Announcement PDF ANNUAL REPORT For the financial year ended 31 December 2025 CORPORATE DIRECTORY ABN: 13 008 694 817 Directors Hector M Gordon, Chairman Giustino Guglielmo Laura A Reed Mark L Lindh Managing Director Giustino Guglielmo Company Secretary 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 SA 5000 Share Registry Link Market Services Limited Tower 4, 727 Collins Street Melbourne, Victoria, 3008, Australia Telephone +61 (3) 9615 9800 Facsimile +61 (3) 9615 9900 Stock Exchange Listing Australian Securities Exchange Ltd 525 Collins Street Melbourne, Victoria, 3000, Australia ASX Codes: BAS – Ordinary Shares BASO – Share Options Website: www.bassoil.com.au Contents Chairman’s Message .................................. 3 Managing Director’s Report......................... 4 Reserves and Resources........................... 12 Safety.................................................... 15 Directors’ Report ..................................... 17 Remuneration Report............................... 20 Auditor’s Independence Declaration ........... 29 Directors’ Declaration............................... 30 Consolidated Statement of Profit or Loss and Other Comprehensive Income...... 31 Consolidated Statement of Financial Position.................................................. 32 Consolidated Statement of Changes in Equity................................................. 33 Consolidated Statement of Cash Flows ....... 34 Notes to the Financial Statements ............. 35 Consolidated Entity Disclosure Statement…..72 Independent Auditor’s Report ................... 73 Shareholder & Other Information............... 76 Forward Looking Statements This Annual 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. CHAIRMAN’S MESSAGE Bass Oil Limited Annual Report December 2025 3 On behalf of the Board, I present you Bass Oil Limited’s 2025 Annual Report. This year I am pleased to report the progress made on the Group’s strategic goal of entering the East Coast Gas Market (ECGM). Towards that goal, in 2025 we announced the acquisition of the Vanessa gas field and facilities. This acquisition will see Bass set to deliver maiden gas sales by the end of 2026. The acquisition is due to be completed in the March Quarter 2026. This year will also see us realise significant value of the Group’s oil assets with the drilling of the Bunian 6 development well in Indonesia that will further develop the highly productive oil zone in the field. Recently, the strategic value of the Group’s Kiwi gas field was recognised by the South Australian Government which awarded Bass a $3.5 million grant towards the development of the project, a welcome development indeed. The impact of these and other initiatives will be further outlined in the Managing Director’s report that follows. Bass’ two cash-generating assets—the Cooper Basin and Indonesia contributed to the business with robust revenue despite a 10% lower oil price year on year (YoY). The operations continue to provide a strong foundation, with our asset portfolio offering promising potential for future growth. These assets delivered revenues of $7.11 million and EBITDA of $0.49 million generated from net entitlement oil sales of 67,852 barrels, down slightly on the previous year. Bass remains committed to its growth strategy of becoming a mid-tier oil and gas producer. The team has made significant strides in planning and identifying the best path to unlock value across our portfolio. We will continue to keep you, our shareholders, informed as we advance these opportunities throughout the year. I am proud to share that our relentless focus on safety has resulted in zero Lost Time Incidents again last year, with over 7 million safe work hours achieved as at December 2025. As we grow, we remain committed to fostering a workplace where the safety and well-being of our employees and contractors and the care of the environment in which we work, come first. In closing, I would like to express my gratitude to our teams in Australia and Indonesia, as well as my fellow board members, for their hard work and contribution to what has been a year of significant progress for Bass. We remain focused on building a profitable and growing business and I am excited for what lies ahead. To our shareholders, thank you for your ongoing loyalty and support as we continue this journey. We are dedicated to delivering value and look forward to sharing our continued progress in 2026 and beyond. Hector Gordon Chairman 26 March 2026 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. MANAGING DIRECTOR’S REPORT Bass Oil