BASS OIL RIU Good Oil Conference Investor Presentation Perth 17-18 September 2024 ASX:BAS www.bassoil.com.au DISCLAIMER Important Notice This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for Shares. The purpose of this presentation is to provide general information about Bass Oil Ltd (“Bass” or the “Company”). This presentation is current as at 5 September 2024 (unless otherwise stated herein) and the information contained in it is in a summary form and does not purport to be complete. The information in this presentation remains subject to change without notice. It is not recommended that any person makes any investment decision in relation to the Company based solely on this presentation. This presentation does not necessarily contain all information which maybe material to the making of a decision in relation to the Company. Any investor should make their own independent assessment and determination as to the Company’s prospects prior to making any investment decision and should not rely on the information in this presentation for that purpose. This presentation does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold securities in the Company. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. This presentation is not, and does not constitute, an offer to sell, or the solicitation, invitation or recommendation of an offer to buy, any securities in any jurisdiction, including the United States, and neither this presentation, nor any of the information contained herein, shall form the basis of any contract or commitment. The information in the presentation does not constitute an advertisement for an offer or proposed offer of securities and does not constitute a representation that an offering will occur. No person is authorised to give information or make any representation that an offering will occur. Any securities of Bass have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States and, if there is an offer of securities, may not be offered or sold in the United States except in transactions exempt from or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. This presentation is presented for informational purposes only. It is not intended to be, and is not, a prospectus, product disclosure statement, offering memorandum or private placement memorandum for the purpose of Chapter 6D of the Corporations Act 2001. Except for statutory liability which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for, and make no representations or warranty for, the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. This presentation contains “forward-looking statements” and comments about future events, including statements about Bass’s expectations about the performance of its business. Forward-looking statements may include words such as “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “out-look”, “upside”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan”, and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication, prediction or guarantee of future performance. Actual results may differ materially from those expressed or implied in such statements and these differences maybe material. The forward-looking statements in this presentation involve known and unknown risks and other factors, many of which are beyond the control of, or unknown to, Bass, its directors, officers and employees, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Such forward looking statements are based on information available to Bass as at the date of this presentation. Recipients are cautioned not to place undue reliance on forward looking statements and except as required by law or regulation, Bass assumes no liability to update these forward-looking statements. Such statements speak only as of the date hereof, and Bass has no obligation to update or revise any such statements to reflect any change in events, conditions or circumstances on which any such statement is based. No representation or warranty, express or implied, is made by the Company that the matters stated in this presentation will be achieved or prove to be correct. Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company’s securities. The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. RIU Good Oil Conference Investor Presentation – September 2024 2 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 • Near term strategic focus on Kiwi-1 site with initial Extended Production Test (EPT) results highlighting significant economic potential for both condensate and gas production • Commercial assessment of PEL182 deep coal seam gas opportunity now underway • Recent Kiwi-1 EPT results to date yielding ten times the expected rates of hydrocarbon liquids (condensate) with flow rates achieved of 988 barrels of condensate per day and 4.1 mmcfd of gas Investment Highlights • Strong production performance from Indonesian assets and solid contribution from the Cooper Basin assets sees oil production up to over 350 bopd (Bass share) • SLB geomechanical study into commercialisation of deep coals confirming favourable geological conditions and yielding valuable insights for the second phase of the study • Kiwi-1 Development – Substantial condensate production with complimentary gas to supply tight East