#1ASX:BAS www.bassoil.com.au BASS OIL LIMITED July 2021 - Investor Presentation & Corporate Overview#2DISCLAIMERS 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 2020 were reported to the ASX on 25 March 2021): 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 July 2021 2#3INVESTMENT HIGHLIGHTS July 2021 Bass has established a high-quality Indonesian portfolio that is producing free cash flow in the current oil price environment Bass has taken its initial step into the Cooper Basin, acquiring a portfolio of assets that encompass the currently producing Worrior oil field along with several others that exhibit strong exploration potential The Cooper Basin offers a significant opportunity for Bass to establish a portfolio of assets generating >1,000 bopd by acquiring late life assets that exhibit untapped production potential Quality leadership with a wealth of experience in the Cooper Basin Bass represents a low-cost entry for investors looking to gain exposure to a high growth opportunity in a proven Australian region 3#4EXISTING INDONESIAN ASSETS Bass holds a 55% operating interest in the producing Tangai-Sukananti KSO in the oil rich South Sumatra Basin ☐ ☐ Experienced on-ground Indonesian team manages the operations Consistent production at the long-life KSO; License expiry in 2025 Production capacity currently ~500 barrels of oil per day (JV share) after a series of repairs in the field Monthly daily production in June 2021 averaged 438 bopd (JV share) June 2021 production totaled 13,140 bbls and 7,227 bbls net to Bass 2021/22 drilling program targeting production uplift to +1,000 bopd July 2021 104'00 104 10 Raja Talang Gula 320 수 Candi Bentang Gunung Kemala -330 Tapus Pandan Petanang 104 20 Kemang Prabumulih City Prabumulih Barat Lembak Tundan INDONESIA Limau Niru Talang Jimar Limau Barat Limau Tengala Limau Timur P Kom Gajah Besar Limau Timur Q-22 Limau Timur 0-51 10430 SUMATRA South Sumatra Basin O 9GA Tangai-Sukananti KSO 200 ° kilometres Tanjung Tiga Barat + Ogan Karangan Tanjung Mining Barat Tanjung Tiga Timur Sukanant Harimau Tanjung Miring Timur Sukamerindu Tangai-Sukananti KSO Beringin E Tangai Sukanati block location map Production (kbbl) 14 12 10 864 2 0 Beringia E Beringin C Bass Strait Oil Permit Oilfield Condensate field. Gas field Gas pipeline Oil pipeline Condensate pipeline Fault Fault Oil and gas well Oil well Gas and condensate Oil and gas show Oil show + Dry well Sumavs O * Tangai-Sukananti Rolling 12 month Production (55% basis) Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21#5Tangai-Sukananti KSO BNN-20 INDONESIA BNN-1 BNN-5 Bunian Field BNN-3ST2 BNN-4 KPG-1 O BNN-6 EXISTING ASSET GROWTH POTENTIAL The Indonesian assets allow for continued growth through appraisal/development and there remains opportunity for exploration: Low risk development potential to accelerate production in both Bunian and Tangai fields Field studies post drilling of successful Bunian 5 well suggest a field extension in Bunian West Potential reserve increment of almost 50% from 2P to 3P if western extension is proven by drilling TMB-06-- Bunian West-10 Bunian 3P Extension SKN-10 3D seismic 0 0.5 1 kilometres Tangai Sukanati block field map Ref: 31 December 2020 Reserves review released to ASX 25 March 2021 July 2021 TGI-4 TGI-3 TGI-5 TGI-1 Tangai Field • TGI-2 Location SUMATRA 800 South Sumatra Basin Tangai-Sukananti KSO JAVA о Bass tenement Fault: Proven oil (1P) Possible oil (3P) Oil well Water injector Dry hole Proposed well 5 LO#6COOPER BASIN ACQUISITION OVERVIEW Bass to acquire Cooper Energy's interest in a portfolio of Cooper Basin non-operated assets in South Australia for A$650,000 Bass will be a JV partner with a Beach Energy subsidiary (Beach subsidiary to operate the assets) Key acquisition highlights: Increase in 2P reserves: +54,000 barrels (~10% uplift) Increase in 2C contingent resources: +200,000 barrels 30% interest in producing Worrior oil field An array of prospective assets with exploration upside potential ◉ ■ 30% interest in ex PEL 93 (PRLS 231-233) 20% interest in ex PEL 110 (PRLS 183-190) and PRL 237 19.17% interest in ex PEL 100 (PRLS 207-209) Low-cost entry into the Australian energy market, providing a foundation for strategic acquisitions July 2021 Cooper permits to be acquired by Bass Other Cooper Permits Other companies tenure Oil field Gas field Oil pipeline Gas pipeline 140° Ex PEL 110 (PRLS 183-190) Ex PEL 100 (PRLS 207-209) Edge of Cooper Basin CHAWARRAROUGH NAPPAMERRI TROUGH PRL 231 PRL 232 MOOMBA Ex PEL 93 PPL 207 PRL 233 Worrior N 0 20 PRL 237 kilometres Cooper basin permits to be acquired Plan area. Cooper 01 6#7THE OIL FIELD ASSET LIFECYCLE Bass is seeking assets in prolific hydrocarbon provinces that demonstrate overlooked oil and gas production potential Discovery