Bass Oil Limited (ASX:BAS) Announces June Operations Update
Financial Performance
Bass Oil Limited reported a 2% increase in total sales revenue for June, reaching A$566,924 (USD$371,335). The group’s daily oil production averaged 241 barrels per day, with total monthly production amounting to 7,220 barrels, up 4% from May.
Cooper Basin Operations
Production from the Worrior and Padulla oilfields in the Cooper Basin was 2,996 barrels for June, averaging 100 barrels per day, a 4% rise on May. Sales totaled 2,418 barrels at an average price of A$110.15 per barrel, a 10% increase.
Indonesian Operations
In Indonesia, Bass’s Tangai-Sukananti Oil fields produced an average of 141 barrels daily, totalling 4,224 barrels net to Bass. Of these, 4,129 barrels were sold at an average price of US$67.79 per barrel, up 11%.
Strategic Developments
Bass is progressing in obtaining regulatory approvals to acquire 100% interest in the Vanessa gas field, including a production well, processing facility, and pipeline. Additionally, the company completed a Non-Renounceable Rights Issue, raising $925,000 with a 30% take-up from existing shareholders.
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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