Announcement PDF Investor Presentation November 2024 BASS OIL LIMITED AN EMERGING AUSTRALIAN GAS PRODUCER ASX:BAS DISCLAIMER Important Notice This do cumen t is confidential and may not be rep roduced, red istributed or passed on, dire ctly or indir ectly. This document is neither a pro spe ctus nor an offer to subscr ibe for Sha res. The pur pose of this pre sen tation is to pro vide gen eral infor mation abo ut Bass O il L td (“B ass” or the “Company”). This pre sen tation is curren t as at 5 S eptember 2024 (un less otherwise sta ted her ein) and the information contained in it is in a summary form and doe s not pur port to be complete. The infor mation in this pr ese nta tion remain s subject to change with out notice. It is n ot recommended that any per son makes any investmen t decision in rela tion to the Company based solely on this presentation. This pre sen tation doe s not necessarily contain all infor mation which maybe material to the making of a decision in rela tion to the Company. Any investo r should make their own inde penden t assessment and determina tion as to the Company’s prospects prio r to making any investment decision and should not rely o n the infor mation in this presentation for th at purpose. This pre sen tation doe s not involve or imply a recommenda tion or a sta temen t of opin ion in respect of whether to buy, sell or hold securities in the Company. The securities issu ed by the Company are considered speculative and there is no guarantee that they will make a return on the capital investe d, that dividend s will be paid on the shares or that there will be an increase in the value of the shares in the future. This pre sen tation is not, and doe s not constitute, an offer to sell, or the solicitation, invitatio n or recommenda tion of an offer to buy, any securities in any jurisdiction, including the United States, and neither this pre sen tation, nor any of the information contained her ein, shall form the basis of any contract or commitment. The information in the pre sen tation doe s not constitute an advertisement for an offer or pro posed offer of securities and doe s not constitute a rep resentatio n that an offering will occur. No per son is author ised to give information or make any representation that an offering will occur. Any securities of Bass have not bee n, and will not be, reg istered und er the U.S . Securities Act or the securities laws of any sta te 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 transactio ns exempt from or not subject to, the reg istration req uirements of the U.S . Securities Act and any other app licab le securities laws. This pre sen tation is pre sen ted for informational pur poses only. It is not intende d to be, and is not, a pro spe ctus, pro duct disclosu re statement, offering memor andum or private place ment memoran dum for the pur pose of Chapter 6D of the Corporations Act 2001. Except for sta tutory liability which cann ot be excluded, the Company, its officer s, employees and advisers expressly disclaim any responsibility for, and make no representations or warran ty for , the accuracy or completeness of the material contained in this pre sen tation and exclude all liability whatso eve r (includin g in neg ligence) for any loss or damag e which may be suffer ed by any per son as a consequen ce of any information in this pre sen tation or any err or or omissio n there from. The Company accepts no respon sibility to upd ate an y per son re garding any inaccuracy, omissio n or change in information in this pre sen tation or any other information made available to a per son nor any oblig atio n to furnish th e per son with a ny further infor mation. This pre sen tation contains “forward-looking sta temen ts” and comments abo ut future events, including sta temen ts abo ut Bass’s expectatio ns abo ut the per for ma nce of its business. Forward-looking sta temen ts may include words such as “an ticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “out-look” , “upsid e”, “likely”, “intend”, “should”, “could ”, “may”, “target”, “plan”, and other similar expressions. Indications of, and gu idance on, fu tur e ear nings and financial position and performance are also forward-looking sta temen ts. Forward-looking sta temen ts, op