Announcement PDF ANNUAL REPORT For the financial year ended 31 December 2023 CORPORATE DIRECTORY ABN: 13 008 694 817 Contents Chairman’s Message .................................. 3 Directors Managing Director’s Report ........................ 4 Hector M Gordon, Chairman Giustino Guglielmo Laura A Reed (appointed 18 December 2023) Mark L Lindh Managing Director Giustino Guglielmo Reserves and Resources .......................... 11 Safety ................................................... 14 Directors’ Report .................................... 15 Remuneration Report .............................. 19 Auditor’s Independence Declaration ........... 26 Company Secretary Directors’ Declaration .............................. 27 Robyn M Hamilton Consolidated Statement of Profit or Loss and Other Comprehensive Income...... 28 Registered Office and Principal Administration Office Consolidated Statement of Financial Position ................................................. 29 Level 5, 11-19 Bank Place Melbourne, Victoria, 3000, Australia Telephone +61 (3) 9927 3000 Email admin@bassoil.com.au Consolidated Statement of Changes in Equity ................................................ 30 Consolidated Statement of Cash Flows ....... 31 Notes to the Financial Statements ............. 32 Auditors Independent Auditor’s Report .................. 68 Grant Thornton Audit Pty Ltd Collins Square Tower 5/727 Collins Street Melbourne, Victoria, 3008, Australia 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 Shareholder & Other Information .............. 72 Forward Looking Statements This Annual Report includes certain forwardlooking 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 On behalf of the Board, it is my pleasure to present the 2023 Annual Report of Bass Oil Limited. The year report demonstrates the financial benefits accruing from the first full year of production from our two cash generating units, the Cooper Basin and Indonesia. In combination with sustained high oil prices, your Company delivered record revenues of $6.56 million and a Net Profit After Tax of $0.27 million as was foreshadowed last year. I am proud to report that our commitment to safety resulted in zero Lost Time Incidents over 6.3 million safe work hours amassed up to December 2023. As we continue to expand our operations, our top priority is maintaining a safe work environment for our employees and contractors. Our focus in 2023 was on increasing oil production across our portfolio, which we achieved through the successful production optimisation initiatives in Indonesia and a full twelve months of production from the Cooper Basin assets. Bass produced a net entitlement oil of 77,090 barrels up 34% on the previous year. These initiatives have expanded our position as an onshore oil producer, with significant growth potential still to come which will be further outlined in the Managing Director’s report to come. As we look towards 2024, Bass is pursuing its growth strategy in becoming a mid-tier oil and gas producer. The team has made significant progress in planning and developing the best way forward to unlock value from opportunities across its portfolio and will continue to update our shareholders throughout the year. In closing, I would like to thank our Australian and Indonesian teams as well as my fellow board members for their dedication and contributions to a transformative year for Bass as we continue to focus on building a profitable and growing business. I would like to take this opportunity to thank our former Chairman, Mr Peter Mullins, who retired late in 2023, for his guidance and wisdom throughout his tenure. To our shareholders, thank you for your loyalty and support on our exciting growth journey. We remain committed to delivering shareholder value in 2024 and beyond, and I look forward to sharing our continued progress. Hector Gordon Chairman 27 March 2024 Bass Oil Limited Annual Report December 2023 3 MANAGING DIRECTOR’S REPORT The full-year 2023 was another landmark year for Bass as this was the first full year of revenues from the Cooper Basin acquisition. The Company achieved record sales revenues of $6.56 million on the increased oil production and it was able to leverage a robust oil market. Brent crude oil prices reached a high of ~US$120 per barrel and remained above ~US$80 per barrel throughout the year. Bass is pleased to report that it has recorded a 13.8% increase in EBITDA to $1.51 million and has also recorded a Net Profit After Tax of $0.27 million. During 2023 the Company was able to deliver on a number of important initiatives. On 1 August 2023, the 10-year extension of the Tangai Sukananti KSO became effective. As foreshadowed in August, this extension was the driver for a 17% increase in reserves net of production. Further detail on the Company’s reserves is contained herein. Bass was also able to renegotiate improved fiscal terms for the KSO for the period of the extension. The impact of the improved terms can be seen in the segment