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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Bass Oil Limited    BAS   AU000000BAS3

BASS OIL LIMITED

(BAS)
End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 11/10
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07:15pBASS OIL : Onshore Indonesian Oil Operations Update – October 2019
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10/21BASS OIL : Bunian-5 to be Completed as Oil Producer
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10/08BASS OIL : Onshore Indonesian Oil Operations Update – September 2019
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Bass Oil : Bunian-5 to be Completed as Oil Producer

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10/21/2019 | 09:45pm EST

ASX Announcement

22 October, 2019

Bunian-5 to be completed as oil producer

  • Bunian 5 has intersected the two primary reservoirs, the TRM3 and K sandstones at the same or slightly higher levels than at Bunian 3 ST2, the best producing well in the field
  • Both zones have exhibited oil shows comparable to or better than those in Bunian 3 ST2, with 5m of net oil pay in each zone.
  • Oil and gas shows were recorded over the secondary targets, the TRM 0 and the GRM sandstones, which have been evaluated further by wireline logging and sampling, quantifying the reservoir potential of these zones for future production
  • This morning, the rig has cemented the 7" production casing string, preparing to tandem- complete the well for production from the TRM3 and K1 reservoirs
  • Next steps - to complete the well for production
  • Bass is confident that Bunian-5 has the potential to double overall production from the Bunian field

Australia's Bass Oil Limited (ASX: BAS) is pleased to announce that since the last report issued to the ASX on 14 October the Bunian 5 well has intersected the two primary reservoirs, the TRM3 and K sandstones. Both reservoirs were intersected at the same or slightly higher levels than at Bunian 3 ST2, the most prolific well in the field.

Both zones have exhibited oil shows comparable to Bunian 3 ST2. Furthermore, oil and gas shows were recorded whist drilling through secondary targets, the TRM 0 and GRM sandstones. The significance of these will be evaluated further based on the results of the wireline logging and sampling which was successfully run after completion of the drilling operations.

Next Steps

The well was drilled to TD at 1,662 mKB following which wireline logs were acquired to confirm the nature and quality of oil and gas pay zones contained within the well. The rig has run and cemented the 7" production casing and is now preparing to complete the well for production.

The Bunian Field Overview

The Bunian Field was discovered in 1998. Bunian-1 and Bunian-3ST2 are currently in production (figure 1). The entire KSO area is fully defined by the 2011 Sukananti 3D seismic survey data, which was comprehensively reprocessed in 2014 to a very high quality.

The Bunian Field is a SW-NE trending anticline bounded by faults to the south, west and east. The elongated structure has two structural crests mapped at the primary objective TRM3SS reservoir level (figure 1). Bunian-5 has tested one of these crests and has confirmed the oil potential of the northern half of the Bunian Field. The Bunian Field contains oil at 3 reservoir levels (figure 2). Bunian-5 targetted the primary TRM3SS and secondary GRM and K reservoir levels, which produced or tested oil at Bunian-1 (TRM3SS), Bunian-3ST2 (TRM3SS and K) and Bunian-4 (TRM3SS and GRM) wells (figure 1, 2).

For the combined reservoirs, the Bunian field has total best-estimate remaining recoverable reserves of 2.09 million barrels of oil JV share (0.602 million barrels oil net entitlement reserves to Bass). Bunian-5 is modeled to come on line at 750 barrels of oil per day and produce 0.546 million barrels of undeveloped recoverable oil JV share at the primary TRM3SS reservoir level. The well results are consistent with this pre- drill expectation.

Bunian-5 was a vertical well being drilled from the surface location of the Bunian-4 deviated well. The well has taken 23 days to drill and complete reaching a total depth of approximately 1,662 meters. Given this success case, Bunian-5 will be completed and brought into production as soon as possible after the rig has moved off site. The drilling expenditure will be fully cost recoverable against existing production under the terms of the KSO. Joint Venture participants in the KSO are Bass Oil, Operator 55% and Mega Adhyaksa Pratama Sukananti Ltd (MAPS) 45%.

Further targets of future drilling are shown on Figure 1. In addition to the existing fields, Bass has defined two exploration prospects being Sukananti Updip and Bunian West. Both prospects target oil potential at multiple reservoir levels which contain the oil in the existing Bunian and Tangai Fields within the KSO.

Figure 1: Depth Map at primary objective TRM3SS level showing proposed and current wells. Green dashed line Oil Down To (1422m SS); black dashed line is Lowest Closing Contour (1425m SS)

Figure 2: Schematic geological cross section showing the proposed Bunian-5 well location

For further information please contact:

Tino Guglielmo

Managing Director, Bass Oil Ltd

Ph: +61 3 9927 3000

Email: tino.guglielmo@bassoil.com.au

About Bass Oil Limited

Bass Oil Limited (ASX:BAS) (www.bassoil.com.au) is an ASX-listed exploration and production company featuring low cost onshore oil production in Indonesia and a management and Board team with a proven track record in delivering shareholder value. Bass has realigned its corporate strategy following the landmark acquisition of a 55% interest in the Tangai-Sukananti KSO producing assets located in the prolific oil & gas region of South Sumatra, Indonesia. As at July 2019, the Tangai-Sukananti KSO was producing on average 750 bopd from 4 wells (JV share).

Bass reports Net Entitlement 2P Oil Reserves of 0.602 million and is building towards a substantial onshore Indonesian oil & gas business with a clear focus on executing opportunities in South Sumatra as they present. Bass has a strong and committed shareholder base with Board and management holding in excess of 16% of issued capital.

Disclaimer

Bass Oil Limited published this content on 22 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2019 01:44:02 UTC

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Managers
NameTitle
Guistino Guglielmo Managing Director & Director
Peter Francis Mullins Chairman
Mark Llewellyn Lindh Independent Non-Executive Director
Hector MacKenzie Gordon Independent Non-Executive Director
Robyn M. Hamilton Secretary
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