Announcement PDF HALF-YEAR FINANCIAL REPORT 30 June 2026 CORPORATE DIRECTORY ABN: 13 008 694 817 Directors Hector M Gordon, Chairman Giustino Guglielmo Laura A Reed 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, 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 ASX Ltd 525 Collins Street Melbourne, Victoria, 3000, Australia ASX Codes: BAS – Ordinary Shares and BASO & BASOD- Options Web Site: www.bassoil.com.au Contents Managing Director’s Report......................... 3 Director’s Report ....................................... 8 Auditor’s Independence Declaration ........... 10 Directors’ Declaration............................... 11 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income.. 12 Condensed Consolidated Statement of Financial Position..................................... 13 Consolidated Statement of Changes in Equity................................................ .14 Consolidated Statement of Cash Flows ....... 15 Notes to the Financial Statements ............. 16 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. Bass Oil Limited Half Year Report June 2026 3 MANAGING DIRECTOR’S REPORT Half-Year Ended 30 June 2026 The first half of 2026 has been a period of meaningful progress for Bass Oil. Building on the founda ons laid in 2025, the Group has advanced several key ini a ves that posi on us strongly for the next phase of growth as we transi on toward becoming a gas producer supplying the Australian East Coast Gas Market (‘ECGM’). Our strategy remains clear, our opera onal execu on has been disciplined, and the momentum across our por olio con nues to build. This half-year was defined by three major achievements: • Comple on of the Vanessa gas field acquisi on, establishing Bass as a near-term gas producer. • Con nued advancement of the Kiwi liquids-rich gas project, supported by government funding and encouraging seismic interpreta on. • Commencement of drilling at Bunian-6, unlocking new oil produc on in Indonesia. Together, these milestones represent tangible steps toward delivering new produc on, reserves, and revenue streams for shareholders. Group Opera onal and Financial Performance Opera onally, the Group delivered a solid performance in the first half, with produc on and sales underpinned by our Indonesian opera ons and steady contribu on from the Cooper Basin despite flood events. Our produc on base con nues to demonstrate resilience, providing a stable pla orm for bringing new assets online. Key Performance Metrics HY26 HY25 Movement Net Produc on (mbbl)1 39.33 42.49 -7.4% Net En tlement Oil (mbbl)1 26.71 31.71 -15.8% Sales Revenue ($m) 3.79 3.71 2.2% Cash ($m) 3.18 1.96 62.2% Average Realised Oil Price (USD) 88.60 70.97 24.8% EBITDA ($,000)1 2 1,031 571 80.6% NPAT/ NLAT ($,000)3 281 -142 na 1.These are Non-IFRS metrics and contain 55% Bass share of Indonesian results and 100% Australian results. Net produc on, Oil Sales and En tlement Oil are all components of the En tlement Calcula on Statement that generates Sales revenue and reserves in the Group’s Indonesian business. 2. The Earnings Before Interest, Tax, Deprecia on and Amor sa on (EBITDA) has been calculated as earnings before tax ($464,379) plus interest ($107,423) and deprecia on and amor sa on expense ($459,015). 3 . Net Profit A er Tax Bass Oil Limited Half Year Report June 2026 4 MANAGING DIRECTOR’S REPORT (cont’d) In the first half of 2026, total sales revenue was $3.79 million net to Bass, reflec ng con nued strong oil prices and stable field performance. • Cooper Basin oil produc on for the six month was 13,978 barrels, with 9,780 barrels sold at an average realised oil price of A$132.23 per barrel. • Indonesian oil produc on was 25,348 barrels net to Bass, with 25,266 barrels sold at an average realised oil price of US$86.36 per barrel. • Daily oil produc on for the Group averaged 217 bopd, down 7% on the first half 2025. These figures demonstrate the resilience of our producing assets and provide a strong base from which to grow as new projects come online. This consistent opera onal performance provides confidence as we progress toward commissioning new sources of produc on later in the year. Financial Posi on and Capital Management Bass’s liquidity posi on remained sound over the half-year, reflec ng our con nued focus on disciplined financial management. At 30 June 2026, the Group held $2.34 million in cash, alongside $0.84 million in restricted cash and $4.93 million in rehabilita on bond deposits for our South Australian opera ons. Importantly, Bass carries no debt, giving us the financial strength and flexibility to progress key growth ini a ves, including the Vanessa