Announcement • Apr 14
Bass Oil Limited, Annual General Meeting, May 14, 2026 Bass Oil Limited, Annual General Meeting, May 14, 2026. Location: at johnson winter slattery`s boardroom, level 9, 211 victoria square, adelaide Australia New Risk • Mar 31
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AU$7.3m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Revenue is less than US$5m (AU$7.3m revenue, or US$5.0m). Market cap is less than US$100m (AU$24.6m market cap, or US$16.8m). Reported Earnings • Mar 27
Full year 2025 earnings released: AU$0.002 loss per share (vs AU$0.002 loss in FY 2024) Full year 2025 results: AU$0.002 loss per share (in line with FY 2024). Revenue: AU$7.49m (down 20% from FY 2024). Net loss: AU$660.2k (loss widened 3.7% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. New Risk • Mar 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$23.9m market cap, or US$16.6m). Announcement • Mar 16
Bass Oil Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million. Bass Oil Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,619,050
Price\Range: AUD 0.063
Discount Per Security: AUD 0.00126
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Dec 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 31% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risk Market cap is less than US$100m (AU$21.4m market cap, or US$14.2m). Reported Earnings • Sep 10
First half 2025 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in 1H 2024) First half 2025 results: AU$0.001 loss per share (improved from AU$0.002 loss in 1H 2024). Revenue: AU$3.89m (down 8.2% from 1H 2024). Net loss: AU$141.6k (loss narrowed 62% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$6.68m market cap, or US$4.32m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • May 14
Bass Oil Limited has filed a Follow-on Equity Offering in the amount of AUD 3.09901 million. Bass Oil Limited has filed a Follow-on Equity Offering in the amount of AUD 3.09901 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 96,844,053
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00064
Security Features: Attached Options
Transaction Features: Rights Offering New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$13.1m market cap, or US$7.86m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Mar 30
Full year 2024 earnings released: US$0.001 loss per share (vs US$0.001 profit in FY 2023) Full year 2024 results: US$0.001 loss per share (down from US$0.001 profit in FY 2023). Revenue: US$5.91m (down 11% from FY 2023). Net loss: US$393.8k (down 246% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$15.1m market cap, or US$9.65m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$15.4m market cap, or US$9.77m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Dec 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.4m (US$9.85m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$15.4m market cap, or US$9.85m). Minor Risk Shareholders have been diluted in the past year (8.2% increase in shares outstanding). New Risk • Sep 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Market cap is less than US$100m (AU$31.9m market cap, or US$21.5m). New Risk • May 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Market cap is less than US$100m (AU$19.6m market cap, or US$12.8m). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: US$0.001 (vs US$0 in FY 2022) Full year 2023 results: EPS: US$0.001 (up from US$0 in FY 2022). Revenue: US$6.74m (up 16% from FY 2022). Net income: US$269.8k (up US$227.2k from FY 2022). Profit margin: 4.0% (up from 0.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Mar 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (AU$15.0m market cap, or US$9.81m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Dec 15
Bass Oil Limited Announces Executive Changes The Board of Directors of Bass Oil Limited announced the appointment of Ms. Laura Reed as Non-Executive Director and Chair of the Audit and Risk Committee from 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 is a Fellow of CPA Australia and holds a Bachelor of Business and Master of Business Administration. The company also announced that Bass Chairman, Mr. Peter Mullins has advised that he is to retire on 5 December 2023, after nine years of exemplary service. As a result, Non-Executive Director Hector Gordon will assume the role of Chairman of the Board of Directors on the retirement of Peter Mullins. Reported Earnings • Sep 14
First half 2023 earnings released: EPS: US$0 (vs US$0.001 in 1H 2022) First half 2023 results: EPS: US$0 (down from US$0.001 in 1H 2022). Revenue: US$2.92m (up 13% from 1H 2022). Net loss: US$119.8k (down 175% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 35% per year. New Risk • Sep 10
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (AU$29.5m market cap, or US$18.8m). New Risk • Aug 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (54% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (AU$28.2m market cap, or US$18.4m). Reported Earnings • Apr 01
