Bass Oil Limited announced that it has completed all commissioning activities for the Tangai-5 development well at its 55% owned Tangai-Sukananti KSO in Indonesia. The Tangai Field was discovered in 1992 by PT Pertamina and is a structural closure on the upthrown side of the NE-SW trending fault in the east of the Tangai-Sukananti KSO. The Tangai-5 well is the higher well on the structure and produces from the primary target M reservoir, which has best-estimate remaining recoverable reserves of approximately 435,000 barrels of oil (JV share).

The well is currently producing approximately 750 bopd (JV share) which has lifted total exports from the Tangai-Sukananti KSO from ~ 300 bopd to its current limit of 1,000 bopd. Given oil and gas prices have increased significantly in recent months, the Company expects to repay its initial investment in the Tangai-5 development well from oil sales within 2 months.