inions a nd estima tes pro vide d in this pre sen tation are based on assumptio ns and contingencies which are subject to change with out notice. Forward-looking statements including pro jections, guid ance on future ear nings and estima tes are pro vide d as a gen eral guid e only and should not be relie d upo n as an indication, pre diction or gua rantee of future per for ma nce . Actual results may differ materially from those expressed or implied in such sta temen ts and these differences maybe material. The forward-looking sta temen ts in this pre sen tation involve known and unknown risks and other factor s, many of which are beyond the control of, or unknown to, Bass, its dire ctors, office rs and employees, and may involve significa nt elemen ts of subjective judgement and assumptio ns as to future events which may or may not be correct. Such forward looking sta temen ts are based on information available to Bass as at the date of this pre sen tation. Recipients are cautioned not to place und ue relia nce on forward looking sta temen ts and except as req uired by law or regulation , Bass assumes no liability to upd ate these forward-looking sta temen ts. Such sta temen ts speak only as of the date her eof, and Bass has no oblig atio n to upd ate or revise any such sta temen ts to reflect any change in events, conditions or circumstances on which any su ch statement is based. No rep resentatio n or warran ty, express or implied, is made by the Company tha t the matte rs sta ted in this pre sen tation will be achieved or pro ve to be correct. Recipients of this pre sen tation must make their own investig atio ns and inqu iries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company’s securities. The Company doe s not pur port to give financial or investmen t advice. No account has bee n taken of the obje ctives, financial situ atio n or nee ds of any recipien t of this document. Recipients of this document should carefully consider whether the securities issu ed by the Company are an app ropriate investmen t for them in light of their per son al circumstances, including their financial and taxatio n position. November 2024 Investor Presentation – October 2024 2 COMPANY OVERVIEW Bass Oil – An emerging Australian gas producer and profitable oil producer with major upside. ➢ Bass is an ASX listed oil producer holding a large Cooper Basin footprint and a production licence in South Sumatra. ➢ Strong foundation of positive EBITDA and cash generation. ➢ Two Cooper Basin gas assets set to unlock significant value: ➢ ➢ Kiwi gas and condensate field ➢ PEL182 Deep Coal gas resource Bass assets positioned to grow the Company and supply the constrained east coast gas market. 3 November 2024 Investor Presentation – October 2024 3 STRATEGY Building a profitable portfolio of high potential oil and gas assets Development of assets Disciplined operating model ➢ Disciplined investment in prospective Cooper Basin assets. ➢ Identify, develop and monetise strategic oil and gas assets. ➢ Maintain a strong balance sheet through focus on production operations. ➢ Leverage competitive strengths; capability, reputation, and relationships. ➢ Intense focus on the development of high impact gas projects with the aim to; Long term vision ➢ Drive growth and long term value as a Mid-cap Oil and Gas producer. 4 November 2024 Investor Presentation – October 2024 4 BASS OIL | CORPORATE SNAPSHOT Recent Kiwi-1 performance and Deep Coal resource play attracting further institutional interest Snapshot Ownership Summary ASX Code Shares (Ordinary) Share Price Directors and Staff 9% BAS 290,488,700 Share Price $0.07 Market Capitalisation $20.6m Enterprise Value $18.3m Net Cash $2.5m Total No. Shareholders 1886 Institutional and Corporate 27% Retail 64% 0.14 7,000,000 0.12 6,000,000 0.10 5,000,000 0.08 4,000,000 0.06 3,000,000 0.04 2,000,000 0.02 1,000,000 0.00 0 BAS-Volume (Daily) BAS-Share Price (Daily)(AU$) Board Chairman, Nonexecutive Director Hector M Gordon Managing Director Tino Guglielmo November 2024 Investor Presentation – October 2024 Non-executive Director Laura Reed Non-executive Director Mark Lindh 5 INVESTMENT HIGHLIGHTS Positioned to grow by supplying into a constrained east coast gas market ➢ A high equity interest in a large