Bass Oil Limited (ASX:BAS) has announced its reserves and contingent resources as of December 31, 2024. The company’s 2P oil reserves remained largely stable year-on-year at 0.789 million barrels. A significant highlight was a 52% increase in 2C Contingent Resources in the Cooper Basin, reaching 1.735 million barrels of oil equivalent. This surge is primarily attributed to the higher-than-expected Condensate to Gas Ratio (CGR) observed during the Kiwi 1 Extended Production Test (EPT). Specifically, the 2C Contingent Resources at the Kiwi field alone totaled 1.178 million barrels of oil equivalent.
In the Cooper Basin, strong production performance from key Worrior wells largely offset yearly production declines, contributing to the stable reserves. Similarly, in Indonesia, robust production from the Bunian 3 well mitigated yearly production decreases. The company’s 2P Field Reserves for the Cooper Basin are assessed at 0.381 million barrels, while the 2P Entitlement Field Reserves in the Tangai-Sukananti KSO in Indonesia are 0.408 million barrels net to Bass.
Bass Oil is actively evaluating the potential conversion of contingent resources in the Worrior field’s Murta reservoir to reserves through fracture stimulation, with a workover program under consideration for 2025. Furthermore, the company plans to conduct FEED (Front-End Engineering Design) work in 2025 to assess the economics of a pipeline connection to bring Kiwi field gas to market, potentially converting these contingent resources to reserves. A slight decrease in 2P Reserves in the Tangai-Sukananti KSO was observed, while there was a slight increase in 2C Contingent Resources resulting from a delay in the development drilling program due to rig availability. Overall, Bass Oil is focused on expanding production and converting contingent resources to reserves in both its Australian and Indonesian assets.
