The Asia Miner

APR-JUN 2019

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 18 of 71

the asia miner • volume 16 • issue 2 17 REGIONAL FOCUS: SE Asia & Indonesia A Mine Own e r P T . M i n e m e x IU P Conce s sion Are a : 3 7 0 0 H a . One of the l a r g es t Co a l produ c ers in J a mbi Pr o v i nce A F u l l y O w n e d T r a n s s h i p m e n t P T . P r a k a r A q u a J a y a Own s low draft ba r g e s . We h a v e dev e lop e d interm e di a t e Jet t y at Je b ak A n Integr a ted P o r t F a c i l i t y P T . K a r y a B a k t i P r o j e c t Ensure s low c o s t produ c tion & o n - tim e trans s hipm e nt E n d - t o - E n d I n t e g r a t e d M i n i n g S e r v i c e s A M i n e D e v e l o p e r & O p e r a t o r P T . M a n d i a n g i n B a t u b a r a – T E R , as MD O with Tempir a i Ene r gy Re s o ur c e, South Sum a t ra A Minin g Servi c e Provi d e r PT. M a nd i a n gi n Batuba r a - T D M , a pr i me M i nin g Contract o r for Ti g a Daya M i ner g y Sun g a i Li l i n P T. Thrive n i I n n o v a t i v e l y A d d i n g V a l u e t o C o a l a n d M i n e r a l s PT. THRIVENI INDONESIA Innovatively Adding Value to Coal and Minerals Beautiful Beginningsª PT. Thriveni is a subsidiary of Thriveni Earthmovers Private Limited , a largest Iron Ore producers & MDO in India & worldwide. We are expertise in Iron Ore, Coal and Barite mining & other minerals like Copper, Bauxite, Limestone etc.. Thriveni provides an end-to-end integrated mining services which extends from obtaining Statutory approvals, mine planning, upgradation, infrastructure develop - ment and up to delivery of finished products to our end users, as an ultimate solution provider. We have unwavering commitment towards Social development, Mineral Conserva - tion, Upgradation and Value Creation to promote sustainable growth to the Country and the people . Australian-based, Indonesian oil producer, Bass Oil has provided a monthly operaঞons update for February 2019, with ambiঞous outlook and plans for the remainder of the year. According to a company statement, total field producঞon at Tangai-Sukananঞ for February was 19,329 barrels of oil JV Share or 10,631 barrels of oil net to Bass, with February oil sales totalling 18,656 barrels of oil JV Share or 10,261 barrels net to Bass. Monthly oil producঞon and sales were lower primarily due to February being a short month with only 28 days. Producঞon rates were relaঞvely stable at 690 bopd. As 2019 commenced, Bass Oil reported a discovery north of its South Sumatran oil fields of Indonesia's largest onshore gas accumulaঞon in 18 years. The Repsol, Petronas and Moeco discovery holds an esঞmated 2 trillion cubic feet of recoverable gas and once appraised, is expected to surpass the largest find in the Asia Pacific in 2018, the Dorado discovery in Australia. The company stated that the discovery was in the broader petroleum-prospecঞve footprint, which is Bass' direct 'hunঞng ground' for material growth opportuniঞes, as it looks to double oil producঞon this year, beer deploy its strong technological capabiliঞes in Improved Oil Recovery (IOR), work more closely with regional universiঞes expert in petroleum recovery dynamics and apply robust assessment of potenঞal expansion opportuniঞes. "The sector faces increasing and intense scruঞny about the type of energy being sourced and why, how it is extracted and processed, and the impact of those operaঞons on how much users now have to pay for power," said Bass Oil Chairman, Peter Mullins. "Quesঞons around the lack of transparent energy policy, and even whether many energy investments in the equiঞes market are ethical, are becoming highly prominent. These senঞments are being felt in both the Australian and South East Asian energy arenas," commented Mr Mullins. Securing a value accreঞve investment for future development is central to Bass' growth strategy to build a Bass in three-pronged push to expand current Indonesian oil output and build broader Asian energy business sustainable and profitable South East Asian-based oil business grounded in our 2016 acquisiঞon of a 55 per cent stake in the Tangai-Sukananঞ oil producঞon assets. "The Company's achievements and plans for growth over 2019-2020 are being implemented within an environment of unprecedented public interest and debate around the energy sector," confirmed Bass Oil Managing Director, Tino Guglielmo. Oil prices conঞnued to recover during February. The average monthly realised oil price was US$60.51 compared with a monthly average oil price of US$55.74 per barrel recorded in January. The fields conঞnue to generate posiঞve cash contribuঞons to the business with field operaঞng costs at or below US$25 per barrel. Bass has sought approval from PT Pertamina to issue a tender for the provision of 750 horsepower capacity drilling rig for the drilling of the Bunian 5 well. Bunian 5 is expected to commence drilling by mid-year. The well is expected to double producঞon from the field taking up the remaining available producঞon capacity of the Tangai-Sukananঞ field faciliঞes as well as increasing developed reserves.

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