footprint of prospective Cooper Basin tenements. ➢ Containing a portfolio of high-quality assets including the Kiwi gas field and PEL-182 Deep Coal gas resource play. ➢ Strong cash flow from current assets net oil production 300+ bopd. ➢ Next 6-12 months will be game-changing with Kiwi set to deliver a step change in company valuation. ➢ Positioned for growth while Australia’s gas market increasingly constrained and oil prices remain strong. ➢ Patchawarra trough Deep Coal gas next big resource play in Australia alongside Beetaloo basin and Taroom trough. November 2024 Investor Presentation – October 2024 Figure 1: Map of Cooper basin gas field and Bass Oil permits 6 KIWI GAS DISCOVERY | MILLION BARREL OPPORTUNITY Bass’ 100% owned Kiwi gas field – surpasses economic threshold with high condensate yield Figure 2: Gas flare from Kiwi-1 wellsite at 1.7 mmcfd ➢ Kiwi production test recorded rates of 4.1 million cu-ft/day and 988 barrels of condensate per day (limited by surface equipment) ➢ A high condensate yield has increased the best estimate of Contingent Resources (2C) from 0.6 million boe to 1.02 million boe. ➢ 31 December 2023 Bass total reserves 2P were 0.805 million boe. ➢ A Kiwi field development will more than double Bass’ booked reserves. ➢ Options to accelerate permanent connection and sales under evaluation. ➢ Downhole pressure data indicates little to no measurable reservoir depletion during the test. 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 November 2024 Investor Presentation – October 2024 7 KIWI GAS DISCOVERY | ECONOMIC SCREENING Economic screening results demonstrate commerciality and double Bass current market value ➢ Recent screening economics generate indicative ATAX NPV of $24.0MM for the 2C resource case. Best Estimate – 2C Contingent Resource Case : 3.6 BCF EUR: Gas – 3.60Bcf Cond – 416.1Mbbl Qi: 5MMscf/d Capex: $16MM P/I: 1.72 Payback Period:1 year ➢ High estimate 3C resource case generates an ATAX NPV $73.5MM Net Revenue NPV (MM$AU) 10.00% 15.00% ➢ Gas 27.8 24.0 Condensate 38.4 34.1 Resource best estimate 2C of 3.6 BCF and high estimate 3C resource of 11.5 BCF. Total 66.2 58.1 ➢ Bass current market cap equivalent to value of currently booked 2P reserves (ie no value for Kiwi potential). 24.0 20.3 ➢ A successful development at Kiwi will more than double Bass booked reserves. ➢ Currently assessing a number of funding alternatives to bring the asset into production. Cash Flow NPV (MM$AU) ATAX Cash Flow Figure 3: Economic screening results from Kiwi-1 November 2024 Investor Presentation – October 2024 8 DEEP COAL GAS RESOURCE PLAY Commercialisation study underway on 100% owned ‘Company making’ PEL-182 ➢ Recent studies indicate that the Patchawarra trough may be Australia’s next gas resource play similar to the Beetaloo basin and Taroom trough. ➢ PEL 182 contains “best estimate” of 21 TCF of gas in place, along with an accompanying 845 million barrels of condensate in place1,2 ➢ Bass engaged global technology leaders, SLB, to perform feasibility study. ➢ Santos supplied well data for the study under a Data Sharing Agreement in return for access to study results. ➢ Phase 2 of the study will determine preliminary well and frac designs with economics to exploit this resource. Beanbush Moolion East 1 PEL-182 Patchawarra Trough Figure 4: Total net Permian coal thickness in the Patchawarra Trough Please refer to ASX Announcement, 1“Significant Gas Resource Identified in PEL 182” and 2“PEL182 Geomechanical Study Results” released 16 November 2022 and 16 September 2024 respectively for further information November 2024 Investor Presentation – October 2024 9 OUTLOOK Asset development driving a step change in resource portfolio valuation ➢ Bass Oil is positioned for a transformative year with the focus on two ‘Company making’ Cooper Basin gas assets. ➢ Bass to drive to a Final Investment Decision (FID) for Kiwi-1 ➢ Near term focus is monetising Kiwi-1 and delivering cashflow. ➢ Determine Kiwi follow-up potential – ‘Kiwi is not an orphan’. ➢ Perform a technical and economic feasibility study to exploit the Deep Coal gas resource play in PEL 182. 10 November 2024 Investor Presentation – October 2024 10 Tino Guglielmo – Managing Director tino.guglielmo@bassoil.com.au +61 3 9927 3000 www.bassoil.com.au