Budget Approved for Two New Onshore Indonesian Oil Wells

Source Press Release
Company Bass Oil LimitedPertamina 
Tags Strategy - Upstream, Upstream Activities
Date August 27, 2018

Australian-listed, Indonesian oil producer, Bass Oil Limited (ASX:BAS) is pleased to announce that the Company has received formal approval from Indonesia’s State-owned oil and natural gas corporation, PT  Pertamina, for the budget to drill two onshore development oil wells, Bunian 5 and Tangai 5, from December this year in Bass’s onshore oil fields in southern Sumatra.

Pertamina’s approval is a pre-requisite prior to Bass commencing the procurement process for drilling services and equipment for the two well schedule.

The current intent is for the drilling of Bunian-5 first, during December 2018, followed by the proposed Tangai-5 well. It is expected that the drilling of these two proposed oil development wells will significantly increase the production capacity of Bass’s 55%-owned Tangai-Sukananti field as well as increase developed reserves.

Bass will provide shareholders with further details once logistics and all third-party service providers are finalised.

Planning work for the upgrade of the Bunian and Tangai production facilities continues. A facility upgrade is required to process the additional oil and fluid production anticipated following the completion of the drilling phase of the work program.

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