13/9/17 - Bass Oil Limited (ASX:BAS) today announced the Company...

13/9/17 - Bass Oil Limited (ASX:BAS) today announced the Company has commenced field development and appraisal activities, concurrent to its production optimisation program, that will seek to materially increase oil production, as well as increase the asset’s Proved and Probable (2P) Reserves base.

Upon closing of the acquisition in February 2017, Bass immediately commenced a number of studies investigating the asset’s production profile and reported reserves base, which was initially conducted by existing Australia-based geotechnical personnel. The study has now been extended, with the appointment of UNPAD in Indonesia, an independent petroleum geoscience and engineering consultancy, who is currently conducting a major multi-disciplinary integrated study over the entire KSO.

Field Development:
The initial study outlined a number of prospective targets and leads which warrant further testing. Both Bunian-5 and Bunian-6 represent low risk development opportunities with significant flow-rate potential. Tangai-5 is also deemed a low risk development well and targets the up-dip potential from strongly performing Tangai-1. Bass’ Indonesian team will work to mature the development-wells in the coming period whereby the Company expects to realise significant value up-side.

Appraisal:
The study being undertaken by UNPAD will provide a full re-assessment of the Oil in Place, Reserve and Resource potential of the property, incorporating prospective undrilled structures, namely; updip Sukananti, updip TMB-6, updip Kupang and the untested shallow gas zone, Bunian ABF.
Bass also believes near-term field expansion opportunities are achievable at Bunian-West and aim to mature an appraisal well in CY2018 to confirm this potential.