recommissioning and the Kiwi gas project. The $3 million capital raise completed in March further strengthened our balance sheet and posi ons us well for the next phase of growth. In February, Bass secured a $3.5 million SA Government grant to connect Kiwi to market, with $856,000 received in the first half of 2026 — a valida on of the project’s poten al. Our strong balance sheet provides the financial capacity required to execute mul ple value-crea ng projects concurrently, without compromising opera onal discipline. Vanessa Gas Field – Transforma onal Acquisi on Completed In June 2026, Bass successfully completed the acquisi on of the Vanessa gas field, associated processing facility, and 5 km pipeline connec on into the Cooper Basin gas gathering system. This transac on is a cornerstone of our strategy and marks Bass’s transi on from an oil-only producer to a diversified energy company with near-term gas produc on capability. The Vanessa acquisi on was completed for minor cash considera on, with Bass assuming the rehabilita on liability and the vendor contribu ng significantly to that liability, as outlined in Note 5 of the HY26 Financial Report. Detailed engineering work to recommission the facility and pipeline is now underway, following comple on of the transac on in June. Once opera onal, Vanessa is expected to deliver Bass’s first gas sales into the ECGM under the binding three-year Gas Sales Agreement with Origin Energy for up to 12 PJ of gas. Bass con nues to work through the recommissioning program and an cipates first gas following comple on of these ac vi es. While ming remains subject to weather condi ons and facility readiness, the project is progressing in line with expecta ons. Bass Oil Limited Half Year Report June 2026 5 MANAGING DIRECTOR’S REPORT (cont’d) Importantly, the Vanessa well penetrated the en re Permian sequence, including the deep coals within PEL 182. This provides a unique, low-cost opportunity to appraise the deep coal prospec ve resource – assessed at 568 BCF of gas and 22.7 million barrels of condensate – without drilling a new well. Successful commercialisa on of this resource has the poten al to be transforma ve for the Group. The ability to appraise this large unconven onal resource at minimal cost is a significant strategic advantage for Bass. Figure 1: Map of Bass permit PEL 182 displaying Vanessa gas field Kiwi Gas Project – Grant Funding and Seismic Interpreta on The liquids-rich Kiwi gas discovery con nues to be one of Bass’s most exci ng assets. Following the successful 2024 flow test, which recorded 4.1 mmcfd of gas and 988 barrels of condensate per day, Bass has progressed the project toward development. In February 2026, the South Australian Government awarded Bass $3.5 million in funding to support connec on of Kiwi to the Cooper Basin gas network, and the grant deed was executed in May 2026. During the half-year, Bass advanced technical work on Kiwi, including interpreta on of the reprocessed Kiwi 3D seismic dataset. The results have been encouraging and con nue to support the quality of the discovery and surrounding prospec vity. Bass Oil Limited Half Year Report June 2026 6 MANAGING DIRECTOR’S REPORT (cont’d) The Kiwi gas is extremely liquids-rich and low in impuri es, with less than 5% CO₂ and over 200 barrels of condensate per million cubic feet of gas, as previously disclosed. These characteris cs make Kiwi one of the most a rac ve undeveloped gas discoveries in the Basin. Kiwi’s liquids yield posi ons it as a high-value development opportunity in a market where condensate-rich gas is increasingly sought a er. Figure 2: Map of Bass’ Kiwi Gas Field – Northern Cooper Basin Triassic Gas and Oil Play Indonesian Opera ons – Bunian Field and Bunian-6 (Bass 55% and Operator) The Bunian field in Indonesia remains a reliable contributor to Group produc on and cash flow. During the half-year, Bass advanced prepara ons for drilling the Bunian-6 development well, following the successful rig tender and submission of the contract award recommenda on to Pertamina EP. The Bunian-6 oil development well commenced drilling in June 2026 and is expected online in September, with weekly progress updates released throughout. The well targets undrained oil in the southwest of the field and is expected to contribute addi onal produc on once completed. Bass an cipates first produc on following well comple on and e-in ac vi es, with ming subject to opera onal condi ons. Bass Oil Limited Half Year Report June 2026 7 MANAGING DIRECTOR’S REPORT (cont’d) Figure 3: Bunian 6 Wellsite PEL 182 – Deep Coal Commercialisa on (Bass 100%) Bass con nues to advance the deep coal commercialisa