Bass Oil has announced the results of its annual reserves review for the year ending of 2023, with results showing an increase over the prior year.
2P Reserves increased 17 per cent over the prior year and Cooper Basin 2C Contingent resources up 110 per cent due to the potential of the Kiwi gas project.
Bass’ producing assets in the Cooper Basin, South Australia, comprise of the 100 per cent owned and operated Worrior and Padulla oil fields.
The total Bass share of 2C Field Contingent Resources as of 31 December 2023 are assessed to be 1.229 million barrels of oil.
The Bass share of 2C Field Contingent Resources for the Cooper Basin in Australia are assessed to be 1.177 million barrels of oil an increase of 110 per cent.
In the Cooper Basin, the Field Contingent Resources comprise volumes in the Worrior and Padulla oil fields currently considered uneconomic but that may be converted to reserves under different economic circumstancesand/or with future projects aimed at extending the current economic cut-offs, such as acceleration of production or reduced crude fuel consumption.
Additionally, the Worrior Field contains significant contingent resources of oil in the Murta reservoir that may be converted to reserves post fracture stimulation.
Planning continues to assess this potential, with a workover and fracture stimulation program being considered in 2024.
Kiwi Field gas contingent resources are included for the first time, following detailed subsurface work throughout the year to define the resource potential.
An Extended Production Test (EPT) is planned on Kiwi 1 in 2024 which will help further define the resource.
These contingent resources are expected to convert to reserves at a later date, pending the results of the EPT and assessment of the economics of a pipeline connection and associated infrastructure to bring the gas to market.
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