Coast gas market. Examining opportunities to fast track the project including early production scenarios. Growth Opportunities • PEL 182 Deep Coal Gas Study – Deep coal gas potential providing a ‘company making’ opportunity. Assessing the most economic manner to exploit this underutilised and vast resource. • Development drilling in Indonesia - Bunian 6 scheduled for drilling in December 2024 increasing free cash flow • Other high value oil development opportunities to increase Cooper Basin oil production (e.g. Worrior Murta) 1Converted from USD to AUD at 0.66:1. RIU Good Oil Conference Investor Presentation – September 2024 3 BASS OIL | CORPORATE SNAPSHOT Snapshot ASX Code Ownership Summary BAS Shares (Ordinary) 290,431,560 Options (Unlisted) - Options (Listed) Share Price Directors and Staff 9% 132,340,7891 Institutional and Corporate 27% $0.11 Market Capitalisation $30.5m Enterprise Value $28.0m Net Cash $2.5m Total No. Shareholders 1886 Share Price Retail 64% 0.14 7,000,000 0.12 6,000,000 0.10 5,000,000 0.08 4,000,000 0.06 3,000,000 0.04 2,000,000 0.02 1,000,000 0.00 Sep-23 Dec-23 Mar-24 BAS-Volume (Daily) Jun-24 0 Sep-24 BAS-Share Price (Daily)(AU$) 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 of 30 September 2024. RIU Good Oil Conference Investor Presentation – September 2024 4 KIWI GAS | COMMERCIALISATION STRATEGY The Kiwi EPT suggests it is a more valuable gas resource than originally thought due to very high liquids content  Kiwi 1 drilled in 2003 discovered gas and flowed 9.6 MMCFD on a DST  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 and condensate an additional $15-20 / bbl.  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 recently concluded recording strong flow rates of 4.1 MMCFD along with 988 barrels of condensate per day1.  Low levels of inerts have been detected in the gas with low CO2 content (4.5%) and no H2S1.  Assessment of timelines and development options are currently being undertaken as further results from the EPT are received. Gas flare from Kiwi-1 wellsite at 1.7 mmcfd Kiwi-1 condensate/oil sample 1Please refer to ASX Announcements, “2023 Reserves and Contingent Resources” , “Kiwi 1 Extended Production Test (EPT) Update” and “Kiwi-1 Demonstrates Strong Initial Results from EPT”, released 15 March 2024, 26 September 2023 and 27 August 2024 respectively for further information RIU Good Oil Conference Investor Presentation – September 2024 5 DEEP COAL GAS COMMERCIALISATION STUDY Underway commercialisation study follows Nov 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.  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 in an ideal location 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 formally engaged SLB to perform a technical study, with the first phase of the study now concluded with favourable geological conditions confirmed and critical inputs for further economic modelling captured3.  Mechanical Earth Model (MEM) now being used to determine preliminary well designs. Calibrated against adjacent Santos well data under a Data Sharing Agreement.  Total net Permian coal thickness in the Patchawarra Trough Model outputs such as well costs and production forecasts will be used to assess the commercial feasibility of this resource. Please refer to ASX Announcement, 1“Deep Coal Commercialisation Study Underway”, 2“Significant Gas Resource Identified in PEL 182” and 3“PEL182 Geomechanical Study Results” released 18 April 2024, 16 November 2022 and 16 September 2024 respectively for further information RIU Good Oil Conference Investor Presentation – September 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 207 100% interest) 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 221 100% interest) 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 mbbl • PEL 182 100% interest: Growth Initiatives • • Next Steps o Bass has commenced a technical study that seeks to identify the commercialisation potential of Bass’ deep coal resources in this permit. o Potential significant gas potential contained in PEL 182 at a “best estimate” of 21 TCF of gas in place. Kiwi-1 100% interest: o Kiwi 1 Extended Production Test recently yielded outstanding results. Worrior Oilfield (PPL 207): o Identified potential new oil trend along the Warra Ridge in PRLs 231-233 in the southern Cooper Basin. o Complete and test the oil production potential of the Worrior Murta zone. Bass Oil Cooper Basin Permits • Extended Production Test (EPT) at Kiwi 1 with development to follow. • PEL 182 Deep Coal Commercialisation study progression. • Evaluation of PRL 231-233 prospects, and potential offer to potential farm-in partners. RIU Good Oil Conference Investor Presentation – September 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. RIU Good Oil Conference Investor Presentation – September 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 mbbl • 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. RIU Good Oil Conference Investor Presentation – September 2024 Tangai-Sukananti KSO Location map 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 RIU Good Oil Conference Investor Presentation – September 2024 11 BASS OIL LIMITED Tino Guglielmo – Managing Director tino.guglielmo@bassoil.com.au +61 3 9927 3000 www.bassoil.com.au