This is one of the company’s Indonesian oil production assets in which it has a 55% stake.
The project is in the prolific oil and gas region of South Sumatra.
As at 31 December 2017, Tangai-Sukananti was producing on average 600 barrels of oil per day from 4 wells.
Production increases following maintenance
During February, Bass reported total field production of 16,403 barrels of oil or 9,021 barrels of oil net to Bass.
This represents a 24% increase on the previous month’s output following the successful completion of scale removal at the Tangai-1 well.
Works completed at the water separation tank and the associated pipework at the Bunian Central Processing Facility also had a positive impact.
Total February oil sales were 14,616 barrels of oil or 8,038 barrels net to Bass at an average realised oil price of US$59.82 per barrel.
Robust reserve base
Bass’s gross 2P reserves at 30 June, 2017 were assessed to be 1.35 million barrels of oil.
Bass intends to build a substantial oil and gas business with a clear focus on executing opportunities in the South East Asia region.
Management’s interests are closely aligned with those of shareholders as they account for more than 20% of the company’s stock.
Given the company's solid reserves position and the fact that it is delivering regular production, the market capitalisation of $10 million is surprisingly modest.
Field optimisation to increase production at Bunian
Bass has installed a new flowline connecting Bunian-3 to its production facility, removing a bottleneck which constrained production.
The new line is now subject to hydro-testing prior to its commissioning later this month.
Following the testing, management expects oil production from Bunian-3 to increase by more than 75 barrels per day.