Limited Annual Report December 2025 4 The full-year 2025 was a year of considerable progress for Bass. The Group achieved several significant milestones towards our stated goal of becoming a gas producer into the lucrative Australian East Coast Gas Market (ECGM). This year saw the announcement of the acquisition of the Vanessa gas field, which includes a shut in gas well, a gas processing facility and a 5 km pipeline connection into the Cooper Basin gas gathering system. The acquisition is due to be completed in the March Quarter 2026. In addition, Bass was able to negotiate and execute a binding three-year Gas Sales Agreement with Origin Energy for the sale of up to 12 PJ of gas from the field at attractive pricing. Gas sales are likely to start by year end following recommissioning of the facility. The Vanessa acquisition also provides a low-cost opportunity to accelerate the appraisal of the valuable deep gas resource contained in the coals in Bass’ wholly owned PEL 182. The Vanessa well, contained within the PEL 182 tenement, penetrated the entire Permian sequence of sediments, including the deep coals and provides an ideal opportunity with which to appraise this very large resource. The deep coals contained within PEL 182 have an assessed prospective resource of 568 BCF of gas and 22.7 million barrels of condensate. Given its size, successful commercialisation of this asset has the potential to be transformative for the Group. Summarising the Group’s 2025 operational result, it generated $7.11 million in sales revenue from ongoing oil production, down 17.8% YoY. This was due in part to a 9.7% reduction in the average oil price and lower production in both our Indonesian and Cooper Basin operations. Oil prices remained volatile last year but remained above US$60 per barrel throughout the year. Bass recorded an EBITDA of $0.49 million, which represents a margin of 7%. This was a below target result driven by the lower oil price and lower oil production, due to the delay in the drilling of the Bunian 6 oil development well in Indonesia caused by a lack of drilling rig availability. Following the success of recent drilling rig tender, a recommendation for award of the contract has been submitted to Pertamina EP and is awaiting approval. The well is now scheduled to be drilled and come online by mid-year. With no debt and a strong asset base, Bass is well-positioned to execute its strategy and continue its growth throughout 2026. A further summary of performance is displayed in the table below. Full Year Summary (All amounts are in Australian dollars unless otherwise stated, Bass share2 ) • CY25 sales revenue to $7.11 million (CY24 $8.65 million) from lower sales and oil price • Cash position $0.92 million as at 31 December 2025 • A net loss after tax of $0.660 million (CY24 $0.596 million NLAT) 1 EBITDA is a non-IFRS standard term but is used by the Group to assist readers to better understand the financial performance of the underlying operating business. EBITDA is not subject to audit or review. 2 The Group’s Directors have elected to change Bass presentation currency from US dollars (US$) to Australian dollars (A$) effective 1 January 2025. MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 5 Financial and Operating Performance Key Performance Metrics CY25 CY24 Change Net Production (mbbl) 86 99 -13.1% Net Entitlement Oil sales (mbbl) 68 69 -1.5% Sales Revenue ($m) 7.11 8.65 -17.8% Average Realised Oil Price (USD) 68.68 76.06 -9.7% EBITDA ($,000) 487 862 -43.6% NPAT/NLAT ($,000) -660 -596 -10.7% 1. The Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) has been calculated as earnings before tax (-$673,044) plus interest ($204,349) and depreciation and amortisation expense ($956,040). 2. Net Profit 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. Bass produced 85,846 barrels of oil (net) during the year ended 31 December 2025. The net entitlement oil sales to Bass was 67,852 barrels for the year after Domestic Market Obligation (DMO). Figure 1: Bass Group Monthly Production Liquidity / Cash Position As at 31 December 2025, Bass’s cash reserves were $0.92m from $0.99m at 31 December 2024. The Company is not carrying any debt and holds $3.80 million cash on deposit to support a rehabilitation bond in favor of the South Australian Department for Energy and Mining. 