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Investor Presentaiton

THE 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

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