Announcement PDF BASS OIL AGM Presentation May 2024 ASX:BAS www.bassoil.com.au EXECUTIVE SUMMARY Bass Oil – A profitable ASX listed Energy company well positioned for growth • Bass Oil is an Australian-listed oil producer that holds a majority interest in eight permits in the Cooper Basin including the 100% owned Worrior and Padulla oil fields and a 55% interest in a South Sumatra Basin KSO • The Company is debt free, profitable and committed to creating value by leveraging the competitive strengths of Company Overview its team, operating capability, reputation, and relationships in both Australia and Indonesia • The Company recently completed a successful Capital Raise totaling ~A$1.5m via a Private Placement predominantly to a Tier 1 institutional investor and a Share Purchase Plan (SPP) • Funds will be used for the growth opportunities noted below in pursuit of Bass Oil’s strategy to become a mid-tier oil and gas producer • First full year of production from Bass’ two cash generating units, the Cooper Basin and Indonesia, with net production to Bass averaging 210 bopd (CY23) Operational Highlights • Full year profitability and positive cash flow milestones achieved in CY23 through record revenues of $10.2m1 • Bass recorded a 13.8% increase in EBITDA to $2.3 million1 and recorded a Net Profit After Tax of $0.42 million Growth Opportunities • Kiwi 1 Extended Production Test (EPT) – Early entry into tight East Coast gas market • PEL 182 Deep Coal Gas Study – Deep coal gas potential providing a ‘company making’ opportunity • Development drilling in Indonesia – Providing free cash to the Company • Other high value oil development opportunities to increase Cooper Basin oil production 1Converted from USD to AUD at 0.66:1. AGM Presentation – May 2024 2 BASS OIL | CORPORATE SNAPSHOT Ownership Summary2 Snapshot ASX Code BAS Share Price Directors and Staff 9% 0.14 4,000,000 0.12 3,500,000 Shares (Ordinary) 290,431,560 Options (Unlisted) - 0.10 132,340,7891 0.08 3,000,000 2,500,000 Options (Listed) Share Price Market Capitalisation Institutional and Corporate 27% $0.068 $19.7m Retail 64% 2,000,000 0.06 1,500,000 0.04 1,000,000 0.02 Enterprise Value Net Cash Total No. Shareholders $16.7m $3.0m2 0.00 May-23 500,000 0 Jul-23 Sep-23 BAS-Volume (Daily) Nov-23 Jan-24 Mar-24 BAS-Share Price (Daily)(AU$) 1886 1The Company has 132,340,789 share options on issue, exercisable on a 1:1 basis for 132,340,789 ordinary shares of the Company at an exercise price of A$0.12 and an expiry date of 30 September 2024. 2Figures illustrated incorporate the April/May 2024 BAS capital raise activities AGM Presentation – May 2024 3 KIWI GAS | COMMERCIALISATION STRATEGY A successful EPT at Kiwi will confirm commerciality and provide a clear pathway to the gas market ▪ Kiwi 1 drilled in 2003 discovered gas and flowed 9.6 MMCFD on a Drill Stem Test. ▪ Bass team utilising 3D seismic has assessed the Kiwi gas discovery to contain: ➢ Mean resource of 5.24 BCF1. ➢ Identified an upside 3C resource of 11.5 BCF1. ▪ Typical NPV of gas reserves in ground of $2m-3m / BCF. ▪ The team also identified other traps, or prospects, on trend with Kiwi that, as a result of a successful test at Kiwi, may be significantly upgraded. ▪ An Extended Production Test to commence as soon as possible, will confirm the size of the gas field and the composition of the gas (eg, liquids and CO2 content). ▪ Results are expected to be known within 60 days of commencement of the test with commercial gas offtake agreements to be negotiated thereafter. PRLs 245 and 246 (Ex PEL 90K) location map 1Please refer to ASX Announcements, “2023 Reserves and Contingent Resources” and “Kiwi 1 Extended Production Test (EPT) Update”, released 15 March 2024 and 26 September 2023, respectively for further information AGM Presentation – May 2024 4 DEEP COAL GAS COMMERCIALISATION STUDY Commercialisation study follows November 2022 Deep Coal Gas Prospective Resource study ▪ Permian coals have long been recognised as the source of most of the conventional hydrocarbons discovered and produced in the Cooper Basin. ▪ The source rocks or coals are now seen as a potential major new source of gas in Australia as the carbonaceous shales have been in Nth America. ▪ Gas in the Permian coals of the Toolachee, Epsilon and Patchawarra has flowed at potentially commercial rates after fracture stimulation. ▪ The Patchawarra Trough, where Bass’ 100% owned PEL 182 is situated, is best placed to yield an economic outcome utilising directional drilling and fracture stimulation. ▪ Bass previously announced the Deep Coal Gas Prospective Resource in PEL 182 at a “best estimate” of 21 TCF of gas in place, along with an accompanying 845 million barrels of condensate in place2. ▪ Bass has formally engaged SLB to perform a technical study that will seek to identify the commercialisation potential of Bass’ deep coal resources1. ▪ Results of the SLB geomechanical study are expected mid-year, and the Rapid Resource Assessment results are expected in October. Total net Permian coal thickness in the Patchawarra Trough 1Please refer to ASX Announcement, “Deep Coal Commercialisation Study Underway”, released 18 April 2024 for further information 2Please refer to ASX Announcements, “Significant Gas Resource Identified in PEL 182”, released 16 November 2022 for further information AGM Presentation – May 2024 5 KEY MILESTONES Kiwi 1 EPT and PEL 182 Deep Coal Gas Study Action / Event Expected Completion Earthworks for road access / lease prep June 2024 Rig mobilisation