0 2 4 6 8 10 12 14 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CY24 vs CY25 Production (kbbl) CY24 CY25 MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 6 Growth Initiatives Since acquiring its Cooper Basin assets, Bass has been conducting a comprehensive review across all its permits to identify high-value exploration, appraisal and development opportunities. This review involves detailed geological and geophysical analysis, leveraging advanced data interpretation techniques to assess untapped potential. The findings guide Bass’s future investment, acquisition and exploration strategy. By optimizing its asset portfolio and targeting high-impact prospects, the Company remains committed to expanding production, enhancing value, and driving long-term growth in one of Australia’s most prolific hydrocarbon regions. Bass Tenements Figure 2: Cooper Basin Location Map Showing Bass Tenements MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 7 PPL 268 and PRL 135 - Vanessa (Bass acquiring 100%) In 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. The transaction will see Bass assume the future rehabilitation liability with the vendor making a significant contribution to that rehabilitation liability. The acquisition is due to be completed in the March Quarter 2026. On 7 December 2025 Bass executed a binding three-year Gas Sales Agreement with Origin Energy for the purchase of all gas produced from the Vanessa facility to a total of 12 PJ, from the re-start of the field. Bass expects to complete the transaction in the March quarter 2026 and re-start the field by year end. The Vanessa gas field acquisition includes a gas processing facility and a 5-kilometre pipeline connecting to the Cooper Basin gas pipeline network. Detailed planning for the certification and recommissioning of the Vanessa well, facilities and pipeline has commenced. The Vanessa acquisition is important to the Company as it provides the opportunity for: • First gas sales - Recommissioning of the Vanessa gas production facility and pipeline will enable the Group’s first gas sales into the east coast gas market in late 2026. • Reserve growth - By assessing and if successful proving up the untested conventional and tight gas potential in the Toolachee and Patchawarra formations. These can be accessed in the existing well by fracture stimulation. • Accelerate field activities to commercialise the deep coals in PEL 182 - The Vanessa well penetrated the entire Permian sequence of sediments, including the deep coals. This location is ideally located to test the potential of the large deep coal resource in PEL 182 without the cost burden of drilling a well. Figure 3: Map of PEL 182 including Vanessa Field and Deep Coal Prospects MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 8 PRLs 245 and 246 – Kiwi 1 (Bass 100%) Kiwi 1 was drilled in 2003 resulting in a Triassic age, Callamurra Member gas discovery. The initial discovery, although encouraging, was never fully evaluated until it was acquired by Bass in 2022 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 gas was very low in impurities, less than 5% CO2 and extremely liquids rich, containing over 200 barrels of condensate per million cubic feet of gas. Figure 4: Gas flare from Kiwi-1 wellsite at 1.7 mmcfd In November 2025 the South Australian Government announced a grant initiative aimed a securing additional gas supplies for the state before 2028. The Company made an application for assistance with the project to connect the Kiwi gas field to the Cooper Basin gas gathering network and was recently advised that it was successful in securing $3.5 million of funding for the project. Bass is progressing options for the remainder of the funding, including ongoing discussions with parties interested in acquiring an interest by farming into the project. The Company has selected an engineering house for the Front-End Engineering Design (FEED) studies to finalise the scope and cost estimates for the field development which will commence shortly. Triassic Gas Study Bass progressed the mapping phase of a study aimed at identifying follow-up opportunities to the Kiwi gas discovery. The study has identified at least two additional gas prospects south of Kiwi that enhance the undiscovered gas potential if the play as well as the Kiwi South upside stratigraphic trapping potential. The study includes the reprocessing of the Dundinna 3D seismic survey to improve the imaging of the target hydrocarbon reservoirs. MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 9 The analysis of Kiwi hydrocarbons indicates that a previously unidentified Petroleum System is active in the Arrabury Trough. These hydrocarbons appear to have been generated from carbonaceous Triassic aged sediments in the Arrabury Trough.1 Figure 5: Map of Bass’ Kiwi Gas Field – Northern Cooper