Full year 2022 earnings released Full year 2022 results: Revenue: US$5.81m (up 95% from FY 2021). Net income: US$42.6k (up US$644.2k from FY 2021). Profit margin: 0.7% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Announcement • Dec 14
Bass Oil Limited Provides Update on Production Optimisation Program Bass Oil Limited provided an update on its recent production optimisation program. Bass mobilised a wireline unit to the Company's Worrior and Padulla fields in late November to perform a series of low-cost zone changes and pump refurbishments. As a result of that program production has increased 30% from 80 bopd to 105 bopd. Worrior production optimisation program: The wireline intervention program consisted of retrieving and refurbishing the jet pumps in Worrior wells 4, 5 and 7 and Padulla wells 2 and 3. The production increase to its currently level of 105 bopd was recorded when these wells were returned to production and the processing facility stabilised. Worrior Jet Pump expansion: The Worrior field has only one pump providing power fluid to the jet-pumped wells at present. As a result, only three wells, Worrior's 4, 5 and 7 have been on pump. The remainder, wells 2 and 6are on natural flow. Existing infrastructure at the Worrior facility can accommodate up to three pumps operating in parallel to provide power fluid to increase production from the wells. Bass is planning to recommission a second pump as soon as replacement parts become available from the supplier. This additional power fluid will be deployed to return the remaining wells to artificial lift which should result in a further increase in production. Worrior workover program: Bass is planning a two well workover program scheduled to commence in late January 2023, the current timing is based on Workover Rig availability. The first, is a workover of the Worrior 11 well to return it to production. The well is currently shut- in. Bass previously identified attic oil potential in the McKinlay zone in this well that has never been produced. This zone is assessed as capable of delivering 200 to 300 bopd initial production on pump. The second workover will be performed on Worrior 8 to repair a suspected tubing leak. The well is also currently shut in. The well will then be returned to production. Announcement • Nov 17
Bass Oil Limited Announces Identification of Significant Gas Resource in PEL 182 Bass Oil Limited announced that, following the engagement of independent geological experts, Fluid Energy Consultants, it has identified a significant prospective resource that has the potential to materially grow the Company's Australian operations in the Cooper Basin in South Australia. The Deep Coal Gas Prospective Resource Report quantified the gas potential contained in PEL 182 (Bass 100%) in the Cooper Basin, South Australia at a "best estimate" of 21 TCF of gas in place along with accompanying 845 billion barrels of condensate/oil in place. Gas from deep coals, lying below 2,500 metres, represent a new significant gas play in the Cooper Basin and potential new material source of gas for the domestic market. Gas is known to exist in the Permian aged coals of the Toolachee, Epsilon and Patchawarra formations and has flowed at potentially commercial rates after fracture stimulation and when comingled with conventional gas produced from sandstones. Santos and the Cooper Basin Joint Venture has been working on commercialising these coals. More recently, Santos has drilled and plans to frac the Beanbush 3 horizontal well adjacent to PEL 182, in the same geological setting and on trend in the Patchawarra Trough. Bass and Fluid have defined a prospective area, named the Moolion East Deep Coal Prospect, within the permit where a pilot horizontal well or wells would be best placed to test the deep coal play. Santos previously drilled the Moolion East 1 well searching for conventional hydrocarbons but was unsuccessful. However, the well intersected a significant thickness of deep coal in the Permian section which is the target of this play and study. The potential Prospective Resource volume of the Moolion East deep coal prospect is 568 BCF of gas and 22.7 million barrels of condensate (oil) (Table 2). The method for developing this significant resource is expected to be similar to the successful shale gas plays in North America by horizontal drilling and fracture stimulation. Bass will commence studies aimed a maturing the Moolion East prospect to drillable status. Bass (100%) as operator of PEL 182 has the flexibility and optionality to conduct drilling for its own account, or to attract farm in partners to carry the company's expenditure. The average net coal within the Toolachee-Epsilon Unit in PEL 182 is approximately 18 metres. Net coal ranges from absent in the north of the permit to 35 metres towards the depocentre of the Patchawarra Trough. The coals occur as mainly continuous seams, with those near