Announcement PDF Emerging Oil Producer in South East Asia Investor Presentation February 2017 On-track for Transaction Completion Final Condition Precedent of EGM approval satisfied for Bass’ acquisition of Cooper Energy’s 55% interest in the Tangai-Sukananti production assets located in South Sumatra, Indonesia which will: • Immediately transform Bass into an oil producer - current production of over 700 bopd (100% JV share) in a prolific oil and gas region; and provide • A platform for future growth through low-cost development opportunities and execution of value accretive bolt-on acquisitions – minimal additional corporate overheads required with Bass’ established Jakarta based personnel Ground crew at Talang Jimur pump station Investor Presentation • February 2017 Tangai-3 oil well 2 Bass Strait Oil & Gas Company (ASX:BAS) Capital Structure Share Ownership Summary Shares on Issue 2,239.2 M Undiluted Market Cap (@ 0.25c) A$5.6 M Cash Estimate (31-Dec-16) A$0.7 M Cooper Energy 15.8% Tino Guglielmo 10.0% 52.0% Mark Lindh Tattersfield Group 9.6% Icon Holdings Enterprise Value A$4.9 M 4.3% Board Structure *Includes issue of 180 million shares to Cooper Energy pursuant to EGM 8.3% Other *Includes issue of 180 million shares to Cooper Energy pursuant to EGM Peter Mullins FFin - Non-Executive Chairman Tino Guglielmo BEng (Mech) - Executive Director  40-year banking career in Australia and New York specialising in institutional and corporate finance  21-year career with Santos as a Petroleum Engineer in key management positions  14 years as C-suite executive with various Australian-listed companies  Former head of Institutional Banking SA & NT with Commonwealth Bank of Australia  Co-founded of Ambassador Oil & Gas - achieved sale to Drillsearch Energy in 2014  Grew Stuart Petroleum as a Cooper Basin junior and sold to Senex in 2010 achieving 7-times value accretion  Non-Executive Director of Octanex & Ophir Sdn Bhd Malaysia  Former Chairman of Somerton Energy  Current Fellow of Finsia Mark Lindh - Non-Executive Director Hector Gordon BSc (Hons) - Non-Executive Director  Corporate adviser with 15+ years experience with a specific focus on the energy sector  Current Executive Director of Cooper Energy  Former Executive Director and Chief Operating Officer of Beach Energy  Co-founded Adelaide Equity Partners – natural resources focussed investment bank  Former Managing Director of Somerton Energy  Successfully executed >A$1bn in transactions  Integral role in Beach Energy’s exploration and acquisition successes  Retained advisor to numerous companies in the energy sector  Significant experience in South-East Asia Investor Presentation • February 2017 3 Tangai-Sukananti Production Assets  Bass is acquiring a 55% interest in the Tangai-Sukananti production asset - located in the South Sumatra Basin, a prolific Indonesian oil and gas region  Proven operations with substantial low-cost and low-risk development options  Acquisition represents an ideal platform for building a regional oil & gas business  Long-life KSO with production expected until mid-2025  45% of Reserves remain undeveloped representing substantial low-risk upside potential Resources & Reserves – as at 30 June 2016 Resources (MMboe) 1C 2C 3C Gas (PJ) Total (MMboe) Gas (PJ) Total (MMboe) Gas (PJ) Total (MMboe) 1.2 0.2 2.3 0.4 4.3 0.7 Petroleum Reserves (MMbbl) Source: Cooper Energy Investor Presentation • February 2017 Category Proved Proved & Probable Proved, Probable & Possible Developed 0.50 0.93 1.39 Undeveloped 0.31 0.80 1.70 Total 0.82 1.73 3.09 *Totals may not reflect arithmetic addition due to rounding Source: Cooper Energy 2016 Annual Report 4 Strong Sustained Levels of Production  33% production uplift in December 2016 quarter compared to previous quarter  Field performing strongly with current oil production of over 700 barrels per day (100%)  Recent production increase can be attributed to successful production optimisation activities which commenced at the operation in November 2016  Additional optimisation and development opportunities under evaluation  Operating costs currently ~US$35 / bbl – BAS investigating cost optimisation Historical Quarterly Production (55% basis) 40 Production (kbbl) 30 20 10 0 Investor Presentation • February 2017 5 Transaction Overview  Upfront cash consideration