Bass Oil Limited announces successful Kiwi-1 extended production test

Bass Oil Limited (ASX:BAS) has reported successful results from the conclusion of the Kiwi-1 Extended Production Test (EPT). The test indicated gas flow rates in line with expectations and condensate yields far exceeding the Company's initial projections. The EPT has entered the pressure build-up phase, and the gas and condensate samples are being transported to the laboratory for a full compositional analysis.

Executive Commentary on Kiwi-1 Extended Production Test

We are incredibly excited with the ongoing success of the Kiwi-1 Extended Production Test. The EPT flowing survey has reinforced our view of Kiwi's potential for being a significant commercial discovery for Bass. It's substantial liquids content coupled with the value of the gas resources makes it a potentially very valuable opportunity for future revenue generation. The team is working diligently to assess the results and commercialisation timelines. We look forward to announcing these in due course.

Summary of Kiwi-1 Extended Production Test and Outlook

The Kiwi-1 Extended Production Test (EPT) conducted by Bass Oil Limited has yielded positive results, indicating gas flow rates in line with expectations and condensate yields far exceeding initial projections. The company's technical team had previously assessed a 2C resource in the Kiwi structure of over 5 BCF of gas with a modest condensate content. However, the recent test suggests that the value of the condensate stream in Kiwi could be much greater than the gas stream, indicating a significant commercial discovery. The pressure build-up survey and remaining data from the EPT and laboratory studies will be used to calibrate the economic model, with the aim of confirming the field's commercial viability and readiness for development. Bass Oil Limited is also considering the opportunity to accelerate the time to first production and is examining the merits of commencing early sales of condensate on a longer duration EPT while fast-tracking the deployment of gas sales infrastructure.