the top Toolachee often being more than 10 metres thick. In addition, the average net coal within the Patchawarra Formation in PEL 182 is approximately 17 metres. Net coal ranges from being absent in the north of the permit to 40 metres in the southeast. The coals occur as continuous seams within the upper Patchawarra, some of which can be 10 to 20 metres thick. The coal thicknesses and distribution are illustrated in the following cross sections. The first deep coal frac in the Cooper Basin was conducted in 2007 by Santos. The result demonstrated that potentially, economic flow rates could be achieved. In the period from 2007 to 2013 a number of follow up fracs were undertaken with mixed success. In 2013, a change in fracking techniques saw a breakthrough in flow rates that achieved over 0.1 mmcfd per frac stage. Over the next two years, a further 21 fracs were placed as single stages. The average flow rate was over 0.3 mmcfd with rates up to 0.8 mmcfd per stage. One well in the program is assessed to have produced over 0.5 BCF with a possible recovery of over 1.5 BCF. The future plans of Cooper Basin operators are to perform multi-stage stimulations of vertical wells and trial horizontal drilling [and multi-stage fracs along the horizontal wellbore] in order to increase flow rates and recoveries. The first horizontal well, Beanbush 3, has recently been drilled and will be fracked. The results are as yet unpublished. Bass and Fluid have defined a prospective area, named the Moolion East Deep Coal Prospect, within the permit where a pilot-well or wells could test the Deep Coal play. There were no conventional hydrocarbons found in sandstone reservoirs at Moolion East-1, a well drilled by Santos, so the new prospect is solely a Deep Coal gas target. The potentially recoverable Prospective Resource volume of hydrocarbons in the Moolion East Deep Coal prospect is 568 BCF of gas and 22.7 million barrels of condensate (oil). The recovery potential of this resource is subject to significant uncertainty. Fluid has looked to the success of global shale gas plays in order to assist in determine the potential recovery factors possible. There are similarities between the Shale Gas and Deep Coal Gas plays. Coals have a very high proportion of organic matter and so have a large, adsorbed gas fraction. Shales tend to have higher porosity. A very good Shale Gas play is brittle and "fracture-able" while coal is more ductile. The US Energy Information Agency (EIA/ARI (2013)) applied an average 20% recovery efficiency factor of the gas in-place for shale gas basins and formations that have a medium clay content, moderate geologic complex- ity and average reservoir pressure and properties. Fluid has applied a factor of 15% to the calculation of Prospective Resources. The potentially recov- erable volume of hydrocarbons is 568 BCF of gas and 22.7 million barrels of condensate (oil). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. MD, CEO & Executive Director Tino Guglielmo was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 10
First half 2022 earnings released: EPS: US$0.001 (vs US$0.003 loss in 1H 2021) First half 2022 results: EPS: US$0.001 (up from US$0.003 loss in 1H 2021). Revenue: US$2.59m (up 86% from 1H 2021). Net income: US$159.0k (up US$477.9k from 1H 2021). Profit margin: 6.1% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Jun 23
Bass Oil Limited Announces Completion of All Commissioning Activities for Tangai-5 Development Well At Tangai-Sukananti Kso in Indonesia Bass Oil Limited announced that it has completed all commissioning activities for the Tangai-5 development well at its 55% owned Tangai-Sukananti KSO in Indonesia. The Tangai Field was discovered in 1992 by PT Pertamina and is a structural closure on the upthrown side of the NE-SW trending fault in the east of the Tangai-Sukananti KSO. The Tangai-5 well is the higher well on the structure and produces from the primary target M reservoir, which has best-estimate remaining recoverable reserves of approximately 435,000 barrels of oil (JV share). The well is currently producing approximately 750 bopd (JV share) which has lifted total exports from the Tangai-Sukananti KSO from ~ 300 bopd to its current limit of 1,000 bopd. Given oil and gas prices have increased significantly in recent months, the Company expects to repay its initial investment in the Tangai-5 development well from oil sales within 2 months. Announcement • Jun 14
