Bass Oil : Noosa Mining & Exploration Investor Conference Presentation

ASX:BAS

www.bassoil.com.au

Indonesia - Substantial Oil & Gas Investment Potential

Noosa Mining & Exploration Investor Conference - July 2019

DISCLAIMERS AND IMPORTANT NOTICES

Forward Looking Statements:

This presentation has been prepared by Bass Oil Ltd ("BAS" 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.

The 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 of, or 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 Company'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 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.

Notes on Reserves and Resources (Reserves and Contingent Resources as at 31 Dec 2018 were reported to the ASX on 25 February 2019):

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".

Bass 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 parameters underpinning the estimates provided in the releases continue to apply

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GROWTH: IMPACT AND OPPORTUNITY IN INDONESIA

Increased

Reserves &

Production

Raising Capital

for Growth

Aiming to Double

Production

Numerous

Acquisitions

Short-listed

In 2018 Bass increased its Proved Reserves by 76% and posted record production of 850 barrels of oil per day (bopd) JV share in October. Current capacity at in excess of 700 bopd

Bass raising $3 million via placement and rights issue to drill up to two low risk Bunian development wells, fund new acquisitions and for the final payment for the acquisition of Tangai

First drilling planned in October 2019, Bunian 5 aims to double production to ~1,400 bopd JV share

Indonesian new ventures; Technical and commercial discussions progressing on short listed opportunities. Acquisitions to achieve material, company-changing growth

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EXISTING ASSET: SIMPLE, LOW COST, PROFITABLE PRODUCTION

• Bass holds a 55% JV interest in and Operates the producing Tangai-Sukananti KSO in the South Sumatra Basin
• Experienced on-ground Indonesian team manages field operations
• Consistent production at the long-life KSO; Licence expiry in 2025
• Successful production optimisation initiatives improved the fields' output and potential
• Drilling the low risk Bunian 5 development well in October 2019
• Production set to double to 1400 bopd in 2019

Production (kbbl)

18

16

14

12

10

8

6

4

2

0

Tangai-Sukananti Historical Production (55% basis)

Record

Production

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BUSINESS DEVELOPMENT: TRANSFORMATION VIA ACQUISITIONS

Company

Transforming

(Type 1)

Material Growth

(Type 2)

Optimisation and

Technology

(Type 3)

• Material, company-changing acquisition of producing asset(s)
• Actively screening deals
• Measured exposure to high impact exploration
• Larger scale potential, low financial commitment
• Shortlist of additional opportunities
• Acquisition of mature production assets
• Application of recovery improvement technologies enabling synergies
• Evaluation of multiple potential deals sourced via strong networks

Strategic Growth

Value

Creation

Maximise

Value

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