Basin Triassic Gas and Oil Play PEL 182 (Bass 100%) Deep Coal Commercialisation Study Following the recommissioning of the Vanessa well and facilities the Company is planning to fracture stimulate the well, including the coal sections to evaluate their productive potential. SLB led Phase 1 of a geomechanical study confirming the potential of the deep coals. Phase 2 of the study, which SLB will also lead, will inform the design of the stimulation program for economic exploitation of this significant resource. It will commence following completion of the acquisition. The Santos led Cooper Basin Joint Venture (CBJV) is continuing efforts to commercialize this same resource. Santos is planning to drill two deep coal appraisal wells in 2026, trialling the use of high angle/horizontal drilling technology along with multi-stage fracking to deliver a commercial production pilot. The first well, Jack Lake 8, has been successfully drilled and fracture stimulated and is currently on test. 1 A new Triassic source rock in the Cooper Basin, Australia? – Sharon Tiainen, South Australian Department for Energy and Mining – First published AEG Conference Perth 8–11 September 2025 MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 10 PRLs 231-233 (Bass 100%) As part of the prospectivity review of all Bass permits, the geoscience team identified an oil trend in the southern Cooper Basin along the Warra ridge with significant potential in PRLs 231-233 (see Figure 6). The Warra ridge, which is adjacent to Bass’ Worrior oil field and south of a number of other producing oil fields operated by the CBJV and Beach Energy, hosts the Pintari North oil field. Bass has identified the Tyrell and Flint prospects utilising the Westeros 3D seismic survey. The Prospective Resource of the Tyrell prospect is assessed at over 2 million barrels of oil in the McKinlay, Namur and Murta formations. These prospects will be offered to potential farmin partners for drilling in a future drilling program. As part of that same review, the Company has relinquished the less prospective areas in the permit. Figure 6: PRLs 231-233 (Ex PEL 93) location map MANAGING DIRECTOR’S REPORT (cont’d) Bass Oil Limited Annual Report December 2025 11 Indonesia – Tangai-Sukananti KSO (Bass 55% and Operator) The Bunian field continues to outperform expectations. As a result, during the year, the subsurface team reprocessed the 3D seismic which covers the entire permit. This has led to an improved structural interpretation of the Bunian field and allowed a more detailed facies model of the reservoir section in the TRM3 sequence. The work is supportive of the existence of a westerly extension of the field (Figure 7) 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 is located south-west of the prolific Bunian 3 well (Figure 7). 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 prior to mid year with production to commence early in the second half of the year. Figure 7: Tangai-Sukananti KSO location map RESERVES AND RESOURCES Bass Oil Limited Annual Report December 2025 12 Reserves and Contingent Resources (For year ended 31 December 2025) The total Bass share of 2P Field Reserves as of 31 December 2025 is assessed to be 0.796 million barrels of oil, steady (year on year (YoY). The total Bass share of 2C Field Contingent Resources as of 31 December 2025 are assessed to be 1.824 million barrels of oil, largely unchanged YoY. In the Cooper Basin, South Australia, comprising the 100% owned and operated Worrior and Padulla oil fields, there is a small decrease in 2P reserves YoY, due to continued good production performance of the key Worrior wells largely offsetting the annual production and lower oil price assumptions. Contingent Resources were largely unchanged YoY. In Indonesia, the TS-KSO comprising the 55% owned and operated Bunian and Tangai Fields, there is a small increase in 2P reserves YoY, with yearly production being largely offset by the continued strong performance of the Bunian-3 well. Table 1 –Reserves at 31 December 2025 Field Reserves (MMbbl) 1P (Proved) 2P (Proved & Probable) 3P (Proved, Probable & Possible) Australia 0.162 0.368 0.649 Indonesia 0.212 0.428 0.905 Total Reserves 0.374 0.796 1.554 Table 1: Reserves and Resources at 31 December 2025 Reserves The Bass share 2P Field Reserves for the Cooper Basin in Australia are assessed as of 31 December 2025, to be 0.368 million barrels of oil. This reflects the proved and probable reserves for the Worrior and Padulla oil fields (Tables 1 and 2 as well as Figure 2). The Bass share 2P Entitlement Field Reserves in the