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Cash up for Bass

Bass Oil cash

During the latest quarter, Bass Oil increased its cash balance by 22 per cent to $1.7 million.

“This quarter, Bass was able to deliver increased cash from operations even though production and sales were impacted by field and weather-related downtime,” Bass Oil managing director Tino Guglielmo said.

“The company was also able to progress two of its strategic growth initiatives, namely the Kiwi 1 EPT and the PEL 182 deep coal gas commercialisation study.”

Oil production for the March quarter was 22,501 barrels of oil, down 27.6 per cent in the December quarter.

This was due to downtime incurred in the company’s Indonesian operations including the Bunian 5 pump failure and the Bunian 3 flowline repair.

Within the Cooper Basin, the company averaged 99 barrels of oil per day, down 12.8 per cent on the December quarter.

Revenue for the quarter was down 20.5 per cent on the December 2023 quarter however, it also received an average oil price of $127.47, steady when compared to the December 2023 quarter.

During the quarter, Bass Oil announced that the Kiwi 1 extended production test would commence as soon as possible, following all approvals and equipment required for the completion of the well.

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