Announcement PDF HALF-YEAR FINANCIAL REPORT 30 June 2025 CORPORATE DIRECTORY ABN: 13 008 694 817 Contents Managing Director’s Report ......................... 3 Directors Hector M Gordon, Chairman Giustino Guglielmo Mark L Lindh Laura A Reed Managing Director Director’s Report ..................................... 10 Auditor’s Independence Declaration ........... 12 Directors’ Declaration ............................... 13 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income .. 14 Giustino Guglielmo Condensed Consolidated Statement of Financial Position ..................................... 15 Company Secretary Consolidated Statement of Changes in Equity................................................ .16 Robyn M Hamilton Registered Office and Principal Administration Office Level 5, 11-19 Bank Place Melbourne, Victoria, 3000, Australia Telephone +61 (3) 9927 3000 Email admin@bassoil.com.au Auditors Grant Thornton Audit Pty Ltd Level 3, 170 Frome Street Adelaide, South Australia, 5000, Australia Share Registry MUFG Corporate Markets (AU) Limited Tower 4, 727 Collins Street Melbourne, Victoria, 3008, Australia Telephone +61 1300 554 474 Stock Exchange Listing Australian Stock Exchange Ltd 525 Collins Street Melbourne, Victoria, 3000, Australia ASX Codes: BAS – Ordinary Shares and BASO - Options Web Site: www.bassoil.com.au Consolidated Statement of Cash Flows ....... 17 Notes to the Financial Statements ............. 18 Independent Auditor’s Review Report ........ 30 Forward Looking Statements This Half Year Financial Report includes certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with the meeting of objectives and other investment considerations, as well as other matters not yet known to the Group or not currently considered material by the Group. MANAGING DIRECTOR’S REPORT I am pleased to present this report which includes the financial results for the first half 2025 fiscal year. During this period Bass (“Bass or the Group”) has continued to make positive progress towards achieving its stated ambition to become a gas producer in the Australian East Coast Gas Market (ECGM). The Group has progressed the development of the valuable Kiwi gas and condensate field specifically working on the financing options which include taking advantage of market interest in farming into the project. In addition, during May, Bass announced that it had entered into an agreement to acquire the Vanessa gas field. This is a significant acquisition that will accelerate both the Group’s entry into the East Coast Gas Market and appraise the potential of the large deep coal gas resource in our wholly owned PEL 182. Half Year Summary Oil production in both the Cooper Basin and Indonesia continued to deliver sustaining cashflows with net entitlement oil from production steady across the half year. Sales revenue declined 9% to $3.71 million HY25 due to the fall in the average realised oil price, from over US$82 per barrel to US$71 per barrel in this half year. Bass recorded an Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA1) of $571,000 for the HY25, a 55% increase year on year. This represents an EBITDA margin of 15% over sales revenue. The Group’s responsible management of its balance sheet continues to provide a solid foundation for funding priority development activities. During the period Bass completed a capital raising via a nonrenounceable rights issue from existing shareholders, securing $0.92 million in funds for investment in its growth projects. This result, in addition to positive free cashflow from the Group’s operations, has resulted in a closing cash position of $1.96 million. Over the period, Bass continued to proactively drive safety performance on its assets, and I am pleased to report that there have been no reportable incidents or injuries. Key financial and production performance results for the half year are summarised below. Bass remains committed to execute its strategy and continue its growth trajectory in H2 FY25. I would like to thank shareholders for their continued support throughout the period, especially those that supported the capital raise and look forward to sharing further updates. 