on program within PEL 182, leveraging the Vanessa acquisi on as a cost-effec ve appraisal pla orm. In late 2024, Schlumberger completed Phase 1 of the geomechanical study, confirming the produc ve poten al of the deep coals, and Phase 2 – focused on s mula on design – is planned to commence following recommissioning of the Vanessa facili es. Industry ac vity con nues to validate the play, with Santos progressing its own deep coal appraisal program in adjacent acreage. Bass is well posi oned to benefit from this broader technical and commercial momentum. Cooper Basin Oil Prospects – PRLs 231–233 (Bass 100%) Bass con nued its prospec vity review across all Cooper Basin permits. In PRLs 231-233, the geoscience team iden fied an oil trend along the Warra ridge with significant poten al. The Tyrell and Flint prospects, iden fied using the Westeros 3D seismic survey, represent a rac ve future drilling opportuni es, with Tyrell assessed at over 2 million barrels of prospec ve resource. These prospects will be offered to poten al farm-in partners as part of a future drilling program, consistent with our strategy of capital-efficient growth. Outlook Bass enters the second half of 2026 with mul ple near-term catalysts, including progress on the Vanessa recommissioning, comple on of Bunian-6, and con nued advancement of Kiwi. With a diversified por olio, exposure to high-value gas markets, and a clear pathway to new produc on, Bass is well posi oned to deliver growth and build long-term shareholder value. I would like to thank our shareholders, partners, and employees for their con nued support as we execute our strategy and advance Bass Oil into its next phase of development. Bass Oil Limited Half Year Report June 2026 8 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 2026. 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 (resigned 31 March 2026) Laura A Reed PRINCIPAL ACTIVITY The principal activities of the Group during the half 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 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. REVIEW AND RESULTS OF OPERATIONS A review of Group’s operations can be found in the Managing Directors Report. The Group’s operating profit for the half-year ended 30 June 2026 after income tax was $280,856 (30 June 2025: loss of $141,593). SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS The following significant changes in the state-of-affairs of the Group occurred during the financial half- year: a) Issued Capital Net increase in issued capital to $48,597,813 (31 December 2025 $45,882,176) following the completion of a $3 million capital raise (before costs) undertaken in March 2026. b) Vanessa acquisition Increase in exploration and evaluation assets of $329,853 after completing the acquisition of the Vanessa assets in the Cooper Basin, and correspondingly there is an increase of $718,316 to rehabilitation provision related to the same assets. 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 2026 9 DIRECTORS’ REPORT (cont’d) SIGNIFICANT EVENTS AFTER BALANCE DATE No other matter or circumstance has arisen since 30 June 2026 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, 10 September 2026 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 2026, 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, 10 09 2026 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. 10 Bass Oil Limited Half Year Report June 2026 11 DIRECTORS’ DECLARATION In accordance with a resolution of the directors of Bass Oil Limited I state that: a. The interim financial statements and notes of the Company and its subsidiaries (collectively the Group) are in accordance with the Corporations Act 2001, including: i. Giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the half-year ended on that date; and ii. complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Hector M Gordon Chairman Melbourne, 10 September 2026 Bass Oil Limited Half Year Report June 2026 12 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the half year ended 30 June 2026 Consolidated Note 6 months to 30 June 2026 A$ 6 months to 30 June 2025 A$ Revenue Oil revenue 3,792,327 3,648,736 Condensate revenue - 58,898 Cost of goods sold (2,170,032) (2,396,521) Gross profit 1,622,295 1,311,113 Other income Interest received 73,930 82,486 Operator fees 51,423 59,332 Other income 58,308 36,116 Total net revenue and other income 1,805,956 1,489,047 Administrative expenses 3 (754,877) (946,894) Employee benefits expense (480,965) (522,800) Finance costs (105,735) (96,736) Profit/(Loss) before income tax 464,379 (77,383) Income tax expense (183,523) (64,210) Profit /(Loss) for the half year 280,856 (141,593) Other comprehensive loss, net of income tax Items that may be reclassified to profit or loss Foreign currency translation (95,110) (240,325) Total comprehensive profit/(loss) for the half year 185,746 (381,918) Cents Cents Basic earnings/(loss) per share - cents 0.08 (0.05) Diluted earnings/(loss) per share - cents 0.08 (0.05) This statement should be read in conjunction with the notes to the financial statements. Bass Oil Limited Half Year Report June 2026 13 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 Consolidated Note 30 June 2026 $ 31 December 2025 $ ASSETS Current Assets Cash and cash equivalents 2,336,156 921,884 Restricted cash 842,491 - Trade and other receivables 2,002,139 1,307,944 Other current assets 106,094 230,165 Inventories 698,485 720,304 Other financial assets 4 5,500 5,500 Total current assets 5,990,865 3,185,797 Non-current assets Trade and other receivables 303,819 331,158 Other financial assets – term deposits 4 4,975,826 3,837,342 Property, plant, and equipment 119,301 135,637 Right of use assets 102,556 153,435 Exploration assets 5 3,486,327 2,902,837 Oil properties 6 7,527,335 7,030,480 Total non-current assets 16,515,164 14,390,889 TOTAL ASSETS 22,506,029 17,576,686 LIABILITIES Current Liabilities Trade and other payables 1,627,834 1,238,389 Contract liabilities – government funding 758,972 - Provisions 7 134,567 114,660 Lease liabilities 48,701 71,363 Provision for income tax 299,061 334,809 Total current liabilities 2,869,135 1,759,221 Non-current liabilities Provisions 7 5,314,013 4,511,830 Lease liabilities 58,165 87,594 Total non-current liabilities 5,372,178 4,599,424 TOTAL LIABILITIES 8,241,313 6,358,645 NET ASSETS 14,264,716 11,218,041 EQUITY Contributed equity 8 48,597,813 45,882,178 Reserves 2,310,795 2,260,611 Accumulated losses (36,643,892) (36,924,748) TOTAL EQUITY 14,264,716 11,218,041 This statement should be read in conjunction with the notes to the financial statements. Bass Oil Limited Half Year Report June 2026 14 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half year ended 30 June 2026 Contributed equity Accumulated losses Currency translation reserve Share-based payments reserve Total $ $ $ $ $ At 1 January 2025 44,983,886 (36,362,677) 2,594,520 32,643 11,248,372 Net loss for the year - (660,161) - - (660,161) Foreign currency translation loss - - (333,909) - (333,909) Total comprehensive income for the year - (660,161) (333,909) - (994,070) Shares issued 925,180 - - - 925,180 Less transaction costs (26,888) - - - (26,888) Share-based payments - - - 65,447 65,447 Transfer fair value of Employee performance Rights - lapsed - 98,090 - (98,090) - At 31 December 2025 45,882,178 (36,924,748) 2,260,611 - 11,218,041 At 1 January 2026 45,882,178 (36,924,748) 2,260,611 - 11,218,041 Net profit for the period - 280,856 - - 280,856 Foreign currency translation loss - - (95,110) - (95,110) Total comprehensive income for the period - 280,856 (95,110) - 185,746 Shares issued 3,000,000 - - - 3,000,000 Less transaction costs (287,365) - - 124,708 (162,657) Share-based payments 3,000 - - 20,586 23,586 At 30 June 2026 48,597,813 (36,643,892) 2,165,501 145,294 14,264,716 This statement should be read in conjunction with the notes to the financial statements. Bass Oil Limited Half Year Report June 2026 15 CONSOLIDATED STATEMENT OF CASH FLOWS For the half year ended 30 June 2026 Consolidated Note 30 June 2026 $ 30 June 2025 $ Cash flows from operating activities Receipts from customers 3,049,832 4,068,933 Payments to suppliers and employees (2,735,989) (2,986,576) Income Tax paid (223,465) (32,251) Interest paid (7,543) (7,360) Interest received 73,930 84,255 South Australian Government Grant received 856,750 - Net cash provided by operating activities 1,013,515 1,127,001 Cash flows from investing activities Deposit into rehabilitation bond (688,484) - Transfer to restricted funds (842,491) - Payments for Oil properties capital expenditure (651,306) (430,500) Payments for Exploration expenditure (123,730) (566,036) Net cash (used in) investing activities (2,306,011) (996,536) Cash flows from financing activities Principal elements of lease payments (51,355) (46,739) Proceeds from share issues 3,000,000 925,178 Payment share issue costs (222,655) - Net cash provided by financing activities 2,725,992 878,439 Net increase in cash and cash equivalents 1,433,496 1,008,904 Foreign exchange movement (19,224) (37,837) Cash and cash equivalents at the beginning of the year 921,884 991,176 Cash and cash equivalents at the end of the half year 2,336,156 1,962,243 This statement should be read in conjunction with the notes to the financial statements. NOTES TO THE FINANCIAL STATEMENTS For the half year ended 30 June 2026 Bass Oil Limited Half Year Report June 2026 16 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 2026 was authorised for issue in accordance with a resolution of the directors on 10 September 2026. 