Bass Oil Limited Commences Kiwi Gas Commercialisation Study Bass Oil Limited announced that is has commenced a feasibility study to evaluate the commercialisation potential of the Kiwi Gas Discovery which it will shortly acquire. The Company is in the process of acquiring a number of Cooper Basin production and exploration tenements from Cooper Energy Limited and Beach Energy Limited which include multiple prospective gas development and exploration targets. The Company is progressing transaction completion with final document execution expected in early July 2022. Since the Company announced the Cooper Basin Transactions in July 2021 and March 2022, Australian gas prices have increased more than 250% on the back of significant shortages in the market. As such, the Company is fast-tracking planned evaluation of key gas development opportunities in the portfolio and expects to complete this study in Fourth Quarter 2022. Bass aims to complete the Cooper Basin Transactions in July 2022 and will acquire a portfolio of prospective oil and gas development and exploration opportunities. Specifically, the northern properties are highly prospective for liquids rich gas within and adjacent to the Patchawarra Trough. The area hosts numerous gas fields in Permian and Triassic aged sediments. Ex PEL 90K is located on the north-west margin of the Cooper Basin in South Australia ~120km from Moomba. In 2003, Stuart Petroleum Limited ("Stuart") utilised 2D seismic survey to conduct an exploration program across the Cooper Basin, including within Ex PEL 90K. As part of this program, Stuart drilled the Kiwi-1 well resulting in a gas discovery which flow tested at a rate of 9.6 MMscf per day and was assessed to contain a Contingent resource in the range of 1.6 to 5.0 bcf with a 2C of 3.0 bcf on the basis of a structural trap indicated on the 2D seismic. This Callamura Member gas discovery was notable because is contained low inerts (CO2) and was moderately liquids rich. Stuart did not proceed with the development, given a gas price of approximately $3.50/GJ, the modest resource size and gas infrastructure capital cost requirements at the time of discovery. Subsequently, Senex Energy Limited commissioned an extensive 3D seismic survey over the Kiwi gas discovery and the surrounding area followed by a significant mapping effort. This mapping identified significant upside potential associated with a stratigraphic trapping play to expand the potential of the Kiwi Gas Discovery. The upside potential was assessed to be a prospective resource of 6.3 to 49.7 bcf (P90 to P10) with a mean prospective resource of 23.9 bcf. This could represent a significant development target for Bass. PEL 182 spans 870km2 and is located to the south west of Ex PEL 90K. Senex conducted significant exploration activities within the tenement between 2015 and 2018, including the acquisition of 3D seismic over 25% of the permit. Senex identified a number of oil and gas leads that highlight the potential for Triassic gas accumulations similar to those discovered at Kiwi and the Santos operated Coonatie and Napowie gas fields. The tenement also contains thick sections of deepPermian coals in the Patchawarra Trough and Santoshas recently drilled the adjacent Beanbush-2horizontal well that specifically targets this coalsection. The well is soon to undergo a multi-stagefracture stimulation program to enhance theproductivity of the coal section and test itscommercialisation potential. If successful, theBeanbush-2 well may provide an importantindicator for Bass' PEL 182 gas production upside. On completion of the Cooper Basin Transactions, Bass will own 100% of PEL 182 and will haveoptionality to acquire additional 3D seismic, conduct exploration drilling and/or attract farm-inpartners to carry the Company's expenditure. Located between Ex PEL 90K and PEL 182, ex PEL100 contains significant oil and gas potential. Thepermit contains the Cleansweep oil discoverywhich proved up the basal Birkhead oil play, asignificant and long-term Cooper Basin oilproducing reservoir. Studies aimed at evaluatingthe follow up potential of the Cleansweepstructure and the adjacent Deramookoo structurehave commenced and may result in follow updrilling in 2023. The permit is adjacent the edge of thePatchawarra Trough. The edge of the trough hashosted a number of significant gas discoveries. The gas potential will also be evaluated in Bass'geoscientific studies. Australian east coast gas prices have increased more than 250% to over $35.00 per gigajoule at theWallumbilla hub in recent months, given a multitude of domestic and international factors havesignificantly hampered supply availability. In addition, Australian state and federalgovernments are looking to domestic energy producers to alleviate the current supply pressure. The increasing price significantly enhances the likelihood of Kiwi Gas Discovery commercialisationor progressing one of the Company's other prospective gas exploration opportunities in the near-term. Therefore, the Company has accelerated its gas development and exploration endeavourswithin the Cooper Basin portfolio. Bass has commenced a feasibility study to assess a tie-in of the Kiwi-1 well to the Moomba gasgathering system and the viability of conducting an Extended Production Test (EPT) to prove up thelarger stratigraphic trapping potential identified by Senex's 3D seismic survey. An EPT is one of themost effective methods of evaluating the potential size of the resource. The study