1– EBITDA is a non-IFRS standard term but is used by the Group to assist readers to better understand the financial performance of the underlying operating business. EBITDA is not subject to audit or review. Bass Oil Limited Half Year Report June 2025 3 MANAGING DIRECTOR’S REPORT (cont’d) Financial and Operating Performance Key Performance Metrics HY25 HY24 (Restated) Movement Net Production (mbbl) 42.49 45.61 -6.8% Net Oil Sales (mbbl) 38.28 41.37 -7.5% Net Entitlement Oil (mbbl) 31.71 31.50 0.7% Sales Revenue (AU$m) 3.71 4.09 -9.3% Cash (AU$m) 1.96 2.50 -21.6% Average Realised Oil Price (USD) 70.97 82.42 -13.9% EBITDA (AU$,000) 1 571 368 55.2% NPAT (AU$,000) 2 (142) (368) na . Earnings Before Interest, Taxes, Depreciation and Amortisation. EBITDA is a Non-IFRS standard term but is used by the Group to assist readers to better understand the financial performance of the underlying operating business. EBITDA is not subject to audit or review 2 . Net Profit /(loss) After Tax 3 . These are Non-IFRS metrics and contain 55% Bass share of Indonesian results and 100% Australian results. Net production, Oil Sales and Entitlement Oil are all components of the Entitlement Calculation Statement that generates Sales revenue and reserves in the Group’s Indonesian business. 1 HY24 vs HY25 Production (kbbl) 12 9 6 3 0 January February March HY24 April May June HY25 Figure 1: Bass Monthly Production Bass Oil Limited Half Year Report June 2025 4 MANAGING DIRECTOR’S REPORT (cont’d) Liquidity / Cash Position: At 30 June 2025, Bass cash reserves had increased to $1.96 million up from $0.99 million at 31 December 2024 after the Company raised $0.9 million from a non-renounceable entitlement issue to eligible shareholders at A$0.032 a share. Oil Optimisation: One of the Group’s core activities remains the focus on production optimisation. In the Cooper Basin production from the fields at the end of this half year has remained steady at ~100 bopd. In Indonesia production rates continue to improve. In both Indonesia & Cooper Basin production rates relatively stable. Figure 2: Cooper Basin assets Bass Oil Limited Half Year Report June 2025 5 MANAGING DIRECTOR’S REPORT (cont’d) Gas Development and Appraisal: Vanessa Gas Field (Bass acquiring 100%) In late May 2025 Bass announced that it is to acquire a 100% interest in the Vanessa gas field (see Figure 3) for a nil cash consideration from Beach Energy Ltd. The transaction will see Bass assume the future rehabilitation liability with the vendor contributing significantly to the rehabilitation cost. The acquisition includes a gas processing facility and a 5-kilometre pipeline connecting the field to the Cooper Basin gas transmission network at Moolion North. The Group is progressing the relevant regulatory approvals and has commenced detailed planning for the certification and recommissioning of the Vanessa well, facilities and pipeline. The Vanessa field is important to the Group as it provides the opportunity for:  Early first gas sales - The recertification and recommissioning of the Vanessa gas production facility and pipeline would enable the Company’s first gas sales into the East Coast Gas Market earlier than planned.  Reserve growth - by proving up significant untested conventional and tight gas potential in both the Toolachee and Patchawarra formations that could be accessed from this well by fracture stimulation.  Advancement of activities to commercialise the deep coals - The Vanessa well penetrated the entire Permian sequence of sediments, including the deep coals, at a location ideally situated to test the commercialisation potential of the large deep coal resource contained in PEL 182 without incurring the significant cost of drilling a dedicated well. Figure 3: PEL 182 Deep Coal Gas Prospect and Vanessa Gas Field Bass Oil Limited Half Year Report June 2025 6 MANAGING DIRECTOR’S REPORT (cont’d) PEL 182 Deep Coal Commercialisation Study – Phase 2 (Bass 100%) In 2022, Bass identified the Moolion East deep coal prospect within PEL 182, with an assessed prospective resource of 568 BCF of gas and 22.7 million barrels of condensate. This asset has the potential to be transformational for the company, given its substantial size. After completing the first phase of a geomechanical study led by globally technology leader SLB, Bass and SLB have finalised the scope of phase 2 of the study which SLB will lead. In phase 1, the geomechanical model built by SLB used the Vanessa 1 well as the ‘type well’ for the study (Figure 3). The recently announced acquisition of the Vanessa gas field coupled with the recent capital raising will