BASS OIL LIMITED onlyuse
ersonalASX:BAS
www.bassoil.com.au
Building a High-Margin Cooper Basin Oil Business with High-Impact Gas Upside
Cooper Basin Development Strategy
June 2022
DISCLAIMERS AND IMPORTANT NOTICES
Forward Looking Statements:
This presentation has been prepared by Bass Oil Ltd (ASX:BAS) ("Bass" or the "Company") with the purpose of providing general information about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company, or as an inducement to make an offer or invitation with respect to those securities.
onlyThe presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and involve inherent risks and uncertainties. Actual results and performance are likely to differ materially from those expressed or implied in any forward-looking statements.
To the maximum extent permitted by applicable laws, BAS and its directors, agents, officers or employees make no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness
f, r any errors in or omission from, any information, statement or opinion contained in this presentation.
This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the useCompany's prospects. It should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating
BAS. The Company accepts no responsibility to update any person regarding the information contained in this presentation.
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 s pporting 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. | |
ersonalJune 2022 | 2 |
Notes on Reserves and Resources (Reserves and Contingent Resources as at 31 Dec 2021 were reported to the ASX on 31 March 2022): |
Under the SPE PRMS guidelines, "Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to k own 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 Res urces are "those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development
pr | jects, but which are not currently considered to be commercially recoverable owing to one or more contingencies". |
Ba | Oil is not aware of any new information or data that materially affects the information provided in those releases, and all material assumptions and technical |
pa ameters underpinning the estimates provided in the releases continue to apply
INVESTMENT HIGHLIGHTS
onlyuse ersonalJune 2022
Bass to acquire a portfolio of Cooper Basin interests from Beach Energy and Cooper Energy for ~US$4.70/barrel 2P reserves (~US$1.25/barrel 2P+2C)
The Cooper Basin Transactions provide Bass with 100% interest in two producing fields and a high-equity interest in a portfolio of prospective Oil and Gas properties
Bass' near-term development strategy at the newly acquired Worrior oil field targets 300+ bopd to generate 12-month FCF of over $9 million
The Company aims to exploit the acquired exploration targets and develop a suite of suitable projects that can achieve a medium-term production base of >1,000 boed
Bass has conducted a number of capital restructuring initiatives to position the business for growth going forward
The Cooper Basin portfolio includes high-impact gas upside during a time of record gas prices and significant shortages in the market
3
BASS OIL LIMITED CORPORATE SNAPSHOT
Capital Structure1 | Operating Locations |
Share Price (2 June 2022) onlyShares on Issue
Market Capitalisation Cash (31-Mar-22)* Debt (31-Mar-22)
A$0.039
178.6m
A$7.0m
A$2.5m
Nil
use | A$5.5M | ||||||||
Ent rprise Value | |||||||||
Share Ownership Summary | |||||||||
Board and Management, | |||||||||
ersonalJune 2022 | 11.3% | ||||||||
Cooper Energy, | 4 | ||||||||
6.6% | |||||||||
South Sumatra Basin | 55% operating interest in the producing Tangai- | ||||||||
(Indonesia) | Sukananti KSO | ||||||||
Cooper Basin2 | 74-100% interest in 8 production and/or | ||||||||
Other Shareholders, | (Australia) | exploration tenements | |||||||
82.1% | |||||||||
1Includes proceeds from A$1.2 million Placement announced 2 March 2022 and approved by shareholders on 8 April 2022 | |||||||||
2Acquisition of tenements in progress | |||||||||
COOPER BASINTRANSACTIONS
Bass has executed Sales and Purchase Agreements with Cooper Energy and Beach Energy to acquire a portfolio of interests in the Cooper Basin
only | ||
§ | Bass acquiring interest in eight Cooper Basin tenements for | |
A$1.3 million and assumption of future restoration liabilities | ||
§ Acquired assets include a 100% interest in the Worrior and | ||
Padulla oil fields (~75 bopd) and multiple, prospective appraisal | ||
and exploration targets | ||
§ Bass to become majority owner and operator of all tenements | ||
use | ||
§ | Increase in 2P reserves by approximately 200,000 barrels and | |
2C contingent resources by approximately 540,000 barrels | ||
§ The acquired portfolio will establish Bass' footprint in the Cooper | ||
- making Bass a significant owner-operator in the region | ||
ersonalJune 2022 | 5 | |
§ | The Transactions are expected to complete shortly after closure |
of the Entitlement Offer in early Q3 2022
Both the Beach and Cooper Transactions will be completed c ntemporaneously1
1Please refer to ASX Announcement, "Bass expands in Cooper Basin & completes $1.2 million placement", released 2 March 2022 for further information
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Bass Oil Limited published this content on 06 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 23:51:05 UTC.