to Kiwi-1 June 2024 Complete Kiwi-1 Test and analyse results End July 2024 Commence Deep Coal Gas Study April 2024 Results of the Geomechanical study available June 2024 Results of the Rapid Resource Assessment / Economics October 2024 AGM Presentation – May 2024 6 SUPPLEMENTARY INFORMATION COOPER BASIN | PORTFOLIO OVERVIEW Diverse portfolio in the renowned Cooper Basin No. of Permits • 2 Pipeline Licenses (PPLs) • 5 Retention Licenses (PRLs) • 1 Exploration License (PEL) Interest • • • • 100% interest in PPLs 207 and 221 100% interest in PRLs 188-190, 231-233, and 245-246 80% interest in PRL 237 74% interest in PRLs 207-209 • Worrior Oilfield (PPL 207) Key Assets CY23 Production • o PPL 207 covers 6.4 km² and contains the producing Worrior oil field. Worrior has produced 4.1 million barrels of oil since production commenced in December 2003. The field is located ~50 km Southwest of Moomba in South Australia Padulla Oilfield (PPL 221) o Discovered in 2005, the Padulla Oilfield has cumulatively produced 0.52 million barrels of oil and is currently producing over 30 barrels of oil per day • 40.8 kbbl1 • PEL 182: Growth Initiatives • • Next Steps o Bass will perform a technical study that will seek to identify the potential commercialisation of Bass’ deep coal resources in the 100% owned PEL 182 in the Cooper Basin o Potential significant gas potential contained in PEL 182 at a “best estimate” of 21 TCF of gas in place Kiwi-1: o Planning to complete the Kiwi 1 well and perform an Extended Production Test in the first half of 2024 Worrior Oilfield (PPL 207): o Identified potential new oil trend along the Warra Ridge in PRLs 231-233 in the southern Cooper Basin. Planning to complete evaluation, with drilling as part of FY25 plan Bass Oil Cooper Basin Permits • Extended Production Test (EPT) at Kiwi 1 • PEL 182 Deep Coal Commercialisation study commencement • Evaluation of PRL 231-233 prospects, and potential offer to potential farm-in partners 1Please refer to ASX Announcement, “Operations Update - December”, released 17 January 2024 for further information AGM Presentation – May 2024 8 WARRA RIDGE PROSPECTIVE OPPORTUNITY Preliminary assessment indicates significant Oil Prospective Resource ▪ As part of the prospectivity review of all recently acquired permits, Bass has identified a potential oil trend in the southern Cooper Basin along the Warra ridge in the Company’s 100% owned PRLs 231-233. ▪ The Warra ridge is adjacent to Bass’ Worrior oil field and south of numerous other producing oil fields. ▪ Bass has identified the Tyrell and Flint prospects utilising the Westeros 3D seismic survey. ▪ The Tyrell prospect is currently under detailed evaluation, however preliminary assessment indicates a Prospective Resource of over 2 million barrels of oil in the McKinlay, Namur and Murta formations1. ▪ Once the prospects are fully evaluated, they will likely be offered to potential farm-in partners for drilling in the 2025 drilling program. PRLs 231-233 (Ex PEL 93) location map 1Please refer to ASX Announcement, “Annual Report for the financial year ended 31 December 2023”, released 27 March 2023 for further information. AGM Presentation – May 2024 9 SOUTH SUMATRA BASIN | PORTFOLIO OVERVIEW Profitable producer in prolific oil and gas region No. of Permits • 1 Production License (KSO) Interest • 55% interest and operator • Tangai-Sukananti Oil fields: o The Company's acquisition of the Tangai-Sukananti KSO in 2017 transformed Bass Oil into a profitable oil producer in a prolific oil and gas region o The KSO additionally provides a platform for future growth through low-cost development opportunities and value-adding bolt-on acquisition o Previous modelling of the K reservoir in the Bunian field has identified the potential to improve recoveries and reduce development costs through the application of horizontal drilling techniques Key Assets CY23 Production • 83.6 kbbl1 • Procurement and planning have commenced for the drilling of the Bunian 6 development well. Bunian 6 is South-West of Bunian 3, the strongest producer in the field and has produced more than 1 million barrels of oil to date The well is expected spud in the second half of 2024 The results of Bunian 6 will inform the potential for a significant extension of the Bunian field to the west. The existence of the westerly extension will likely be tested by the drilling of the Bunian West 1 well currently planned for the 2025 drilling program. A drilling success at Bunian West could increase field reserves significantly proving the 3P reserves case Growth Initiatives • • Next Steps • Completion of drilling of the Bunian 6 development well Tangai-Sukananti KSO Location map 1Please refer to ASX Announcement, “Operations Update - December”, released 17 January 2024 for further information AGM Presentation – May 2024 10 RESOURCES & RESERVES STATEMENT Developed and Undeveloped Resources & Reserves, as at 31 December 2023 Field Reserves (MMbbl)1 1P (Proved) 2P (Proved & Probable) 3P (Proved, Probable & Possible) Australia 0.158 0.366 0.669 Indonesia 0.189 0.439 0.914 Total Reserves 0.347 0.805 1.583 Field Contingent Resources (MMbbl) 1C 2C 3C Australia 0.401 1.177 3.232 Indonesia 0.031 0.052 0.677 Total Resources 0.432 1.229 3.909 1Please refer to ASX Announcement, “2023 Reserves and Contingent Resources”, released 15 March 2024 for further information AGM Presentation – May 2024 11 BASS OIL LIMITED Tino Guglielmo – Managing Director tino.guglielmo@bassoil.com.au +61 3 9927 3000 www.bassoil.com.au