Tangai-Sukananti KSO in Indonesia are assessed as of 31 December 2025, to be 0.428 million barrels of oil. This reflects the proved and probable reserves for the Bunian and Tangai oilfields (Tables 1 and 2 as well as Figure 7). Net Entitlement Reserves are the share of cost oil and profit oil that Bass is entitled to receive under the KSO signed with the Indonesian government body, PT Pertamina. The Net Entitlement Reserves formula varies with the fiscal environment, cost recovery status and oil price and scheduled contract expiry. Contingent Resources The Bass share 2C Field Contingent Resources for the Cooper Basin in Australia are assessed to be 1.824 million barrels of oil (Tables 1 and 2 as well as Figure 1). In the Cooper Basin, the Field Contingent Resources comprise volumes in the Worrior and Padulla oil fields and the Kiwi gas field. RESERVES AND RESOURCES (cont’d) Bass Oil Limited Annual Report December 2025 13 The Worrior and Padulla resources are currently considered uneconomic but may be converted to reserves under different economic circumstances and/or with future projects aimed at extending the current economic cut-offs, such as acceleration of production or reduced crude fuel consumption. Additionally, the Worrior Field contains significant contingent resources of oil in the Murta reservoir that may be converted to reserves post fracture stimulation. Planning to assess this potential, with workover and fracture stimulation of 1-2 wells has commenced. The Kiwi high liquids gas contingent resources are unchanged year on year, with raw gas 1C, 2C and 3C contingent resources of 1.1 BCF, 3.6 BCF and 11.5 BCF respectively. These contingent resources are expected to convert to reserves at a later date, pending the planned FEED work in 2026 and continued assessment of the economics of a pipeline connection and associated infrastructure to bring the gas to market. The Bass share 2C Field Contingent Resources for the Tangai-Sukananti KSO in Indonesia are assessed to be 0.064 million barrels of oil (Tables 1 and 2 as well as Figure 7). The Field Contingent Resources comprise volumes attributed to currently producing or future planned wells in the Bunian and Tangai Fields. There is a small increase in Contingent Resources for Indonesia this year resulting from the delay in the development drilling program due to rig availability. Table 2 – Movements in Reserves & Resources at 31 December 2025 Field Reserves (MMbbl) 1P (Proved) 2P (Proved & Probable) 3P (Proved, Probable & Possible) Total Reserves 31/12/24 0.357 0.789 1.528 CY 2025 Production (0.065) (0.065) (0.065) Revisions 0.082 0.072 0.091 Total Reserves 31/12/25 0.374 0.796 1.554 Field Contingent Resources (MMboe) 1C 2C 3C Total Contingent Resources 31/12/24 0.563 1.792 5.881 Revisions 0.033 0.032 (0.038) Total Contingent Resources 31/12/25 0.596 1.824 5.843 Table 2: Movements in Reserves and Resources at December 2025 RESERVES AND RESOURCES (cont’d) Bass Oil Limited Annual Report December 2025 14 Notes on Calculation of Reserves and Resources All reserves and resources are estimated by deterministic estimation methodologies consistent with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2018 Petroleum Resources Management System (PRMS). Under the SPE PRMS guidelines, “Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions”. Net Entitlement Reserves are the reserves that Bass has a net economic entitlement to. That is, a share of cost oil and profit oil that Bass is entitled to receive under the KSO signed with the Indonesian government body, PT Pertamina. Contingent Resources are “those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies”. For the Worrior and Padulla oil fields in the Cooper Basin, decline curve analysis (DCA) was used to determine the remaining technically recoverable volumes with an economic model overlay to determine the economically recoverable reserves. The reserves are net of crude oil lease fuel. The Dynamic Model for the TS-KSO in Indonesia was revised following the successful drilling of Tangai-5 and has updated the oil volumetrics and development scenarios and drilling locations used in this report. Additionally, a decline curve analysis (DCA) was conducted on the current well. The 1P, 2P and 3P cases are a combination of the forecasts from both the Dynamic Model and the DCA as deemed to best represent the field reserves. Qualified Petroleum Reserves and Resources Evaluator Statement: The information contained in this report regarding the Bass Oil Limited reserves and contingent resources is based on and fairly represents information and