enable Bass to commence the next phase of the study, which will focus on the design of a fracture stimulation program and the design of a pilot production well for economic exploitation of this potentially significant resource. For further details, refer to the ASX Announcements: “Deep Coal Commercialisation Review Underway” released on 18 April 2024 and 16 September 2024. Validating the potential significance of this deep coal gas resource, the Santos led Cooper Basin JV (CBJV) has recently announced a program targeting this resource in 2025. Among other initiatives, the CBJV is planning to drill two wells in this 12-month period to trial the use of high angle/horizontal well technology along with multi-stage fracking to deliver a commercial production pilot. Any success from this program will be directly applicable and analogous to Bass’ commercialisation efforts. Kiwi Gas and Condensate Field Development (Bass 100%) Kiwi 1, drilled in 2003, resulted in a Triassic age gas discovery. The initial discovery, although encouraging, was never fully evaluated until it was acquired by Bass culminating in a successful flow test in August 2024. On test the well recorded a maximum production rate limited by surface equipment constraints, of 4.1 million cubic feet per day along with 988 barrels of condensate per day at a 1585 psi flowing wellhead pressure. The results from screening economics for the development of the Kiwi gas discovery, published in an ASX announcement on 8 November 2024, demonstrate the significant value of this asset to Bass. The best estimate contingent resource case (2C) yields a Net Present Value (NPV) calculated to be ~A$24.0 million and if commercial, has the potential to more than double Bass's reserve base. Discussions for the transportation and processing options for gas and gas liquids to be produced from the Kiwi field have commenced with the CBJV. The Company is also considering various funding options, including farm down, for the Kiwi field development. The Group announced on 10 February 2025, that it is undertaking a study to quantify the significant gas potential identified in the Triassic zone in the northern Cooper Basin by the recent gas test at Kiwi and previous exploration success in the area (Figure 4). The study will include the reprocessing of the Dundinna 3D seismic survey to improve the imaging of the target hydrocarbon reservoirs. Bass Oil Limited Half Year Report June 2025 7 MANAGING DIRECTOR’S REPORT (cont’d) Figure 4: Kiwi Gas Condensate Asset Indonesia – Tangai-Sukananti KSO (Bass 55% and Operator) The Bunian field continues to outperform expectations. As a result, during FY 2024, the subsurface team reprocessed the 3D seismic which covers the entire permit. This has led to an improved structural interpretation of the Bunian field. The work is supportive of the existence of a westerly extension of the field (Figure 5) and has highlighted the potential for an additional prospect to the north of the licence. This work has given confidence to support drilling of the Bunian 6 development well. The well will be located south-west of the prolific Bunian 3 well which has produced in excess of 1.2 million barrels of oil to date and is still the strongest producer in the field. Bunian 6 will target undrained oil in the southwest of the Bunian field. The well is expected to spud in the second half of calendar 2025. Bass Oil Limited Half Year Report June 2025 8 MANAGING DIRECTOR’S REPORT (cont’d) Figure 5: Tangai-Sukananti KSO Location Map Business Development: In addition to the organic growth opportunities in its portfolio described herein, Bass is actively seeking strategic opportunities to expand its operations and enhance production capacity. The Group is open to acquiring high-potential assets that offer exploration, appraisal, and production opportunities, with the aim of generating substantial returns. By leveraging its industry expertise, technical capabilities, and financial resources, Bass is committed to identifying and pursuing value-accretive opportunities that drive sustainable long-term growth. With an emphasis on operational excellence and disciplined investment, Bass aims to build a diversified portfolio of assets that can maximize value for its stakeholders. The Group remains dedicated to achieving its stated objective of becoming a mid-tier oil and gas producer, thereby strengthening