Bass Oil upgrades Sumatran prospect by 1.6m barrels
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Indonesian miner Bass Oil has upgraded its Sumatran oil prospect by 1.62 million barrels.
The major upgrade was the result of a study undertaken by an independent consultancy attached to Indonesia’s Padjadjaran University, the company said.
The onshore Southern Sumatra oil project – 55 per cent-owned by Bass — included an additional 1.6 million barrels of low-cost oil resources.
As a result, Bass has been quick to add the two new targets to its planned drilling for 2018/2019.
Bass plans to complete “a full re-assessment” of the project’s potential by the end of March.
The shares (ASX:BAS) were steady at 0.4c on Monday. They have traded between 0.1c and 0.6c in the past year.
Bass Oil acquired the project with two currently producing oil fields in 2017, with 45 per cent partner Mega Adhyaksa Pratama Sukananto.
Once approved by the regulator, the drilling costs of both new wells will be fully cost recoverable against existing production under the terms of the co-operation agreement, the company says.