Bass Oil Ltd · ASX:BAS

Bass Oil — Bass Strait Oil Company — Shareholder Meeting (November 2004)

24 slides from Bass Oil's shareholder meeting presentation, Nov 26, 2004

  1. Slide 1: Bass Strait Oil Company Annual General Meeting November 2004

    BASS STRAIT a bs Oil for Australians Bass Strait Oil Company Ltd Annual General Meeting November 2004 BASS STRAIT Cid OT for Auestnatians

  2. Slide 2: Presentation Outline

    PRESENTATION OUTLINE « Company Overview « Highlights of the Year « Forward Programme « Moby-1 Drilling Operations » Exploration Review BASS STRAIT CL -

  3. Slide 3: Vic/P41, Vic/P42, Vic/P47 & Yolla permit interests

    ight © Comar ith of Australia, Ge Vic/P41 (75%), Vic/P42 (50%), Vic/P47 (40%) & Yolla (0.0648% ORR)

  4. Slide 4: Bass Strait Exploration Specialists

    ‘BASS STRAIT EXPLORATION SPECIALISTS’ » Built balanced Bass Strait acreage position « Established Gippsland Operator since 1998 « Built regional knowledge and expertise « Employ leading edge technology « High impact prospect & leads inventory « Leverage existing and developing infrastructure BASS ST

  5. Slide 5: Directors / Management / Shareholders

    DIRECTORS / MANAGEMENT / SHAREHOLDERS BOARD Bernard Wheelahan, Non-Exec Chairman — Non-Exec Chairman of Pacific Hydro & Gribbles, former Shell senior executive Geoffrey Albers, Managing Director — Lawyer & member of APPEA Exploration Committee Dr Henry Askin, Non-Exec Director — former Shell Austral

  6. Slide 6: Corporate Status

    CORPORATE STATUS » 119 million shares + 7.7 million options « Major shareholders « Directors and Management 25% « Institutions 25% (Commonwealth Bank 9%) « Total shareholders 2,600 « Market capitalisation @ 55c = $65 million » Cash on hand approximately $14 million BASS STRAIT eee eee el -

  7. Slide 7: Ocean Patriot on Moby-1

    OCEAN PATRIOT ON MOBY-1 BASS STRAIT OT for Auestnatians

  8. Slide 8: Highlights of the Year

    HIGHLIGHTS OF THE YEAR « Moby-1 & ZaneGrey-1 targets selected on 3D = Sponsored formation of MOG, $5 million IPO «= Ocean Patriot contracted for 2 + 3 wells = $16 million raised (seed plus IPO) « ASX listing on 30 September 2004 «= Moby-1 gas discovery, BAS substantially carried BASS STRAIT eee eee

  9. Slide 9: BAS Share Price Performance

    BAS SHARE PRICE PERFORMANCE meeAS ASH (0.58); oe00 O.570 0.540 O.510 0.480 0.450 0.420 0.390 0.360 0.330 0.300 o.270 — T T T T Octl4 Nowl4 BASS STRAIT eae eee Ol -

  10. Slide 10: 2005 Bass Strait Oil Company Programme

    2005 BASS STRAIT OIL COMPANY PROGRAMME Aggressive, fully-funded programme including ZaneGrey-1 and Moby-2 wells 2005 Project Timin Vic/P42 50% ZaneGrey-1 well Q1 2005 Vic/P47 40% *100 sq km 3D seismic Q1 2005 *Moby-2 well Q3 2005 *Gilbert-1 well Q3/4 2005 Vic/P41 45% 500 sq km 3D seismic Q1 2005 BAS

  11. Slide 11: Moby — Appraisal Programme

    MOBY — APPRAISAL PROGRAMME = Moby-1 gas discovery announced 13 October 2004, sidewall core analysis continuing « 3D seismic commencing December / January to confirm field extent and locate Moby-2 well « Moby-2 appraisal well: ® drilled as soon as 3% quarter 2005 ® production test gas 2 engineered as

  12. Slide 12: Moby - Conceptual Development Schemes

    MOBY - CONCEPTUAL DEVELOPMENT SCHEMES « Patricia Baleen 60 bcf, producing facilities 5 km west of Moby-1 with capacity for third party gas » One well tie-in to Patricia Baleen — economic threshold 20 to 30 bef = TWO well tie-in to Patricia Baleen — preferred at greater than 50 to 60 bcf — most likel

  13. Slide 13: Gippsland Basin - A Good Address

    GIPPSLAND BASIN - A GOOD ADDRESS at ere 40%, Operator 50%, Operator ineGrey-1 Dec 2004 _- 75>45%, Operator 3D Seismic in 2004/2005, SHES a et eer Australia’s premier hydrocarbon basin Gippsland Basin has produced to date: - 4bn bbl oil - 10 Tef gas Significant remaining potential Historical success