its market position and delivering strong returns for shareholders. Bass Oil Limited Half Year Report June 2025 9 DIRECTORS’ REPORT The Directors present their report on the results of Bass Oil Limited consolidated entity (“BAS” or “Bass” or “the Company” or “the Group”) for the half-year ended 30 June 2025. DIRECTORS The names and details of the Company’s directors in office during the half-year and until the date of this report are set out below: Directors were in office for the entire period unless otherwise stated. Hector M Gordon (Chairman) Giustino (Tino) Guglielmo (Managing Director) Mark L Lindh Laura A Reed PRINCIPAL ACTIVITY The principal activities of the Group during the year was oil production from owned oil producing assets in the Cooper Basin, South Australia and a 55% Operated interest in the Tangai-Sukananti license in the prolific South Sumatra Basin, Indonesia The Group also engaged in furthering the exploration and evaluation oil and gas assets held in the Cooper Basin, South Australia. The Company is debt free and committed to creating and maximising value, leveraging its competitive strengths in both Australia and Indonesia. REVIEW AND RESULTS OF OPERATIONS A review of Group’s operations can be found in the Managing Directors Report. The Group’s operating loss for the half-year ended 30 June 2025 after income tax was $141,593 (30 June 2024: loss of $368,089). SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS The following significant changes in the state-of-affairs of the Group occurred during the financial halfyear: a) Issued Capital Net increase in issued capital to $45,882,176 (31 December 2024 $44,983,886) following the completion of a capital raise. b) Change in Presentation Currency The Group’s Directors have elected to change BAS presentation currency from US dollars (US$) to Australian dollars (A$) effective 1 January 2025. The change in reporting (presentational) currency, in the opinion of the Directors, results in the financial statements providing more relevant information about the effect of transactions on the entity’s financial position, financial performance and cashflows given the Group’s Australian based operations. The change in presentation currency is accounted for retrospectively in the financial statements. ENVIRONMENTAL REGULATIONS The Group is subject to significant environmental regulations under laws in Australia and Indonesia. The Group has not been advised of any environmental breaches during the half year. Bass Oil Limited Half Year Report June 2025 10 DIRECTORS’ REPORT (cont’d) SIGNIFICANT EVENTS AFTER BALANCE DATE In late May Bass announced that it is to acquire 100% interest in the Vanessa gas field for a nil cash consideration. The transaction will see Bass assume the future rehabilitation liability with the vendor contributing significantly to the rehabilitation cost. The acquisition includes a shut-in gas production well, processing equipment and a 5-kilometre pipeline connecting the field to the Cooper Basin gas transmission network at Moolion North. The Company is progressing the relevant regulatory approvals for the transfer of title and has commenced detailed planning for the certification and recommissioning of the Vanessa well, facilities and pipeline. No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES We have obtained an independence declaration from our auditor, Grant Thornton Audit Pty Ltd, a copy of which is attached to this report. Signed in accordance with a resolution of the Directors Chairman Melbourne, 9 September 2025 Bass Oil Limited Half Year Report June 2025 11 Grant Thornton Audit Pty Ltd Grant Thornton House Level 3 170 Frome Street Adelaide SA 5000 GPO Box 1270 Adelaide SA 5001 T +61 8 8372 6666 Auditor’s Independence Declaration To the Directors of Bass Oil Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Bass Oil Limited for the half-year ended 30 June 2025. I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b no contraventions of any applicable code of professional conduct in relation to the review. GRANT THORNTON AUDIT PTY LTD Chartered Accountants J L Humphrey Partner – Audit & Assurance Adelaide, 09 September 2025 www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. 