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 and gas 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 2025 annual financial report for the financial year ended 31 December 2025 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. Going Concern The consolidated financial statements have been prepared on the going concern basis, which assumes that the Group will be able to realise its assets and extinguish its liabilities in the normal course of business and at amounts stated in the financial report. For the financial half-year ended 30 June 2026 the Group reported a profit after tax of $280,856 and had a net cash outflow from operating and investing activities of $1,292,496. The Directors have prepared a cash flow forecast through to September 2027 which indicates that the Group remains dependent on its ability to generate sufficient net cash inflows from operating and financing activities (which may be sourced as debt, equity, farm down or sale of assets) and manage the level of oil properties development, exploration and other expenditure within available cash resources. The directors consider that the going concern basis of accounting is appropriate, as the company has the following options: NOTES TO THE FINANCIAL STATEMENTS For the half year ended 30 June 2026 Bass Oil Limited Half Year Report June 2026 17 Note 2.Summary of Material Accounting Policy Information (cont’d) Going concern (continued) • The ability to issue share capital under the Corporations Act 2001, by a share purchase plan, share placement or rights issue; • The option of farming out all or part of its assets; • The option of selling interests in the company’s assets; and • The option of relinquishing or disposing of rights and interests in certain assets. In the event that the Group is unsuccessful in implementing a sustained improvement in operating cashflow or more of the funding options listed above, such circumstances would indicate that a material uncertainty exists that may cast significant doubt as to whether the company will continue as a going concern and therefore whether it will realise its assets and discharge its liabilities in the normal course of business and at the amounts stated in this interim financial report. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts and the amount and classification of liabilities that might be necessary should the Group not continue as a going concern. (a) Statement of Compliance These financial statements are general purpose interim financial statements which have been prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. They do not include all of the information required in annual financial statements in accordance with Australian Accounting Standards and should be read in conjunction with the most recent annual report. The financial statements comprise the consolidated statements of the Group. For the purpose of preparing the consolidated financial statements, the Company is a for-profit entity. Compliance with AASB 134 ensures compliance with IFRS Accounting Standard IAS 34 Interim Financial Reporting. (b) New Accounting Standards and Interpretations The Group has adopted all the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 January 2026. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted and will not have a material impact on the financial statements. (c) Critical accounting estimates and judgements The preparation of a financial report in conformity with Australian Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. 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 about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. NOTES TO THE FINANCIAL STATEMENTS For the half year ended 30 June 2026 Bass Oil Limited Half Year Report June 2026 18 Note 2. Summary of Material Accounting Policy Information (cont’d) (c) Critical accounting estimates and judgements (cont’d) (i) Impairment of Oil Property Assets At each reporting date, Oil properties are assessed for impairment triggers. If impairment triggers are present then impairment testing is required. Oil properties impairment testing requires an estimation of the value in use of the cash generating unit to which deferred costs have been allocated when impairment indicators have been identified. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. Other assumptions used in the calculations which could have an impact