Bass Oil has achieved a record sales revenue of $9.86 million for the fiscal year of 2023.
The company also saw an increase in net production by 34 per cent, with over 77,000 barrels produced for the year.
Meanwhile, quarterly oil sales were $2.64 million, at an average price of $124.44 per barrel. Production was 31,064 barrels, averaging 338 barrels of oil per day.
“Both the Indonesian and Cooper Basin cash generating units delivered Bass record revenues for the 2023 fiscal year through strong production performance combined with high oil prices,” Bass Oil managing director Tino Guglielmo said.
“The Cooper portfolio is also revealing further upside gas potential particularly in Bass’ northern permits surrounding the Kiwi discovery combined with the oil upside in both Indonesia and the Cooper Basin.”
Guglielmo also noted that the company will continue its focus on becoming a mid-tier oil and gas producer in 2024.
The announcement follows the company progressing its regulatory approvals for the Kiwi 1 completion and extended production test (EPT) project.
The company has received the report from the inspection of the access road and well site.
This has now been provided to contractors to quote on repair works to upgrade the access for the workover rig and ancillary equipment required for the test.