will also evaluate the economic returns available by selling the gas via a tie-in to theMoomba gas gathering and processing system and sales into the growing east-coast gas marketrather than flaring it on location. In addition, the Company will assess the gas potential in conventional targets as well as within thedeep Permian coals in the Patchawarra Trough in PEL 182, given the multi-tcf gas potential of aSantos Limited led Cooper Basin joint venture targeting the same coals approximately 20km east ofPEL 182.Bass expects to complete the feasibility study in 2022. Upon the successful conclusion of the study,Bass will concurrently commence project planning activities and commercial discussions withappropriate counterparties to secure gas sales and processing agreements, as required. Announcement • Jun 11
Bass Oil Limited Provides Production Guidance for the Month June 2022 Bass Oil Limited provided production guidance for the month June 2022. The Company expects to reach nameplate capacity production of 1,000 bopd in June 2022. Announcement • May 13
Bass Oil Provides Drilling Update Bass Oil Limited announced that the Tangai-5 development well recorded an initial clean up flow rate of 1,120 bopd on a 13/64 inch choke at a flowing tubing head pressure of 480 psi to an on-site storage tank for a period of 2-1/2 hours. A total of approximately 120 barrels of oil was produced during the test with the initial flow rate highlighting the highly productive nature of the M reservoir in the Tangai field. The rig has been moved off location and the well has been connected to the recently upgraded Tangai Production Facility. The upgrades include a new flow line, enhanced water handling and improved export capacity to ensure a more efficient and cost-effective production process. Tangai-5 was brought online Friday 6 May 2022 at controlled rates of around 250 bopd to commission these facility upgrades. The Company is currently deploying a well test crew complete with atest separator and wireline equipment to the Tangai site to perform a well deliverability and pressure build up survey by month end. Bass is targeting a production rate of between 500 bopd to 750 bopd following completion of the well test. If achieved, the Company expects to raise total oil exports from the Tangai-Sukananti KSO to its limit of 1,000 bopd. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. MD, CEO & Executive Director Tino Guglielmo was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 23
Bass Oil Limited, Annual General Meeting, May 24, 2022 Bass Oil Limited, Annual General Meeting, May 24, 2022, at 11:00 AUS Central Standard Time. Location: the offices of Johnson Winter & Slattery Level 9, 211 Victoria Square Adelaide Victoria Australia Agenda: To consider Adoption of Remuneration Report; to consider Approval of Additional 10% Placement Capacity Shares; to consider Re-election of Hector MacKenzie Gordon as a Director; and to consider Re-election of Mark Llewellyn Lindh as a Director. Announcement • Apr 21
Bass Oil Limited Provides Update on Tangai-5 Weekly Drilling Bass Oil Limited announced that the Tangai-5 development well was spudded on 1 April 2022. During the past week the 9-5/8" intermediate casing was run and cemented in place. Drilling recommenced and the well was drilled to a Total Depth of 1,663mRT. The primary reservoir, the M sand was penetrated on prognosis and had good hydrocarbon shows on the mud log. Preliminary wireline log analysis has identified between 5 metres and 6 metres of oil pay in high quality reservoir as prognosed. Currently the rig is completing the wireline evaluation program. The Tangai Field was discovered in 1992 by Pertamina and is a structural closure on the upthrown side of a NE-SW trending fault in the east of the Tangai-Sukananti KSO. Tangai-1 is currently in production and Tangai-3 is currently suspended with plans to return the well to production after the completion of Tangai-5. The entire KSO area is fully defined by the 2011 Sukananti 3D seismic survey, which was comprehensively reprocessed in 2014 to significantly enhance data quality. The Tangai Field contains oil at two reservoir levels. Tangai-5 which has a success likelihood of 85%, will target the primary M and secondary K reservoir levels which have produced or tested oil at Tan- gai-1 (M and K), Tangai-2 (M and K), Tangai-3 (M) and Tangai-4 (K) wells. Tangai-5 will also confirm the production and reserve potential of the K level at an optimal location on the structure as a secondary objective. For the primary M reservoir, the Tangai Field has total best-estimate remaining recoverable reserves of 0.425 million barrels of oil (JV share). Tangai-5 is modelled to access 0.344 million barrels of undeveloped recoverable oil (JV share) at the M reservoir level. The well is estimated to take 32 days to drill and complete reaching a total depth of approximately 1,650 metres. In the success case, Tangai-5 will be completed and brought into production immediately. The drilling expenditure will be fully cost recoverable against existing production under the terms of the KSO. Joint Venture participants in the KSO are Bass Oil Ltd, Operator 55% and Mega Adhyaksa Pratama Sukananto Ltd. (MAPS) 45%. Announcement • Apr 14