12 DIRECTORS’ DECLARATION In accordance with a resolution of the directors of Bass Oil Limited I state that: (a) in the directors’ opinion, there are reasonable grounds to believe that the Company and Group will be able to pay its debts as and when they become due and payable; and (b) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the consolidated entity. Signed in accordance with a resolution of the directors made pursuant to s303(5) of the Corporations Act 2001. On behalf of the Directors Hector M Gordon Chairman Melbourne, 9 September 2025 Bass Oil Limited Half Year Report June 2025 13 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the half year ended 30 June 2025 Consolidated Note 6 months to 30 June 2025 A$ 6 months to 30 June 2024 (Restated) A$ Revenue Oil revenue 3,648,736 4,087,835 58,898 - Cost of oil sold (2,396,521) (2,876,294) Gross profit 1,311,113 1,211,541 Interest received 82,486 81,545 Operator fees 59,332 64,614 Condensate revenue Other income Other income 36,116 - 1,489,047 1,357,700 (946,894) (1,042,362) Employee benefits expense (522,800) (481,380) Finance costs (96,736) (87,782) Loss before income tax (77,383) (253,824) Income tax expense (64,210) (114,265) Loss for the half year (141,593) (368,089) Foreign currency translation (240,325) 37,663 Total comprehensive profit/(loss) for the half year (381,918) (330,426) Basic and diluted (loss)/earnings per share - cents $(0.05) $(0.14) Total net revenue and other income Administrative expenses 3 Other comprehensive loss, net of income tax Items that may be reclassified to profit or loss This statement should be read in conjunction with the notes to the financial statements. See Note 2 regarding restatement of prior period balances relating to the change in currency presentation. Bass Oil Limited Half Year Report June 2025 14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2025 Consolidated Note 30 June 2025 $ 31 December 2024 $ (Restated) 1 January 2024 $ (Restated) ASSETS Current Assets Cash and cash equivalents 1,962,243 991,176 1,362,789 Trade and other receivables 1,348,209 1,264,716 1,976,600 417,688 819,016 639,844 466,756 436,417 665,909 5,500 5,500 5,500 4,200,396 3,516,825 4,650,642 Other current assets Inventories Other financial assets 4 Total current assets Non-current assets Trade and other receivables Other financial assets – term deposits 4 82,426 522,817 228,009 3,648,424 3,650,671 3,456,832 Property, plant, and equipment 140,430 149,860 167,459 Right of use assets 120,765 140,421 236,257 Exploration assets 5 2,723,608 2,444,650 119,367 Oil properties 6 7,302,283 7,865,245 7,778,018 Total non-current assets 14,017,936 14,773,664 11,985,942 TOTAL ASSETS 18,218,332 18,290,489 16,636,584 1,362,982 2,054,410 1,577,187 102,202 78,977 84,788 69,943 71,779 99,923 LIABILITIES Current Liabilities Trade and other payables Provisions 7 Lease liabilities Provision for tax Total current liabilities 495,805 490,859 837,787 2,030,932 2,696,025 2,599,685 4,337,829 4,283,396 3,953,582 Non-current liabilities Provisions 7 Lease liabilities Total non-current liabilities 52,285 62,696 128,920 4,390,114 4,346,092 4,082,502 TOTAL LIABILITIES 6,421,046 7,042,117 6,682,187 NET ASSETS 11,797,286 11,248,372 9,954,397 45,882,176 44,983,886 43,521,028 2,419,380 2,627,163 2,533,527 (36,504,270) (36,362,677) (36,100,158) 11,797,286 11,248,372 9,954,397 EQUITY Contributed equity 8 Reserves Accumulated losses TOTAL EQUITY This statement should be read in conjunction with the notes to the financial statements. See Note 2 regarding restatement of prior period balances relating to the change in currency presentation. Bass Oil Limited Half Year Report June 2025 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half year ended 30 June 2025 Contributed equity (restated) Accumulated losses (restated) Currency translation reserve (restated) Share based payments reserve (restated) Total (restated) $ $ $ $ $ At 1 January 2024 Restated 43,521,028 (36,100,158) 2,199,601 333,926 9,954,397 Net profit for the year - (596,445) - - (596,445) Foreign currency translation loss - - 394,919 - 394,919 Total comprehensive income for the year - (596,445) 394,919 - (201,526) Shares issued 1,551,814 - - - 1,551,814 Less transaction costs (88,956) - - - (88,956) Share based payments - - - 32,643 32,643 Transfer fair value of Lead Manager options expired - 333,926 - (333,926) - At 31 December 2024 – restated 44,983,886 (36,362,677) 2,594,520 32,643 11,248,372 At 1 January 2025 restated 44,983,886 (36,362,677) 2,594,520 32,643 11,248,372 Net loss for