Bass Oil's August Operations Update

Bass Oil Limited (ASX:BAS) has released its Operations Update for August 2024, showcasing robust performance in both the Cooper Basin and Indonesian operations. The company reported a 24% increase in total sales revenue for August, reaching US$671,500 net to Bass (A$986,638), with daily oil production averaging 359 barrels of oil per day (bopd) for the group, marking a 20% rise from July. The Cooper Basin monthly production stood at 3,155 barrels, while Indonesian oil production reached 7,960 barrels net to Bass, reflecting a 35% increase.

Executive Commentary on Operations and Developments

The Company's Managing Director, Tino Guglielmo, expressed satisfaction with the strong performance in August, highlighting the significant increase in both total sales revenue and daily oil production. Guglielmo also emphasized the successful commencement of the Kiwi 1 Extended Production Test, which revealed a substantial liquids yield upside, reinforcing the view that Kiwi has significant economic value to Bass. Additionally, he provided insights into the progress of the PEL 182 Deep Coal Commercialisation Study, indicating that the geomechanical model has been successfully calibrated and will be instrumental in the next phase of the study. Guglielmo also noted the positive developments in Indonesian operations, with a 35% increase in production from the Tangai-Sukananti Oil fields.

Summary of August Operations and Future Outlook

Bass Oil's August Operations Update demonstrates a robust performance, with notable increases in total sales revenue and daily oil production. The successful commencement of the Kiwi 1 Extended Production Test and the progress in the PEL 182 Deep Coal Commercialisation Study are indicative of the company's commitment to leveraging its operational capabilities and creating value. The outlook remains positive, with the upcoming drilling of the Bunian 6 development well in Indonesia, reflecting the company's focus on development and growth. Bass Oil's strong performance in August positions the company well for continued success in its oil production and exploration endeavors.