Bass Oil Limited Provides Update on Tangai-5 Bass Oil Limited announced that the Tangai-5 development well was spudded on 1 April 2022. During the week the 13-3/8" surface casing was cemented in place. Drilling recommenced and the well was drilled to 1348mRT the intermediate casing point. Currently the rig is preparing to run and cement the 9-5/8" intermediate casing in place. The rig will commence preparations to drill ahead to the total depth of approximately 1673mRT then prepare to run the evaluation program this coming week. The Tangai Field was discovered in 1992 by Pertamina and is a structural closure on the upthrown side of a NE-SW trending fault in the east of the Tangai-Sukananti KSO. Tangai-1 is currently in production and Tangai-3 is currently suspended with plans to return the well to production after the completion of Tangai-5. The entire KSO area is fully defined by the 2011 Sukananti 3D seismic survey, which was comprehensively reprocessed in 2014 to significantly enhance data quality. The Tangai Field contains oil at two reservoir levels. Tangai-5 which has a success likelihood of 85%, will target the primary M and secondary K reservoir levels which have produced or tested oil at Tangai-1 (M and K), Tangai-2 (M and K), Tangai-3 (M) and Tangai-4 (K) wells (figures 2 and 3). Tangai-5 will also confirm the production and reserve potential of the K level at an optimal location on the structure as a secondary objective. For the primary M reservoir, the Tangai Field has total best-estimate remaining recoverable reserves of 0.425 million barrels of oil (JV share). Tangai-5 is modelled to access 0.344 million barrels of undeveloped recoverable oil (JV share) at the M reservoir level. The well is estimated to take 32 days to drill and complete reaching a total depth of approximately 1,650 metres. In the success case, Tangai-5 will be completed and brought into production immediately. The drilling expenditure will be fully cost recoverable against existing production under the terms of the KSO. Joint Venture participants in the KSO are Bass Oil Ltd, Operator 55% and Mega Adhyaksa Pratama Sukananto Ltd. (MAPS) 45%. Announcement • Apr 07
Bass Oil Limited Announces Tangai-5 Weekly Drilling Update Bass Oil Limited announced that Tangai-5 development well was spudded on April 1, 2022. Since then the well was drilled to 48mRT where a 20" conductor was run and cemented in place. Drilling recommenced and the well drilled to 405mRT. A 13-3/8" surface casing was run and being cemented in place. The rig will commence preparations to drill ahead to the intermediate casing point of 1,354mRT this coming week. The Tangai Field was discovered in 1992 by Pertamina and is a structural closure on the upthrown side of a NE-SW trending fault in the east of the Tangai-Sukananti KSO. Tangai-1 is currently in production and Tangai-3 is currently suspended with plans to return the well to production after the completion of Tangai-5. The entire KSO area is fully defined by the 2011 Sukananti 3D seismic survey, which was comprehensively reprocessed in 2014 to significantly enhance data quality. The Tangai Field contains oil at two reservoir levels. Tangai-5 which has a success likelihood of 85%, will target the primary M and secondary K reservoir levels which have produced or tested oil at Tangai-1 (M and K), Tangai-2 (M and K), Tangai-3 (M) and Tangai-4 (K) wells. Tangai-5 will also confirm the production and reserve potential of the K level at an optimal location on the structure as a secondary objective. For the primary M reservoir, the Tangai Field has total best-estimate remaining recoverable reserves of 0.425 million barrels of oil (JV share). Tangai-5 is modelled to access 0.344 million barrels of undeveloped recover-able oil (JV share) at the M reservoir level. The well is estimated to take 32 days to drill and complete reaching a total depth of approximately 1,650 metres. In the success case, Tangai-5 will be completed and brought into production immediately. The drilling expenditure will be fully cost recoverable against existing production under the terms of the KSO. Joint Venture participants in the KSO are Bass Oil Ltd, Operator 55% and Mega Adhyaksa Pratama Sukananto Ltd. (MAPS) 45%. Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: US$3.00m (down 6.7% from FY 2020). Net loss: US$601.6k (loss widened 20% from FY 2020). Announcement • Mar 28