Large operators conduct exploration activities resulting in a growing numbers of assets owned by these groups Large incumbent operators Development The incumbent operators develop the wells in a cost effective manner Production Due to a large asset base, incumbents maximise production with little focus on optimisation of secondary production potential Incumbent Divests Bass Oil's target asset Once easily accessible production is exhausted, large operators divest of non core assets as they become immaterial Acquisition Smaller operators acquire assets that have unexploited reserve bases Smaller operators such as Bass Optimisation Smaller operators focus on optimisation, taking advantage of a lower cost base to generate strong cash flow Production The smaller operators produce from this asset base until the resource is exhausted Abandonment Once the resource is exhausted, the lifecycle is complete and the asset is abandoned July 2021 7#8THE COOPER BASIN Bass is pursuing late-life producing assets with optimisation potential and exposure to material exploration opportunities ◉ Bass aims to generate a Cooper Basin portfolio that has the potential to cumulatively generate >1,000 bopd As an experienced operator with technical expertise, Bass has been seeking assets that fit with the company's strategy The first acquisition containing the Worrior oil field and exciting exploration upside is the initial step in this growth journey With a foothold in the Australian energy market, Bass is well-positioned to develop its assets further and make select acquisitions to increase scale July 2021 The Cooper Basin Australia's largest on shore oil province 8#9THE COOPER BASIN The Cooper Basin is a world class oil and gas producing region spanning ~130,000 km² across south-west QLD and north-east SA The region is Australia's largest onshore hydrocarbon province New discoveries continue to be made in the region Annual 2019-2020 production 1.17 mmboe LPG 9.99 mmbbl oil 200 Cooper permits to be acquired by Bass Oil field Gas field Oil pipeline Gas pipeline Total hydrocarbon generated 0(MMboe/km²) SOUTH AUSTRALIA Ex PEL 110 (PRLS 183-190) COOPER BASIN 82.61 BCF sales gas 0.52 mmboe condensate Ex PEL 100 (PRLS 207-209) Ex PEL 93 Cumulative production 89.3 mmboe LPG July 2021 (from 1984) 5.58 TCF sales gas (since 1970) 225.02 mmbbl oil O (from 1983) 87.63 mmboe condensate (from 1983) MOOMBA Plan area QUEENSLAND NT 0 50 100 kilometres NEW SOUTH WALES Cooper 02 Statisctics: Government of South Austral Department for Energy and Mining - Energy Resources https://www.petroleum.sa.gov.au/data-centre/production-and- statistics 9#10ACQUIRED ASSET SUMMARY The portfolio provides low cost, Australian assets with significant growth upside: ■ ■ Ex PEL 93 (PRLS 231-233 and PPL 207 Worrior) - (30%) which contains drill-ready Tyrell oil prospects with 2.30 MMbbls gross undiscovered potential (identified via 3D seismic) Ex PEL 100 (PRLs 207-209) (19.17%) - contains drill-ready Athelstan oil prospect with 1.20 MMbbls gross undiscovered potential Ex PEL 110 (PRLs 183-190 and PRL 237) (20%) - contains the Frostfang oil prospect with 3.30 MMbbls gross undiscovered potential All blocks are located on the western margin of the Cooper Basin -28° Cooper permits to be acquired by Bass Other Cooper Permits Other companies tenure Oil field Gas field Oil pipeline Gas pipeline Ex PEL 93 T 140° Ex PEL 110 (PRLS 183-190) Ex PEL 100 (PRLS 207-209) Cooper Basin Edge of Cooper Cree BATCHAWARRAROUGH NAPPAMERRI TROUGH PRL 231 PRL 232 MOOMBA PPL 207 PRL 233 Worrior (N) 0 20 PRL 237 kilometres Plan area. July 2021 Cooper basin permits to be acquired 10 Cooper 01#11ACQUIRED ASSET POTENTIAL PPL 207, Worrior Field (30% interest) provides proven, South Australian production: ◉ Cumulative production of 4.09 MMbbl (100% JV) - Current JV production of ~40 bopd – Field production increase to >100 bopd with JV approved zone change 0.18 MMbbl remaining 2P reserves JV share Murta and Patchawarra flank provide appraisal upside ◉ Experienced operator in Beach Energy Ltd 130 4 -2624 PEL 93 (30%) PPL 207 (30%) Cooper 61 130-47 Worrior-10 Worrior-3 Pando-1 Worrior-5 ●Worrior-2 Worrior-7 Worror-4 Worrior-8 Worror-1 Warrior-g Worrior-8 Worrior-11 0 kilometre * Cooper Energy tenement Ol and gas well Of well Dry well with oil show Dry well with gas show Pando-2 Seismic line 130-50 Growth potential from 670kbbls Contingent Resources (JV share) in Murta/McKinlay/Birkead zones - within tieback distance to Worrior Ex PEL 93 and PEL 100 provides a number of exploration targets in the proven Western Flank acreage, whilst Ex PEL 110 provides northerly fairway upside July 2021 Worrior field depth structure map Worrior Field Developed reservoirs* Total developed OOIP (MMBBL) Undeveloped reservoirs (#) OOIP