were relatively stable at 690 bopd,” the company said.

Bass said that oil prices continued to recover during February. The average monthly realized oil price was US$60.51 compared with a monthly average oil price of $55.74 per barrel recorded in January. The fields continue to generate positive cash contributions to the business with field operating costs at or below $25 per barrel.

Bass said strong field performance continues with production in February averaging 690 barrels of oil per day JV share, which was 3 percent lower than production levels recorded in January. “This was a pleasing result considering that the Bunian 1 and Tangai 1 wells were both shut in due to downhole pump failures for a significant period in February. The Tangai 1 well has since been returned to production following the completion of pump repair operations.”

 The Bunian 1 well pump replacement is awaiting the return of a well service rig in late march or early April, the company said.

 Bass said it continues to evaluate a number of potential onshore Indonesian acquisition targets, particularly those closest to its existing oil production infrastructure, as the company looks to add additional prospective oil properties to its portfolio.

Editing by Reiner Simanjuntak