Throughout the third quarter of 2023, Bass Oil recorded US$1.91 million, a 26.7 per cent increase from the previous quarter.
The company also recorded positive production numbers with 35,958 barrels, up 22 per cent, averaging 390 barrels of oil equivalent per day.
Bass’ total cash balance equalled to US$1.71 million, up 12.5 per cent from the previous quarter.
Bass Oil managing director Tino Guglielmo said the company’s activities in the Cooper Basin brought positive results for the quarter.
“Both the Indonesian and Cooper Basin cash generating units continue to deliver for Bass through strong production performance combined with high oil prices,” Guglielmo said.
“The Cooper portfolio is also revealing further upside gas potential particularly in Bass’ northern permits surrounding the Kiwi discovery and the recently granted 10-year extension to the Indonesian KSO is of significant benefit to the company as we focus on growing Bass into a mid-tier oil and gas producer.”
In September 2023, Bass Oil announced it will complete an extended production test of the Kiwi 1 gas well located in the Cooper Basin, South Australia.
The company is targeting commencement of operations in Q4 of 2023.