Announcement PDF BASS OIL Capital Raising Presentation April 2024 ASX:BAS www.bassoil.com.au DISCLAIMERS AND COMPETENT PERSON’S STATEMENT This presentation is issued by Bass Oil Limited (ASX: BAS) (Bass, or the Company) in relation to a proposed placement of fully paid ordinary shares in the Company (New Shares) to eligible institutional, sophisticated or professional investors (Placement), and Share Purchase Plan of New Shares to all eligible shareholders of the Company (Share Purchase Plan, and together with the Placement, the Offer). The Offer is not underwritten. The Company and the Lead Manager reserve the right to withdraw the Offer or vary the Offer. This presentation is not a prospectus, disclosure document or offering document under Australian law or under any other law. It is for informational purposes only. This document does not constitute, and should not be construed as, an offer to issue or sell or a solicitation of an offer or invitation to subscribe for, buy or sell securities in Bass. Any material used in this presentation is only an overview and summary of certain data selected by the management of Bass. The presentation does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Bass nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act and should not be used in isolation as a basis to invest in Bass. This presentation should be read in conjunction with Bass’ periodic and continuous disclosure announcements which are available at https://www.bassoil.com.au/2023-asxannouncements-1 and at www.asx.com.au. Recipients of this presentation must make their own independent investigations, consideration and evaluation of Bass. Bass recommends that potential Capital Raising Presentation – April 2024 investors consult their professional advisor/s as an investment in Bass is considered to be speculative in nature. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. Reliance should not be placed on information or opinions contained in this presentation. To the maximum extent permitted by law, Bass and its related bodies corporate and affiliates, and their respective directors, officers, partners, employees, agents and advisers (together, the Company Parties) and the Lead Manager, its respective related bodies corporate and affiliates, and their respective directors, officers, partners, employees, agents and advisers (together, the Lead Manager Group) each expressly disclaim all liability (including, without limitation, any liability for fault or negligence) for any direct or indirect loss or damage which may be suffered by any person in relation to, and take no responsibility for, any information in this presentation or any error or omission therefrom, and make no representation or warranty, express or implied, as to the currency, accuracy, timeliness, reliability or completeness of the information contained in this presentation. The Lead Manager Group has not caused or authorised the issue, submission, dispatch or provision of this presentation, nor do they make any recommendation as to whether any potential investor should participate in the offer of New Shares. The Lead Manager Group does not make and does not purport to make any statement in this presentation and there is no statement in this presentation which is based on any statement by the Lead Manager Group. Further, no member of the Lead Manager Group accepts any fiduciary obligations to or relationship with any investor or potential investor in connection with the Offer or otherwise. Members of the Lead Manager Group may have interests in the securities of the Company, including being directors of, or providing investment banking services to, the Company. Further, they may act as a market maker or buy or sell those securities or associated derivatives as principal or agent. 2 DISCLAIMERS AND COMPETENT PERSON’S STATEMENT This presentation contains “forward looking statements” concerning the financial condition, results of operations and business of Bass. All statements other than statements of fact or aspirational statements, are or may be deemed to be “forward looking statements”. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, “outlook”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement dates and expected costs, resources or reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions and known and unknown risks and uncertainties that could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialisation reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Except to the extent required by law, the Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this presentation. Past performance information given in Capital Raising Presentation – April 2024 this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. 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. 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”. accumulations by application of future development projects. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. In accordance with ASX Listing Rule 5.43 the Company confirms that references to prospective resources have previously been announced (16/11/2022 and 18/04/2024). The Company confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all the material assumptions and technical parameters underpinning the estimates in this announcement continue to apply and have not materially changed. Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered 3 EXECUTIVE SUMMARY Strategically aligned growth capital injection via equity raising • Bass Oil Limited (Bass, BAS, the Company) is an Australian-listed oil producer that holds a majority interest in eight Company Overview permits in the Cooper Basin (Australia) including the 100% owned Worrior and Padulla oil fields and a 55% interest in a South Sumatra Basin (Indonesia) KSO. The Company is debt free and committed to creating value by leveraging the competitive strengths of its team, operating capability, reputation, and relationships in both Australia and Indonesia. • Bass is building towards a substantial onshore Australian and Indonesian oil & gas business with a clear focus on expanding production in the Cooper Basin and in South Sumatra. • Rationale: Bass is pursuing its growth strategy in becoming a mid-tier oil and gas producer, and entrance to the tight east-cost gas market. Funds raised will support the execution near-term growth opportunities. Growth Opportunities Capital Raising • Immediate Focus: Completion of an extended production test (EPT) for Kiwi-1 to confirm reserves and economic potential with field work to commence as soon as possible. A significant potential ‘company making’ opportunity also lies in the deep Permian coal gas play in Bass’ 100% owned PEL 182. Bass will continue to plan and develop its strategy to commercialise PEL 182 with input from the recently announced SLB technical study. • The Company is raising up to ~$3.1 million via a Placement and Share Purchase Plan. • The Placement will settle in a single tranche. • Bass has already secured ~$1.1 million of commitments in the capital raising predominantly from a Tier 1 institutional investor as at the date of this presentation. Use of Funds • Funds will be used for the Extended Production Test (EPT) for Kiwi 1, further studies for the PEL 182 deep Permian coal seam gas opportunity and other high-value oil projects. Capital Raising Presentation – April 2024 4 BASS OIL | CORPORATE SNAPSHOT Snapshot Ownership Summary ASX Code Shares (Ordinary) BAS Options (Listed) Directors and Staff 10% 268,451,578 Options (Unlisted) Institutional and Corporate 18% 132,340,7891 Share Price $0.077 Market Capitalisation $20.7m Enterprise Value $19.2m Net Cash $1.5m Total No. Shareholders 1886 Share Price Retail 72% 0.16 4,000 0.14 3,500 0.12 3,000 0.10 2,500 0.08 2,000 0.06 1,500 0.04 1,000 0.02 500 0.00 Apr-23 Jul-23 Oct-23 Volume Jan-24 0 Apr-24 Share Price 1The Company has 132,340,789 share options on issue, exercisable on a 1:1 basis for 132,340,789 ordinary shares of the Company at an exercise price of A$0.12 and an expiry date of 30 September 2024. Capital Raising Presentation – April 2024 5 RECENT OPERATIONAL HIGHLIGHTS Positioned to capitalise on growth pipeline following record revenue and profitability  Full year profitability and positive cash flow milestones achieved in CY23 through record revenue and sustained high oil prices.  First full year of production from Bass’ two cash generating units, the Cooper Basin and Indonesia.  Bass recorded a 13.8% increase in EBITDA to $2.3 million2 and recorded a Net Profit After Tax of $0.42 million.  Bass produced Net Entitlement Oil of 77,090 barrels in FY23, up 34% on the previous year.  Bass has formally engaged global technology company, SLB, to perform a technical study seeking to identify the pathway to commercialisation of Bass’ deep coal resources in the 100% owned PEL 182 (Cooper Basin). This follows the previously announced Prospective Resource Study providing a “best estimate” of 21 TCF gas in place3.  All regulatory approvals received and long lead equipment available for Kiwi 1 Extended Production Test (EPT).  10-year extension of the Tangai Sukananti KSO. This extension was the driver for a 17% increase in reserves net of production. Bass was also able to renegotiate improved fiscal terms for the KSO for the period of the extension. 1Please refer to ASX Announcement, “Annual Report for the financial year ended 31 December 2023”, released 27 March 2023 for further information. 2Converted from USD to AUD at 0.66:1. 3Please refer to ASX Announcement, “Deep Coal Commercialisation Study Underway”, released 18 April 2024 for further information Capital Raising Presentation – April 2024 6 CAPITAL RAISING INVESTMENT HIGHLIGHTS Funding expansion into the Australian east coast gas market  In CY23, Bass achieved significant milestones of full year profitability and positive cash flow through record revenues.  Capital raise funding will further enable Bass to complete Kiwi 1 and perform an extended production test (EPT) to confirm reserves and economic potential - field work to commence as soon as possible.  Recent mapping utilising 3D seismic has upgraded Kiwi Contingent Resources: Kiwi 1 Moolion East 1  Mean resource of 5.24 BCF in Kiwi ‘structure’.  Identified an upside 3C resource of 11.5 BCF1.  Bass northern permits (PEL 182, Ex PEL 100, Ex PEL 90k and Ex PEL 110) host a significant Triassic gas opportunity:  Success at Kiwi will pull infrastructure to the northern Cooper Basin, connecting other plays between Kiwi and PEL 182 deep coals.  