results, also reported herein. The improved cashflows from the business has allowed the Company to fund its rehabilitation obligations, its overheads and provide funds for the highly anticipated Extended Production Test of the Kiwi gas discovery which will be undertaken this year. A more detailed description of the growth initiatives contained in the Company’s portfolio is contained in the ‘Growth Initiatives’ section of this report. The focus for 2024 is to grow Bass into a mid-tier oil and gas producer by advancing these growth initiatives across its Indonesian and Australian portfolio. Importantly, a success at Kiwi will provide a platform for the Company to launch into the eastern Australian gas market. A significant potential ‘company making’ opportunity lies in the deep Permian coal gas play in Bass' 100% owned PEL 182. This year Bass will continue to plan and develop its strategy to commercialise PEL 182. With no debt and sufficient cash reserves, Bass is well-positioned to execute its strategy and continue its growth into 2024. Full Year Summary (All amounts are in United States dollars unless otherwise stated, Bass share) • 14.6% increase in CY23 sales revenue to $6.56 million (CY22 $5.72 million) from higher net attributable production with a full year contribution from Cooper Basin • Cash position $0.93 million as at 31 December 2023 • A net profit after tax of $269,783 (CY22 $42,593) Bass Oil Limited Annual Report December 2023 4 MANAGING DIRECTOR’S REPORT (cont’d) Financial and Operating Performance Key Performance Metrics CY23 CY22 Change Net Production3 (mbbl) 124 125 -0.1% Net Oil Sales3 (mbbl) 116 120 -2.9% Net Entitlement Oil3 (mbbl) 77 58 33.9% Sales Revenue (US$million) 6.56 5.72 14.6% Cash (US$million) 0.93 1.48 -36.9% Average Realised Oil Price (USD) 80.32 93.09 -13.7% EBITDA1 (US$,000) 1,512 1,336 13.8% NPAT/NLAT2 (US$,000) 270 43 534% . The Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) has been calculated as earnings before tax ($502,345) plus interest ($170,289) and depreciation and amortisation expense ($839,735). 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 Company’s Indonesian business. 1 Bass produced 124,396 barrels of oil (net) during the year ended 31 December 2023, essentially unchanged from the prior comparable period. Yearly oil sales were 116,165 barrels of oil net to Bass, down 2.9%. The net entitlement oil to Bass was 77,090 barrels for the year after Domestic Market Obligation (DMO), up 34%. CY22 vs CY23 Production (kbbl) 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul CY22 CY23 Aug Sep Oct Nov Dec Figure 1: Bass Monthly Production Bass Oil Limited Annual Report December 2023 5 MANAGING DIRECTOR’S REPORT (cont’d) Liquidity / Cash Position: As at 31 December 2023, Bass’s cash reserves were $0.93m from $1.48m as at 31 December 2022. The Company is not carrying any debt and holds a US$2.34 million deposit to support a rehabilitation bond in favor of the South Australian Department for Energy and Mining. Growth Initiatives: Since completing the acquisition of the Cooper Basin assets, Bass has been undertaking a prospectivity review of all its permits, the results of which will be further evaluated in 2024. Figure 2: Cooper Basin Location Map PRLs 245 and 246 (Bass 100%) Kiwi Extended Production Test PRL 245 hosts the Kiwi gas discovery. Kiwi 1 was drilled in 2003 as an exploration well, resulting in a Triassic age, Callamurra Member gas discovery which flow tested at 9.6 million cubic feet per day on drill stem test. The Kiwi structure, which was drilled on 2D seismic data, was originally thought to contain a sub commercial quantity of gas in a relatively small structural trap. Bass Oil Limited Annual Report December 2023 6 MANAGING DIRECTOR’S REPORT (cont’d) A 3D seismic survey was subsequently acquired over the area. A mapping project utilising 3D seismic data has indicated the possible presence of a larger stratigraphic trap and has resulted in an increased assessment of a mean Contingent Resource at Kiwi of 5.24 BCF and a 3C Contingent Resource of 11.5 BCF. Bass is planning to complete the Kiwi 1 well and perform an Extended Production Test in the first half of 2024 to confirm that the discovery contains a potentially commercial volume of gas. This in turn would provide the pathway for the Company to enter the eastern states' gas market. The geoscience team also identified the potential for other traps, or prospects, on trend with Kiwi that, as a result of a successful test at Kiwi, may be significantly upgraded, see Figure 3. Figure 3: PRLs 245 &246 (Ex PEL 90K) location map PEL 182 (Bass 100%) Deep Permian Coal Gas Bass has previously identified the Moolion East deep coal prospect with an assessed prospective resource of 568 BCF of gas and 22.7 million barrels of condensate. Bass Oil Limited Annual Report December 2023 7 MANAGING DIRECTOR’S REPORT (cont’d) This opportunity is on trend with the Beanbush gas field which is the focus of efforts by the Santos operated Cooper Basin