Bass Oil Limited (ASX: $BAS) Operations Update - February

Bass Oil Limited (ASX: $BAS) has released an operations update for February, reporting total sales revenue of US$353,647 and a monthly production of 6,398 barrels. The company, an Australian-listed oil producer, holds a majority interest in eight permits in the Cooper Basin, including the 100% owned Worrior and Padulla oil fields, and a 55% interest in a South Sumatra Basin KSO. Bass Oil Limited is debt free and committed to creating value by leveraging the competitive strengths of its team, operating capability, reputation, and relationships in both Australia and Indonesia.

Executive Commentary on Operations Update

The Company has reported a total sales revenue of US$353,647 for February, with a monthly production of 6,398 barrels. The daily oil production for the group averaged 221 bopd for the month, with total Cooper Basin monthly production at 2,795 barrels produced and 1,724 barrels sold at an average oil price of A$129.99 per barrel. Additionally, the total Indonesian oil production was 3,603 barrels net to Bass, with 3,686 barrels sold at an average oil price of US$80.43 per barrel. The Kiwi 1 gas test is set to commence as soon as possible, and the PEL 182 deep coal study scope has been finalized and is expected to commence shortly.

Summary of Operations Update and Outlook

Bass Oil Limited's operations update for February revealed total sales revenue of US$353,647 and a monthly production of 6,398 barrels. The company's focus on expanding production in the Cooper Basin and in South Sumatra is evident through its commitment to creating value and leveraging its competitive strengths. The Kiwi 1 gas test and the PEL 182 deep coal study are key upcoming initiatives that demonstrate the company's dedication to exploring new opportunities. Despite challenges such as lower oil production impacting revenues in February, Bass Oil Limited remains debt free and aims to build a substantial onshore Australian and Indonesian oil & gas business.