Bass Oil Limited Updates on Tangai-5 Bass Oil Limited announced that the PDSI Rig No. 25.2 has mobilised to the Tangai-5 site and will commence drilling activities shortly after concluding a field inspection and a check of safety and operational systems. Bass considers the Tangai-5 development well to have a success likelihood of 85% andif successful, could improve production from 350 bopd to up 1000 bopd (JV share) at the Company's producing Tangai-Sukananti KSO, located in onshore Sumatra, Indonesia. Optimal drilling locations, including Tangai-5, have been identified as part of the outcome of the integrated field studies in the KSO. Bass commissioned the studies following the acquisition of its 55% stake in the licence, which includes the current producing Bunian and Tangai Oil Fields. The Tangai-Sukananti KSO is located in the mature oil and gas producing South Sumatra Basin and includes the Bunian and Tangai Oil Fields which lie along an extensive trend of large oil fields north-west and south- east of the KSO. Bass engaged UNPAD in Indonesia, an independent petroleum geoscience and engineering consultancy associated with the Padjadjaran University, to conduct a Plan Of Field Development (POFD) being a major, multi-disciplinary, integrated study over the entire Tangai-Sukananti KSO. This project was complemented by internal geological and geophysical resources. The outcome of the study informed a full re-assessment of the Oil in Place, Reserve and Resource Potential of the asset, to optimize drilling locations and field development. The Tangai Field was discovered in 1992 by Pertamina and is a structural closure on the upthrown side of a NE-SW trending fault in the east of the Tangai-Sukananti KSO (figure 1). Tangai-1 is currently in production and Tangai-3 is currently suspended with plans to return the well to production after the completion of Tangai-5 (figure 2). The entire KSO area is fully defined by the 2011 Sukananti 3D seismic survey, which was comprehensively reprocessed in 2014 to significantly enhance data quality. The Tangai Field contains oil at two reservoir levels (figure 3). Tangai-5 will target the primary M and secondary K reservoir levels which have produced or tested oil at Tangai-1 (M and K), Tangai-2 (M and K), Tangai-3 (M) and Tangai-4 (K) wells (figures 2 and 3). Tangai-5 will confirm the production and reserve potential of the K level at an optimal location on the structure. For the primary M reservoir, the Tangai Field has total best-estimate remaining recoverable reserves of 0.425 million barrels of oil (JV share). Tangai-5 is modelled to access 0.344 million barrels of undeveloped recoverable oil (JV share) at the M reservoir level.Tangai-5 will be drilled at the structural crest of the field, up-dip of Tangai-1 and Tangai-3. Initial production capacity from the primary objective M reservoir is estimated to be up to 900 barrels oil per day (JV share). A successful Tangai-5 will accelerate drainage of the oil field within the KSO contract term of July 2025. Tangai-5 has been approved by the Indonesian regulator and expected to spud by late March 2022. It is estimated to take 32 days to reach total depth of approximately 1,650 metres and if successful, the Company expects it to be completed and brought into production immediately thereafter. Bass will provide an update once the well reaches completion. Bass' drilling expenditure will be fully cost recoverable against existing production under the terms of the KSO. Joint Venture participants in the KSO are Bass Oil Ltd, Operator 55% and Mega Adhyaksa Pratama Sukananto Ltd. (MAPS) 45%. Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$3.35m (down 35% from FY 2019). Net loss: US$499.8k (down 226% from profit in FY 2019). Announcement • Nov 21
Bass Oil Limited Announces Production Update Bass Oil Limited announced production update. The company reported that monthly average daily oil production for October was 619 bopd, slightly higher than September levels. Total field production for the month was 19,177 barrels of oil JV Share or 10,547 barrels of oil Bass share. October oil sales totaled 19,098 barrels of oil JV Share or 10,504 barrels Bass share. The average monthly realised oil price for October was USD 35.00 up 3.5% compared with a monthly average oil price of USD 33.82 per barrel recorded in September. COVID-19 cost reduction measures have been proven to enable the fields to generate positive cash contributions to the business with total operating costs at approx. USD 20 per barrel. This, along with the fact the Company is debt free and has implemented reductions in the corporate costs previously announced, is serving to insulate the Company well from the current volatility in the crude oil market. Production from the Bunian and Tangai fields continue largely unaffected by current developments. October production was slightly up at 619 barrels of oil per day. The field reported minor interruptions due to minor pipeline repairs and routine maintenance. Indonesia continues to report a significant number of COVID `hotspots'. The Bass team is on alert to the spread of the outbreak. It has contingency plans to mitigate against the impact on production from an unexpected spread of the virus in both the field and Jakarta office. 