of A$500,000 and scrip consideration of 180,000,000 shares  A$2,270,000 cash payable 12 months from Transaction Completion  Additional working capital items to be passed through as collected  Transaction progressing to completion  Upon Transaction Completion, Bass will receive funds accumulated since Transaction effective date of October 1, 2016  Bass to take on all existing, Indonesian based office and field employees Bunian Central Production Facility Investor Presentation • February 2017 6 Investment Case Strong Project Economics Regional Growth Opportunities Development Upside Proven Production in Prolific Region  Free cash flow generated will significantly contribute to payment of deferred acquisition costs  Current production in excess of 700 bopd (100% JV share)  BAS to become site operator and manage existing Jakarta based team  BAS commencing screening of regional growth opportunities within world class hydrocarbon provinces  A solid platform for executing additional value-accretive acquisitions in the region  Key focus to build a SE Asian-focussed oil & gas business  Asset contains multiple low-risk and low-cost development opportunities - expected 20% IRR on development wells in South Sumatra  Retaining current team in Indonesia – BAS to leverage management expertise  45% of Reserves remain undeveloped representing low risk upside potential  Successful Bunian-3 ST2 and Bunian-4 wells in 2015  Recent optimisation activities have successfully increased production levels  Located in South Sumatra basin adjacent to prolific oil & gas fields where over 2.3 billion bbl and 6 Tcf gas have been produced Investor Presentation • February 2017 7 Bass Executive Director (Tino Guglielmo) with field based staff and Act. General Manager (Andri L.L Hakim) Back-up Slides Indonesia: Investment Rationale BAS views Indonesia as an ideal place for investment in the current market  Worlds fourth-largest population (~250 million)  Fast-growing economy (GDP ~ 6%pa)  Oil and gas demand growing at > 5%pa  Declining conventional oil/gas supply  Supportive government - regulatory changes promoting oil/ gas investment with competitive fiscal terms  Prolific onshore oil & gas provinces  Numerous low-cost production opportunities with low-risk development upside Investor Presentation • February 2017 9 Indonesia: World Class Oil & Gas Basins Sumatra is Indonesia’s most established hydrocarbon province – ideal platform for building a regional business Discovered hydrocarbons in Indonesia onshore provinces Source: IHSE (onshore oil & gas reserves shown only) Investor Presentation • February 2017 10 South Sumatra: Prolific Oil & Gas Province The Sukananti production asset is located in South Sumatra, a leading hydrocarbon province in the region Asia-Pacific onshore basins, ranked by discovered hydrocarbons Source: IHSE Investor Presentation • February 2017 11 Simple, Low Cost, Effective Processing Facilities Bunian Central Production Facility Tangai Extended Production Test Bunian Store Investor Presentation • February 2017 Talang Jimur Transfer Station 12 Contacts For further information, please do not hesitate to contact: EXECUTIVE DIRECTOR INVESTOR RELATIONS Tino Guglielmo Christian Calabrese tino.guglielmo@bassoil.com.au ccalabrese@adelaideequity.com.au +61 3 9927 3000 +61 8 8232 8800 +61 407 336 668 +61 431 877 682 Investor Presentation • February 2017 13 Disclaimer This presentation has been prepared by Bass Strait Oil Company Ltd (“BAS” or the “Company”), with the purpose of providing general information about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company, or as an inducement to make an offer or invitation with respect to those securities. The presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and involve inherent risks and uncertainties. Actual results and performance are likely to differ materially from those expressed or implied in any forward-looking statements. To the maximum extent permitted by applicable laws, BAS and its directors, agents, officers or employees make no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. It should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating BAS. The Company accepts no responsibility to update any person regarding the information contained in this presentation. Investor Presentation • February 2017 14