Bass has formally engaged global technology company, SLB, to perform a technical study to identify the most effective strategy to commercialise this significant deep coal gas resource in the PEL 182 permit. The study is due to be completed in 2024.  Growth Assets Gas Play Cash Generative Assets Oil Play Cooper Basin asset locations and connections Deep coal play recognised by Santos and others as the potential renaissance of the Cooper Basin. 1Please refer to ASX Announcements, “2023 Reserves and Contingent Resources” and “Kiwi 1 Extended Production Test (EPT) Update”, released 15 March 2024 and 26 September 2023, respectively for further information Capital Raising Presentation – April 2024 7 KIWI GAS | COMMERCIALISATION STRATEGY A successful EPT at Kiwi will confirm commerciality and provide a clear pathway to the gas market  Bass team has previously assessed the Kiwi gas discovery to contain:  Mean resource of 5.24 BCF1.  Identified an upside 3C resource of 11.5 BCF1.  Typical NPV of gas reserves in ground of $2m-3m / BCF.  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.  Bass in-house team are working to quantify:  The cost and feasibility of connection into the Cooper Basin gas gathering network; and,  The economic potential of leads on trend with Kiwi towards PEL 182.  The results are expected to be known within 60 days of commencement of the test with commercial gas offtake agreements to be negotiated thereafter. PRLs 245 and 246 (Ex PEL 90K) location map 1Please refer to ASX Announcements, “2023 Reserves and Contingent Resources” and “Kiwi 1 Extended Production Test (EPT) Update”, released 15 March 2024 and 26 September 2023, respectively for further information Capital Raising Presentation – April 2024 8 DEEP COAL COMMERCIALISATION OPPORTUNITY Investment follows previously announced Deep Coal Gas Prospective Resource study  The deep Permian aged coals have previously been recognised to be a potential major new source of gas in Australia.  Gas in the Permian aged coals of the Toolachee, Epsilon and Patchawarra formations has flowed at potentially commercial rates after fracture stimulation.  Bass has recently formally engaged SLB to perform a technical study that will seek to identify the potential commercialisation of Bass’ deep coal resources in the 100% owned PEL 182 in the Cooper Basin1.  This opportunity is in line with the Santos led efforts to commercialise this deep coal resource in the nearby Beanbush gas field. Santos completed drilling and fracture stimulation of the Beanbush 3 horizontal well with public results of the completion report providing valuable data and a key input into the SLB technical study.  Investment in this stage follows the previously announced Deep Coal Gas Prospective Resource study which quantified the gas potential contained in PEL 182 at a “best estimate” of 21 TCF of gas in place, along with and accompanying 845 million barrels of condensate in place2.  Results of the geomechanical study are expected mid-year, and the Rapid Resource Assessment results are expected in October. 1Please refer to ASX Announcement, “Deep Coal Commercialisation Study Underway”, released 18 April 2024 for further information Cooper Basin Permian edge location Total net Permian coal thickness in the Patchawarra Trough 2Please refer to ASX Announcements, “Significant Gas Resource Identified in PEL 182”, released 16 November 2022 for further information Capital Raising Presentation – April 2024 9 INDICATIVE WORK PROGRAM Kiwi 1 EPT and PEL 182 Deep Coal Study Action / Event Expected Completion Rig mobilisation to Kiwi-1 May 2024 Complete Kiwi-1 Test and analyse results End June 2024 Commence Deep Coal Study April 2024 Results of the Geomechanical study available June 2024 Results of the Rapid Resource Assessment / Economics October 2024 Capital Raising Presentation – April 2024 10 WARRA RIDGE PROSPECTIVE OPPORTUNITY Preliminary assessment indicates significant Oil Prospective Resource  As part of the prospectivity review of all recently acquired permits, Bass has identified a potential oil trend in the southern Cooper Basin along the Warra ridge in the Company’s 100% owned PRLs 231-233.  The Warra ridge is adjacent to Bass’ Worrior oil field and south of numerous other producing oil fields.  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 formations1.  Once the prospects are fully evaluated, they will likely be offered to potential farm-in partners for drilling in the 2025 drilling program. PRLs 231-233 (Ex PEL 93) location map 1Please refer to ASX Announcement, “Annual Report for the financial year ended 31 December 2023”, released 27 March 2023 for further information. Capital Raising Presentation – April 2024 11 RESOURCES & RESERVES STATEMENT Developed and Undeveloped Resources & Reserves, as at 31 December 2023 Field Reserves (MMbbl)1 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 Resources 0.432 1.229 3.909 1Please refer to ASX Announcement, “2023 Reserves and Contingent Resources”, released 15 March 2024 for further information Capital Raising Presentation – April 2024 12 CAPITAL RAISE INFORMATION OFFER STRUCTURE OVERVIEW $3.1 million via Private Placement and Share Purchase Plan Offer Size & Structure Pricing Equity Raising Details Ranking Lead Manager • Raising approximately up to $3.1 million