the period - (141,593) - - (141,593) Foreign currency translation loss - - (240,325) - (240,325) Total comprehensive income for the period - (141,593) (240,325) - (381,918) Shares issued 925,178 - - - 925,178 Transaction cost on share issues (26,888) - - - (26,888) - - - 32,542 32,542 45,882,176 (36,504,270) 2,354,195 65,185 11,797,286 Share based payments At 30 June 2025 This statement should be read in conjunction with the notes to the financial statements. See Note 2 regarding restatement of prior period balances relating to the change in currency presentation. Bass Oil Limited Half Year Report June 2025 16 CONSOLIDATED STATEMENT OF CASH FLOWS For the half year ended 30 June 2025 Consolidated Note 30 June 2025 $ 30 June 2024 (Restated) $ Cash flows from operating activities Receipts from customers 4,068,933 4,617,957 Payments to suppliers and employees (2,986,576) (4,253,687) Taxation paid (32,251) (365,770) Interest paid (7,360) (8,184) 84,255 79,624 1,127,001 69,941 Interest received Net cash provided by operating activities Cash flows from investing activities Oil properties capital expenditure (430,500) (89,938) Exploration expenditure (566,036) (232,924) (996,536) (322,862) Net cash (used in) investing activities Cash flows from financing activities Principal elements of lease payments (46,739) (65,853) Proceeds from share issues 925,178 1,551,815 Payment share issue costs - (88,956) 878,439 1,397,006 1,008,904 1,144,085 Net cash provided by financing activities Net increase in cash and cash equivalents Foreign exchange movement (37,837) (4,603) Cash and cash equivalents at the beginning of the year 991,176 1,362,789 1,962,243 2,502,272 Cash and cash equivalents at the end of the half year This statement should be read in conjunction with the notes to the financial statements. See Note 2 regarding restatement of prior period balances relating to the change in currency presentation. Bass Oil Limited Half Year Report June 2025 17 NOTES TO THE FINANCIAL STATEMENTS For the half year ended 30 June 2025 Note 1. Corporate Information The consolidated financial statements of Bass Oil Limited (“Parent Entity” or “Company”) and its controlled entities (collectively as “Consolidated Entity” or “the Group”) for the half-year ended 30 June 2025 was authorised for issue in accordance with a resolution of the directors on 9 September 2025. Bass Oil Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and principal activities of the Group are oil production and oil exploration. Note 2. Summary of Material Accounting Policy Information Basis of Preparation The consolidated financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group’s 2024 annual financial report for the financial year ended 31 December 2024 other than the change in the groups presentation currency as outlined below. The Groups accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. In the application of the Group’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual results may differ from these estimates. Change in functional and presentation currency of Bass Oil Limited The Directors have elected to change Bass Oil’s presentation currency from United States Dollars (US$) to Australian dollars (A$) effective 1 January 2025. The change in reporting currency is a voluntary change that is accounted for retrospectively. The financial report has been restated to A$ using the procedures outlined below: i) ii) iii) Income Statement and Statement of Cash Flows have been translated into A$ using average foreign currency rates prevailing for the relevant period. Assets and liabilities in the Statement of Financial Position have been translated into A$ at the closing foreign currency rates on the relevant statement of financial position dates. The equity section of the Statement of Financial Position has been translated into A$ as follows: a. Foreign currency translation reserve, other reserves and accumulated losses have been translated to A$ using average foreign currency rates prevailing for the relevant period. b. Share capital has been translated into A$ using historical rates. c. Earnings per share has also been translated into A$ to reflect the change in reporting currency. Bass Oil Limited Half Year Report June 2025 18 NOTES TO THE FINANCIAL STATEMENTS For the half year ended 30 June 2025 Note 2.Summary of Material Accounting Policy Information (cont’d) Change in functi