  14. Slide 14: Gippsland Basin - The Changing Dynamics

    GIPPSLAND BASIN - THE CHANGING DYNAMICS Northern Field | « 5— modern 3D Seismic Surveys since 2000 ~ one Operated by BSOC in Vic/P42 (2002) AAT « New better controlled : tT pro spects defined « Analogies to impact on Otway Basin where 90% success rate with 3D when drilling on DHI » BSOC to acquire 3

  15. Slide 15: Gippsland Basin — 3D Seismic Acquisition

    GIPPSLAND BASIN — 3D SEISMIC ACQUISITION « MMV Western Trident « 4-10 streamers of 5-6km each « Vic/P47 ~100km2 start Dec 2004 « Vic/P41 ~500km?2 start Jan 2005 » Vic/P42 possible 3D in NW —- subject to JV discussions BASS STRAIT een -

  16. Slide 16: Identified Prospects & Leads in Vic/P42

    IDENTIFIED PROSPECTS & LEADS IN VIC/P42 (BAS - 50%) Edina Deep 82 MMb cha Bul siseye. 4 Omeco Gas Accumulation (current study) Omeo-2A Tatra-1 Hemingway 131 MMb Recoverabie| Kilometres 434 MMb Recoverable ZaneGrey is VicfP42 30 Vic/P42 ZaneGrey South 156 MMb Recoverabie | - 77] Top Latrobe closure |

  17. Slide 17: ZaneGrey - Nannygai Payzone Level

    ZANEGREY - NANNYGAI PAYZONE LEVEL Drilied 1972 « Faulted anticline a 6m oil on logs ZANEGREY PROSPECT » Intra Latrobe play Y . |. Closure: - 9.65 km2 areal - 70 m vertical » 10 km NW of West Kingfish platform i ‘ L » 6m oil on logs in downdip Nannygai-1 » 134 MMb recoverable (net Vic/P42 only) “nt Z

  18. Slide 18: Vic/P47 Prospects & Leads

    VIC/P47 PROSPECTS & LEADS (BAS - 40%) ibert Blocks”. UNL GH & Gas tic 10% agile Say Resources NL. rauily Capital Li Longtom 1 & 2 Likely gas discovery in Emperor Judith-1 Likely gas discovery in Emperor Vic/P47 Base Strait Oil Company Lid 40% Moby Oi & Gas Lid 35% Eagle Bay Resources NL 25% Moby 3D

  19. Slide 19: Moby Field Has DHI Signatures

    MOBY FIELD HAS DHI SIGNATURES 7. Baleen Gas Fieid East Patricia ph ‘Amplitude anomaly! {top gas) = BASS STRAIT CO OT for Auestnatians

  20. Slide 20: Schematic Cross-Section Through Patricia - East Patricia - Moby

    SCHEMATIC CROSS-SECTION THROUGH PATRICIA - EAST PATRICIA - MOBY wsw Patricia - 1 aE Flatspots ESE Amplitude Gas sample anomalies Mapped spill point Flathead -1 * Gas and off show Water sample Flatspots BASS STRAIT

  21. Slide 21: Moby Field Reserves Explanation

    MOBY FIELD RESERVES EXPLANATION « Preliminary GIIP: 2 ‘base P50’ 82bcf S Vic/P47 2 ‘upside P10' 190bcf Gas chimne’ Spin y I woe Baleen 3D survey 2 Preliminary Recoverable } 1 « ‘base P50’ 58bcf Vic/L21 \ Vic/P55 : i! = ‘upside P10' 134bcf j Whaler} ee aioe E Moby Field Amplitude anomaly : L g : ‘Ups

  22. Slide 22: Judith-1 - Comparisons

    JUDITH-1 - COMPARISONS LONGTOM-1 » BHP, 1995 « 63m net gas » Porosities of 7-11%, n/g 30-52% » Poor permeability LONGTON-2 » Apache 2004 » 96m net gas « Initial indications of porosity encouraging « Production testing preparations underway JUDITH-1 « Shell Australia, 1989 » ~61m net gas » Porosities

  23. Slide 23: Vic/P41 Leads & Proposed 3D Seismic

    VIC/P41 LEADS & PROPOSED 3D SEISMIC (BAS — 75>45%) iy Fie } BREE Gas ricta SOG? 3) Seismic Survey Jan 2005 KIPLING OSCAR Sco) eee a IN _ Kipling (Prospective Resource} 8208 | | aMMbrecoverable |_| Vic/P4t | Te » Main leads analogous to Kipper + Basker/Manta fields (Golden Beach type plays); «» Kipli

  24. Slide 24: Planned Programme

    PLANNED PROGRAMME 2002-2004 2004/2005 2005/2006 Drill ZaneGrey-1 start 21 Dec Vic/P42 Dan cicnt 2004 50% 423 kam’ 3D seismic >> 2D re-interpretation of Omeo discovery ongoing Possible 3D seismic over Omeo discovery and NW area Possible well Vic/P41 222 km 2D seismic >> | A°auire 500 km” 3D seismic 3

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