Volumes (MMBBL) McKinlay 4.80 Birkhead 5.90 Hutton 0.60 Patchwarra (W-10) 0.70 12.00 Murta Patchawarra 2.70 1.50 16.20 Total developed & undeveloped OOIP (MMBBL) Opportunity Tyrell Flint Permit Chance of Success Mean Recoverable Secondary Targets (MMbbls) (%) PRL 232 2.3 25.9 Murta PRL 233 1.7 25.9 Murta 11#12DIVERSE ASSET BASE Bass holds quality assets in both Indonesia and Australia ◉ The Company's Cooper Basin acquisition provides Bass shareholders with a strong foothold in a region that has proven value Bass owns interests in a mix of producing assets along with sites that exhibit promising exploration potential for future development Bass Oil Indonesia (South Sumatra Basin) Producing 55% operating interest in the producing Tangai-Sukananti KSO Licence until 2025 ~500 bopd (JV share) Stable production profile and development opportunity late 2021 Producing 30% interest in PPL 207 Contains the producing Worrior oil field Australia (Cooper Basin) 30% interest in Ex PEL 93 (PRLS 213- 233) Contains the drill ready Tyrell oil prospect 19.127% Interest in Ex PEL 100 (PRLS 183- 190) Contains the drill ready Athelstan oil prospect 20% interest in Ex PEL 110 (PRLS 183- 190) & PRL 237 Contains the large Frostfang oil prospect July 2021 12#13SENIOR MANAGEMENT AND DIRECTORS July 2021 Peter Mullins Non Executive Chairman Hector Gordon Non- Executive Director Board of Directors 40 year senior banking career experience in Australia and New York as key Commonwealth Bank executive. ■ Specialist in institutional and corporate finance across resources and energy sector, including mergers and acquisitions, privatisations, structured finance, IPOs and capital raisings. Over 40 years upstream Petroleum Geologist career, primarily in Australia & South East Asia. A current Non Executive Director of Cooper Energy where he was previously Exec Director Exploration & Production - Previous executive roles with Beach Energy, Santos, AGL, TMOC, Esso Australia and Delhi Petroleum Mark Lindh ■ Corporate advisor with in excess of 15 years' Non- Executive Director experience in advising mining and resources companies with a particular focus on the energy sector (corporate advisor to Beach Energy from 2004 to 2016) He is a founding director of Adelaide Equity Partners Limited, an investment and advisory company Executive Management Giustino Guglielmo Managing Director 38 year Australian and international executive petroleum engineering career, ■ Previously Managing Director of two Cooper Basin focused ASX-listed oil and gas companies (Stuart Petroleum and Ambassador Oil & Gas) which were both sold, creating significant shareholder value. ■ His experience spans the Indonesian, Australian and US land-based Basins Andri Luthfi ■ General Manager Bass Oil Sukananti Ltd Holds both geology & PhD Petroleum Engineering qualifications (PhD in enhanced oil recovery) More than 15 years' experience across Indonesia's major basins. Most recently General Manager at Bass Oil Sukananti Ltd ■ Previously Development Manager with Samudra Energy. Board and Executive has a history of value creation in the Cooper Basin 13#14July 2021 BASS OIL LIMITED CORPORATE SNAPSHOT Capital Structure Trading History 0.45 600.0 Share Price (15-July-21) A$0.0025 Market Capitalisation A$8.4m 0.4 500.0 Shares On Issue 3.3b 0.35 Cash Estimate (31-Mar-21) Debt (31-Mar-21) Enterprise Value Share Ownership Summary Board and Executive hold >10% ~US$0.1m Nil A$8.3M Cooper Energy, 10.6% Other Shareholders, 76.1% Share Price (cents) 0.3 0.25 0.2 0.15 0.1 Guglielmo, T., 8.5% Other Board and 0.05 Management, 4.8% 0 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 Volume Closing Price (cps) 1-Apr-21 1-Jun-21 1-May-21 1-Jul-21 14 400.0 300.0 200.0 100.0 Volume (Millions)#15SUMMARY OF GROWTH STRATEGY 1 2 Cash flow generation Optimisation of existing assets Strong oil price environment resulting in increased free cash flow Utilising cash flows to optimise, appraise and develop existing assets to generate shareholder value Bass seeking to optimise existing wells to lift oil production, extend well life and increase netback margin ☐ Appraisal / 3 development 4 Exploration Seek to convert Worrior contingent resources to 2P reserves Additional development of Indonesian assets to expand production via drilling program currently scheduled for late 2021 Seeking material growth through exploration: Indonesian and Australian assets contain drill ready opportunities ☐ 5 Strategic acquisitions July 2021 With a foothold in both Indonesia and Australia, Bass is well placed to seek strategic additions to its portfolio that will increase shareholder value 15 15#16For further information, please contact: BASS OIL LIMITED - Tino Guglielmo – Managing Director [email protected] +61 3 9927 3000 www.bassoil.com.au