Bass Oil Ltd (ASX:BAS) is continuing to achieve strong monthly production at the Tangai Sukananti fields onshore Indonesia and will outline its progress during next month’s Proactive CEO Sessions.
Managing director Tino Guglielmo will present to investors at the Sydney CEO Session on Monday, March 11 and at the Melbourne session on Tuesday, March 12.
READ: Bass Oil increases proved reserves at onshore Tangai Sukananti oil field by 76%
Earlier this week, Bass increased its 1P proved net entitlement reserves at the Tangai Sukananti oil fields by 76% from 320,000 barrels at the end of December, 2017, to 505,000 barrels.
Net entitlement reserves are the share of cost oil and profit oil that Bass is entitled to receive under the joint venture signed with Indonesian state-owned corporation PT Pertamina.
The update was due in part to increased production at the Bunian-3 well from de-bottlenecking operations and has provided a high confidence level to the substantial increase in 1P reserves.
De-bottlenecking operations are estimated to have boosted production from about 300 to more than 700 barrels of oil a day.
READ: Bass Oil completes Bunian 5 well site construction, records strong monthly oil production
Bass Oil recently completed construction of the Bunian 5 well site at Tangai-Sukananti, with drilling planned to start mid-year.
Production at Tangai-Sukananti throughout January 2019 equalled levels recorded in December 2018, averaging 710 barrels of oil per day.
Register for the CEO Sessions today to find out more.
Sydney details, Monday, March 11, 2019
Melbourne details, Tuesday, March 12, 2019
Also featuring at both sessions will be Carnarvon Petroleum Ltd (ASX:CVN) and High Peak Royalties Ltd (ASX:HPR).