Highlights:

• Quarterly oil sales were A$2.67 million, at an average price of A$143.49 (US$98.56) per bbl, up 132% on the previous quarter

• Production, net to Bass in the June quarter, was up 1.5% to 19,809 barrels, averaging 218 bopd

• Vanessa transaction completed in June – engineering to recommission the facility underway

• Bunian 6 oil development well commenced drilling 5 June and is expected online late August

• Interpretation of the reprocessed Kiwi 3D seismic dataset showing encouraging results

Bass Oil Managing Director, Mr Tino Guglielmo, commented:

”Bass has taken significant strides towards its long-held ambitions to enter the East Coast Gas Market with the Company recently taking ownership and control of the Vanessa gas field and facilities.  The Kiwi project has also attracted a gas incentive grant from the South Australian Government.  In addition, drilling operations commenced at the Bunian 6 location.  This well is forecast to double group oil production. These projects are key pillars for the Company’s future growth and will be vigorously progressed as we seek to grow Bass into a mid-tier oil and gas producer.”