via issuing ~44.29 million new shares (“New Shares”) consisting of: • $1.1 million Private Placement issuing ~15.7 million New Shares (“Placement”). • Up to $2.0 million Share Purchase Plan (“SPP”) issuing ~28.6 million New Shares. • Issue Price of $0.07 per security represents a: • 9.1% discount to the last traded price on 16 April 2024 (A$0.077) • 15.8% discount to the 5-day VWAP price (A$0.083) • Bass will issue ~44.3 million New Shares under the capital raising representing ~16.5% of existing shares on issue. • New Shares issued will rank equally with existing ordinary shares from allotment. • Adelaide Equity Partners Limited (“AEP”) will act as the Sole Lead Manager to the Offer. Capital Raising Presentation – April 2024 14 SOURCES AND USES OF FUNDS Source of funds A$m Placement 1.1 Share Purchase Plan 2.0 Total sources 3.1 Use of funds A$m Kiwi-1 Extended Production Test (EPT) 1.4 PEL 182 Deep Permian Coal Seam Gas Studies 0.6 Other high-value oil development opportunities 1.0 Expenses related to the Capital Raise 0.1 Total uses 3.1 Capital Raising Presentation – April 2024 15 PRO-FORMA CAPITAL STRUCTURE Indicative Capital Structure Existing Shares on Issue M 268.4 Pre-raise Market Capitalisation A$m 20.7 New Shares under Placement M 15.7 New Shares under SPP M 28.6 Pro-Forma Basic Shares on Issue M 312.7 Indicative Pro-Forma Market Cap (At Issue Price) A$m 21.9 Existing Cash & Proceeds from Equity Raising A$m 4.6 Implied Enterprise Value (at Issue Price) A$m 17.3 Capital Raising Presentation – April 2024 16 INDICATIVE OFFER TIMETABLE Event Record Date for SPP Announcement of Placement result and SPP announcement SPP Offer opens and booklet made available Settlement of Placement Shares Allotment and trading of Placement Shares SPP Offer closes Announcement of SPP results SPP Issue Date and lodgment of Appendix 2A 2024 7:00pm (AEST) Thursday, 18 April Friday, 19 April 9:00am (AEST) Tuesday, 23 April Friday, 26 April Monday, 29 April 5:00pm (AEST) Friday, 10 May Wednesday, 15 May Friday, 17 May Quotation date Monday, 20 May SPP Shares commence trading on normal basis Monday, 20 May Despatch date Tuesday, 21 May Capital Raising Presentation – April 2024 17 SUPPLEMENTARY INFORMATION COOPER BASIN | PORTFOLIO OVERVIEW Diverse portfolio in the renowned Cooper Basin No. of Permits • 2 Pipeline Licenses (PPLs) • 5 Retention Licenses (PRLs) • 1 Exploration License (PEL) Interest • • • • 100% interest in PPLs 207 and 221 100% interest in PRLs 188-190, 231-233, and 245-246. 80% interest in PRL 237 74% interest in PRLs 207-209 • Worrior Oilfield (PPL 207) Key Assets CY23 Production • o PPL 207 covers 6.4 km² and contains the producing Worrior oil field. Worrior has produced 4.1 million barrels of oil since production commenced in December 2003. The field is located ~50 km Southwest of Moomba in South Australia. Padulla Oilfield (PPL 221) o Discovered in 2005, the Padulla Oilfield has cumulatively produced 0.52 million barrels of oil and is currently producing over 30 barrels of oil per day. • 40.8 mbbl • PEL 182: Growth Initiatives • • Next Steps o Bass will perform a technical study that will seek to identify the potential commercialisation of Bass’ deep coal resources in the 100% owned PEL 182 in the Cooper Basin. o Potential significant gas potential contained in PEL 182 at a “best estimate” of 21 TCF of gas in place. Kiwi-1: o Planning to complete the Kiwi 1 well and perform an Extended Production Test in the first half of 2024. Worrior Oilfield (PPL 207): o Identified potential new oil trend along the Warra Ridge in PRLs 231-233 in the southern Cooper Basin. Planning to complete evaluation, with drilling as part of FY25 plan. Bass Oil Cooper Basin Permits • Extended Production Test (EPT) at Kiwi 1. • PEL 182 Deep Coal Commercialisation study commencement. • Evaluation of PRL 231-233 prospects, and potential offer to potential farm-in partners. Capital Raising Presentation – April 2024 19 SOUTH SUMATRA BASIN | PORTFOLIO OVERVIEW Profitable producer in prolific oil and gas region No. of Permits • 1 Production License (KSO) Interest • 55% interest and operator • Tangai-Sukananti Oil fields: o The Company's acquisition of the Tangai-Sukananti KSO in 2017 transformed Bass Oil into a profitable oil producer in a prolific oil and gas region o The KSO additionally provides a platform for future growth through low-cost development opportunities and value-adding bolt-on acquisition. o Previous modelling of the K reservoir in the Bunian field has identified the potential to improve recoveries and reduce development costs through the application of horizontal drilling techniques. Key Assets CY23 Production • 83.6 mbbl • Procurement and planning have commenced for the drilling of the Bunian 6 development well. Bunian 6 is South-West of Bunian 3, the strongest producer in the field and has produced more than 1 million barrels of oil to date. The well is expected spud in the second half of 2024. 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. Growth Initiatives • • Next Steps • Completion of drilling of the Bunian 6 development well. Capital Raising Presentation – April 2024 Tangai-Sukananti KSO Location map 20 BASS OIL LIMITED Tino Guglielmo – Managing Director tino.guglielmo@bassoil.com.au +61 3 9927 3000 www.bassoil.com.au