supporting documentation reviewed by Mr Giustino Guglielmo who is an employee of Bass Oil Limited and holds a Bachelor of Engineering (Mech). He is a member of the Society of Petroleum Engineers (SPE) and a Fellow of the Institution of Engineers Australia (FIEAust) and as such is qualified in accordance with ASX listing rule 5.4.1 and has consented to the inclusion of this information in the form and context in which it appears. SAFETY Bass Oil Limited Annual Report December 2025 15 Highlights Bass Oil is dedicated to upholding the highest standards of health, safety, and environmental (HSE) performance. Our primary goal is to protect the well-being of our employees, contractors, and the communities where we operate, all while reducing our environmental impact. This section highlights our key HSE initiatives and performance for the financial year. We are pleased to report that in 2025, we achieved some remarkable safety milestones with no Lost Time Injuries in either the Group’s Indonesian or Cooper Basin operations. We surpassed 7.2 million safe work hours and 35,000 safe work hours in each of our operations respectively. These outstanding accomplishments reflect the dedication and commitment of all Bass Oil employees. In addition to our safety achievements, we maintained strong environmental performance, with no significant loss of containment events recorded during the period. Furthermore, we remain in good standing regarding regulatory compliance, having reported no instances of non-conformance. Indonesia Key Metrics The Indonesian operations recorded no LTI and achieved 450,000 safe work hours in 2025. In total the Indonesian team have achieved over 7 million hours without an LTI, an outstanding achievement and a credit to the team there. Initiatives and Improvements During this period, Bass has actively collaborated in safety initiatives periodically launched by Pertamina EP. In addition, it continues its strategic safety improvement program aimed at fostering a systematic approach to workplace health and safety (WHS) enhancement. A key outcome of this program was the upgrade of its Operator Safety Training Program and competency framework. Additionally, the team focused on the inspection and certification of Emergency and Production Equipment. Cooper Basin Key Metrics Bass is pleased to report that we recorded no Lost Time Injuries and achieved over 35,000 safe work hours. Significant flood activity from June/July through to November resulted in restricted contractor activity and a number of occasions when Lone Worker protocols were necessary. In March, 2025 an Emergency Response Exercise was carried out using the transportation of the Kiwi crude as a live exercise. No issues were found and the results shared with the Department for Energy and Mining (DEM). Anzen Consulting was engaged to facilitate a Process Safety and Environment Management System Self Assessment (PSEMS) as part of the biennial program requested by DEM, with the aim of providing an impartial assessment. The outcome revealed that there was a marginal improvement on the results of 2024. This highlights that Bass personnel and contractors use the available systems in place and that Safety Management System (Donesafe) is actively used to monitor and record performance. Initiatives and Improvements Work continues to address the Operational Procedures, Work Instructions and Competency Assessments. This will link to the self-assessment finding and provide an improvement going into 2026. Bass developed a Major Accident Event (MAE) register, which identifies the key risks and hazards to the Cooper Basin operation. SAFETY (cont’d) Bass Oil Limited Annual Report December 2025 16 Environmental Stewardship Environmental Performance Throughout the period, we are pleased to report that there were no significant loss of containment incidents in either Indonesia or the Cooper Basin operations. Initiatives and Improvements Indonesia The Bass operations in Indonesia were awarded a PROPER award in the Blue category by the Ministry of Environment and the award from Pertamina EP as the best KSO for environmental compliance, an outstanding achievement. The team also participated in a reforestation and carbon emissions reduction program during the year planting 150 trees in the area around Bass’ KSO. Cooper Basin Bass is preparing a Produced Formation Water Management Plan (2025-2026). This new requirement which moves the management of produced water quality from the Statement of Environmental Objectives (SEO) document to a stand-alone document so the water quality parameters can