Joint Venture to commercialise this deep coal resource. Bass has recently finalised the scope of a study to identify the most effective strategy to progress the commercialisation of this significant deep coal gas resource in the PEL 182 permit. The study will be carried out by a globally respected service company. It will commence and be completed in 2024. For further information please see the ASX Announcement “Significant Gas Resource Identified in PEL 182 (Bass 100%)”, released 16 November 2022. PRLs 231-233 (Bass 100%) As part of the prospectivity review of all recently acquired Bass permits the geoscience team has identified a potential oil trend in the southern Cooper Basin along the Warra ridge in the Company’s 100% owned PRLs 231-233 (see Figure 4). 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 Tyrell prospect is currently under detailed evaluation, however preliminary assessment indicates a Prospective Resource of over 2 million barrels of oil in the McKinlay, Namur and Murta formations. Once the prospects are fully evaluated, they will likely be offered to potential farmin partners for drilling in the 2025 drilling program. Figure 4: PRLs 231-233 (Ex PEL 93) location map Bass Oil Limited Annual Report December 2023 8 MANAGING DIRECTOR’S REPORT (cont’d) Indonesia – Tangai Sukananti KSO (Bass 55% and Operator) Planning and procurement activities have commenced for the drilling of the Bunian 6 development well. The well will be located south-west of the prolific Bunian 3 well (Figure 5). which has produced in excess of one 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 the year. The results of Bunian 6 will inform the potential for a significant extension of the Bunian field to the west. The existence of the westerly extension will likely be tested by the drilling of the Bunian West 1 well currently planned for the 2025 drilling program. A drilling success at Bunian West could increase field reserves significantly proving the 3P reserves case presented in the Year End 2023 reserves report presented herein. Figure 5: Tangai-Sukananti KSO location map CORPORATE Board Changes: On 15 December Bass announced a number of Board changes. Bass Chairman, Mr Peter Mullins retired after nine years of distinguished service to the Company. As a result, Non-Executive Director Hector Gordon assumed the role of Chairman of the Board of Directors. In addition, Ms Laura Reed was appointed a Non-Executive Director and Chair of the Audit and Risk Committee. Ms Reed is a highly experienced finance professional with over 35 years of experience in the energy sector. Ms Reed is currently Chair of Spark Infrastructure Group and a Non-Executive Director of ATCO Australia Pty Ltd and Canadian Utilities Limited. During her extensive executive career, Ms Reed held the roles of Chief Financial Officer, Chief Executive Officer and Managing Director at Spark Infrastructure Group and Chief Financial Officer at Envestra Ltd. Ms Reed is a Fellow of CPA Australia and holds a Bachelor of Business and Master of Business Administration. Bass Oil Limited Annual Report December 2023 9 MANAGING DIRECTOR’S REPORT (cont’d) Business Development: Bass is actively seeking opportunities to expand its operations and grow production. The Company is focused on acquiring assets with exploration, appraisal and production opportunities that have the potential to deliver significant returns. By leveraging its expertise and resources, Bass is committed to identifying and pursuing opportunities that can drive long-term growth and maximise value for stakeholders. Bass Oil Limited Annual Report December 2023 10 RESERVES AND RESOURCES Reserves and Contingent Resources (For year ended 31 December 2023) The total Bass share of 2P Reserves as of 31 December 2023 is assessed to be 0.805 million barrels of oil, an increase of 17% after production in 2023. The total Bass share of 2C Contingent Resources as of 31 December 2023 is assessed to be 1.229 million barrels of oil. 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 year on year, mainly due to production offset by improved long term oil price. In Indonesia the Tangai Sukananti KSO, 55% owned by Bass, there was an increase in reserves year on year as a result of the successful negotiation for 10-year extension of the permit tenure to September 2035. The increase was mainly due to a conversion of contingent resources to reserves for oil that was forecast to be produced after the previous permit expiry in July 2025 but now forecast to be produced within the permit tenure. Table 1 – Developed and Undeveloped Reserves & Resources at 31 December 2023 Field Reserves (MMbbl) 1P (Proved) 2P (Proved & Probable) 3P (Proved, Probable & Possible) Australia 0.158 0.366 0.669 Indonesia 0.189 0.439 0.914 Total Reserves 0.347 0.805 1.583 Field Contingent Resources (MMbbl) 1C 2C 3C Australia 0.401 1.177 3.232 Indonesia 0.031 0.052 0.677 Total 0.432 1.229 3.909 Reserves The Bass share 2P Reserves for the Cooper Basin in Australia is assessed as of 31 December 2023, to be 0.366 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 1). The Bass share 2P Entitlement Field Reserves in the Tangai-Sukananti KSO in Indonesia is assessed as of 31 December 2022, to be 0.439 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 5). 