Bass Oil Limited - October 2024 Operations Update
BASS OIL LIMITED (BAS) Share Update November 2024 Wednesday 20th
Bass Oil Limited Reports October Operations Update
Bass Oil Limited (ASX:BAS), an Australian oil producer, has released its operations update for October 2024, highlighting steady production and sales from its assets in Australia and Indonesia.
Instant Summary:
- Total sales revenue for October was US$455,195 (A$692,944).
- Daily oil production averaged 263 bopd, totaling 8,156 barrels.
- Cooper Basin production was 2,934 barrels; Indonesian production was 5,222 barrels.
- Kiwi 1 well pressure survey completed, data interpretation underway.
- Phase 2 of PEL 182 Deep Coal study finalized with SLB.
Production and Sales Overview
Bass Oil Limited reported total sales revenue for October of US$455,195, equivalent to A$692,944. The company achieved an average daily production of 263 barrels of oil per day (bopd), with a total monthly production of 8,156 barrels.
In the Cooper Basin, the company's 100% owned Worrior and Padulla oil fields produced 2,934 barrels, with sales totaling 2,206 barrels at an average price of A$113.09 per barrel. This marked a 2.8% increase in sales price compared to September.
Indonesian Operations
In Indonesia, Bass Oil's Tangai-Sukananti fields produced 5,222 barrels, with sales of 5,244 barrels at an average price of US$71.22 per barrel. The Bunian 5 well was temporarily offline due to a suspected pump failure, but plans for the Bunian 6 development well are progressing.
Kiwi 1 Well and PEL 182 Study
The Kiwi 1 well in the Cooper Basin underwent a pressure survey in October, with initial results indicating minimal pressure decline. Bass Oil is now conducting a pressure transient analysis to assess reservoir parameters.
Additionally, Bass Oil and SLB have finalized the scope for phase 2 of the PEL 182 Deep Coal study. This phase aims to determine well designs and frac stages needed for economic gas recovery.
The steady production and sales figures suggest a stable operational footing for Bass Oil. The increase in sales price in the Cooper Basin is a positive indicator, potentially boosting revenue. The ongoing developments in the Kiwi 1 well and PEL 182 study could unlock further value.
Investor Reaction:
Analysts might view the consistent production figures and price increase favorably, though the temporary offline status of the Bunian 5 well could raise concerns. The progress in the Kiwi 1 well and PEL 182 study offers potential future upside.
Conclusion:
Investors should keep an eye on Bass Oil's ongoing projects in the Cooper Basin and Indonesia, as well as the outcomes of the Kiwi 1 well analysis and PEL 182 study. These developments could significantly impact the company's future performance.