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. Bass Oil Limited Annual Report December 2023 11 RESERVES AND RESOURCES (Cont’d) The Bass share 2C Field Contingent Resources for the Cooper Basin in Australia is assessed to be 1.177 million barrels of oil (Tables 1 and 2 as well as Figure 2). The Field Contingent Resources comprise volumes in the Worrior and Padulla oil fields currently considered uneconomic but that may be converted to reserves under different economic circumstances and/or with projects aimed at extending the current economic cut-offs such as acceleration of production or reduced crude fuel consumption. Additionally, in the Worrior Field there are significant contingent resources of oil in the Murta reservoir that may be converted to reserves post fracture stimulation when their economic potential can be demonstrated. Planning continues to assess this potential, with a workover and fracture stimulation program being considered in 2024. Kiwi Field gas contingent resources are included for the first time, following detailed subsurface work throughout the year to define the resource potential. An Extended Production Test (EPT) is planned on Kiwi 1 in 2024 which will help further define the resource. These contingent resources may convert to reserves at a later date, pending the results of the EPT and 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 is assessed to be 0.052 million barrels of oil (Tables 1 and 2 as well as Figure 5). The Field Contingent Resources comprise volumes attributed to currently producing or future planned wells in the Bunian and Tangai Fields. There is a significant decrease in Contingent Resources for Indonesia this year as the successful negotiation of a 10-year extension to the tenure license this year allowed Contingent Resources to be reclassified as Reserves. Table 2 – Movements in Reserves & Resources at 31 December 2023 Field Reserves (MMbbl) 1P (Proved) 2P (Proved & Probable) 3P (Proved, Probable & Possible) Total Reserves 31/12/22 0.382 0.688 1.226 CY 2023 Production (0.074) (0.074) (0.074) Revisions 0.039 0.191 0.431 Total Reserves 31/12/23 0.347 0.805 1.583 Field Contingent Resources (MMbbl) 1C 2C 3C Total Contingent Resources 31/12/22 0.477 1.341 2.375 Revisions (0.045) (0.112) 1.534 Total Contingent Resources 31/12/23 0.432 1.229 3.909 Bass Oil Limited Annual Report December 2023 12 RESERVES AND RESOURCES (Cont’d) 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. Bass Oil Limited Annual Report December 2023 13 SAFETY At Bass, the health and safety of our employees and operations is our top priority. We strictly adhere to industry-standard protocols and have implemented a comprehensive Health, Safety, Environment, Quality, and Community (HSEQC) program to prioritise the well-being of our employees and ensure the reliability of our field operations. We are proud to report that in 2023, we recorded no Lost Time Injuries and amassed over 6.3 million safe work hours. This outstanding achievement is a testament to the diligence and commitment of all Bass employees. As we continue to expand our operations, we remain dedicated to maintaining a safe work environment and minimising potential hazards. Our HSEQC program will continue to evolve and adapt as our assets and operating environment change, ensuring the ongoing safety and well-being of our staff. Bass Oil Limited Annual Report December 2023 14 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 year ended 31 December 2023. DIRECTORS The names and details of the Company’s directors in office during the financial year and until the date of this report follow. Directors were in office for the entire period unless otherwise stated. Hector M Gordon BSc (Hons) Chairman and non-executive independent director (Appointed 23 October 2014) Mr Gordon is a geologist with over 45 years of experience in the upstream petroleum industry, primarily in Australia and Southeast Asia. Mr Gordon's previous employers include Cooper Energy, Beach Energy, Santos Limited, AGL Petroleum, TMOC Resources, Esso Australia and Delhi Petroleum Pty Ltd. Mr Gordon retired as a nonexecutive director of Cooper Energy Limited (ASX:COE) on 23 June 2023. Mr Gordon served as Chair of the Audit and Risk Committee during the period and was appointed Chairman of the Group on 15 December 2023. Giustino (Tino) Guglielmo BEng (Mech) FIEAust MSPE MAICD Managing director from 1 February 2017, previously was executive director (Appointed 16 December 2014) Mr Guglielmo is a Petroleum Engineer with over 40 years of technical, managerial, and senior executive experience in Australia and internationally. Mr Guglielmo was the CEO and Managing Director of two ASX listed companies; Stuart Petroleum Limited for seven years and Ambassador Oil & Gas Limited for three years. Both companies merged with larger ASX listed companies generating significant value for shareholders following the identification of compelling resource potential in their respective petroleum resource portfolios. Mr Guglielmo also worked at Santos Limited, Delhi Petroleum Limited, and internationally with NYSE listed Schlumberger Corp. He has deep experience in the Cooper basin and exposure to Indonesia, US land and other international basins. Mr Guglielmo was a member of the Resources and Infrastructure Task Force and the Minerals and Energy Advisory Council, both South Australian Government advisory bodies. He is a Fellow of the Institution of Engineers, Australia, a member of the Society of Petroleum Engineers and Australian Institute of Company Directors. He is currently a non-executive director of Whitebark Energy Limited (ASX:WBE). Mr Guglielmo served on the Audit and Risk Committee during the period. Mark L Lindh Non-executive independent director (Appointed 16 December 2014) Mr Lindh is a founder and co-principal of Adelaide Equity Partners, an investment house established in 2006. Mr Lindh is a corporate advisor with significant experience and has acted as the principal corporate and financial advisor to a number of Australian corporate success stories. He has extensive experience in Australian equity and debt markets and advising clients on capital raisings, mergers and acquisitions and investor relations, particularly in mining and resources companies with a focus on the energy sector. He is currently a non-executive Chairman of Aerometrex Limited (ASX:AMX). Mr Lindh served on the Audit and Risk Committee during the period. Bass Oil Limited Annual Report December 2023 15 DIRECTORS’ REPORT (cont’d) Laura A Reed MBA, BBus (Accounting) & FCPA Non-executive independent director (Appointed 18 December 2023) Ms Reed is a highly experienced finance professional with more than 35 years of experience in the energy sector. Ms Reed is currently Chairman of Spark Infrastructure Group, Non-Executive Director of ATCO Australia and Canadian Utilities Limited. During her extensive executive career, Ms Reed held the roles of Chief Financial Officer, Chief Executive Officer and Managing Director at Spark Infrastructure Group and Chief Financial Officer at Envestra Ltd. Ms. Reed was previously appointed to the board of the Clean Energy Finance Corporation, which assists with the funding of clean energy projects. Ms Reed was previously the Chair of Epic Energy South Australia Pty Ltd, which owns the Moomba to Adelaide gas transmission pipeline in South Australia. Ms Reed holds an MBA from Deakin University and a Bachelor of Business (Accounting) and is a fellow of CPA Australia. Peter F Mullins FFin Chairman and non-executive independent director (Appointed 16 December 2014, Resigned 15 December 2023) Mr Mullins has over 40 years banking experience in Australia and New York, specialising in Institutional and Corporate Finance across a broad industry range, including Oil & Gas. He is experienced in Mergers and Acquisitions, Structured Finance, IPO’s and Capital Raisings. He retired as Head of Institutional Banking SA&NT with the Commonwealth Bank (CBA) in 2009 and took up a part time role as Senior Advisor, Institutional, Corporate and Business Banking for CBA in SA&NT. He retired from this role in 2013. Mr Mullins was a Director of Somerton Energy Limited for 3 years prior to its merger with Cooper Energy Limited in 2012. He is a Fellow of the Financial Services Institute of Australasia. Mr Mullins served on the Audit and Risk Committee during the period. INTERESTS IN THE SHARES & OPTIONS OF THE COMPANY As at the date of this report, the interests of the Directors in the shares and options of Bass Oil Limited were: Number of Ordinary Shares Number of Options over Ordinary Shares H M Gordon 1,343,999 417,555 G Guglielmo 15,881,523 5,827,174 M L Lindh 7,340,982 1,834,564 L A Reed - - COMPANY SECRETARY Mrs R Hamilton was appointed Company Secretary on the 31 March 2011. She has been a Chartered Accountant for over 25 years. DIVIDENDS During the year and to the date of this report, no dividends were recommended, provided for or paid. PRINCIPAL ACTIVITY The principal activity of the Group during the year was oil production from acquired producing assets in the Cooper Basin, South Australia and a 55% Operated interest in the Tangai-Sukananti licence in the prolific South Sumatra Basin, Indonesia. Bass Oil Limited Annual Report December 2023 16 DIRECTORS’ REPORT (cont’d) The Company is debt free and committed to creating and maximizing value, leveraging its competitive strengths in both Australia and Indonesia. OPERATING AND FINANCIAL REVIEW Operating results for year The Group’s operating profit for the year ended 31 December 2023 after income tax was $269,783 (31 December 2022: $42,593). Review of Financial Condition Liquidity The Group’s consolidated statement of cash flows for the year r