Bass Oil Ltd · ASX:BAS
Bass Oil — Bass Strait Oil Company — Shareholder Meeting (November 2007)
33 slides from Bass Oil's shareholder meeting presentation, Nov 30, 2007
Slide 1: Bass Strait Oil – Oil for Australians
BASS STRAIT Oli Oil for Australians
Slide 2: Upcoming Exploration Activity
BASS STRAIT Oil for Australians Upcoming Exploration Activity @ Free-carry through early 2008 Gippsland Basin exploration ‘well via Apache farm-in. e Farmout potential for additional drilling of large 3D-defined Gippsland prospects in 2008/09. é Industry planning unprecedented level of drilling acti
Slide 3: Directors and Management
DIRECTORS AND MANAGEMENT For personal use only – Bernard Wheelahan, Chairman – Chairman of Pacific Hydro, Deputy Chairman Transfield Services Ltd, former Shell senior executive – Andrew Adams, Managing Director – BSc, MBA, former Amoco Canada and Santos executive, member of APPEA Exploration Committ
Slide 4: BAS Interest Permits
BAS INTEREST PERMITS For personal use only Gippsland VIC/P42 – 20% post farmout VIC/P41 – 45% operator VIC/P47 – 40% operator Bass T/42P & T/43P – 100% operator Otway PEP167 – 100% operator PEP150 – farmin right to 15%
Slide 5: BAS Gippsland Basin 3D Seismic Investment
BAS GIPPSLAND BASIN 3D SEISMIC INVESTMENT For personal use only Over 7000 sq km of 3D data on BAS interpretation system Approximately 2000 sq km of proprietary 3D data 500 sq km Vic/P42 Marie 3D acquired April 2007 Marie 3D
Slide 6: Rigs Returning to SE Australia
RIGS RETURNING TO SE AUSTRALIA For personal use only
Slide 7: BAS Recent Share Price Performance
BAS RECENT SHARE PRICE PERFORMANCE For personal use only
Slide 8: Corporate Status
CORPORATE STATUS For personal use only – 129 million ordinary shares – 6.9 million unlisted options – Top twenty shareholders hold over 35% – Total shareholders 2,180 – Market capitalisation approximately $17 million – Cash approximately $1.4 million
Slide 9: BAS Interest Permits
BAS INTEREST PERMITS For personal use only Gippsland VIC/P42 – 20% post farmout VIC/P41 – 45% operator VIC/P47 – 40% operator Bass T/42P & T/43P – 100% operator Otway PEP167 – 100% operator PEP150 – farmin right to 15%
Slide 10: 2007 Exploration Activity Summary – Offshore Gippsland Basin Permits
2007 EXPLORATION ACTIVITY - SUMMARY For personal use only OFFSHORE GIPPSLAND BASIN PERMITS VIC/P42 (BAS 20% post farmout) ¾ Marie 3D survey acquired by Apache as part of farmin ¾ Apache confirmed farmin well planned for March 2008 (BAS free carry) VIC/P47 (BAS 40%) ¾ Studies suggest Judith-1 gas dis
Slide 11: 2007 Exploration Activity Summary – Offshore Bass Basin Permits
2007 EXPLORATION ACTIVITY - SUMMARY For personal use only OFFSHORE BASS BASIN PERMITS T/42P & T/43P(BAS 100%) ¾ Building data base ¾ Mapped available seismic identifying several large structural leads ¾ Ongoing studies of the petroleum system prove encouraging ¾ Have an option to acquire 1,100km 2D
Slide 12: 2007 Exploration Activity Summary – Onshore Otway Basin Permits
2007 EXPLORATION ACTIVITY - SUMMARY For personal use only ONSHORE OTWAY BASIN PERMITS PEP167 (BAS 100%) ¾ Awarded effective 1 July 2007 ¾ Studies targeted the 1987 Windermere-1 oil discovery and follow up prospects and leads ¾ Early planning for possible 2008 Windermere appraisal (target - early oil
Slide 13: BAS Forward Programme
BAS FORWARD PROGRAMME For personal use only Gippsland: Vic/P41 • Possible drilling of 3D defined ? 2009 drilling BAS 45% operator prospects, subject to funding • 2D seismic acquisition (250 kms) Q2, 2008 Gippsland: Vic/P42 • Apache farmin exploration well Q1, 2008 BAS 20% post farmout • Potential fo
Slide 14: BAS Gippsland Basin Acreage
BAS GIPPSLAND BASIN ACREAGE For personal use only
Slide 15: VIC/P42 Prospects & Leads – BAS 20% after farmout
VIC/P42 PROSPECTS & LEADS - BAS 20% after farmout For personal use only Apache farmin free-carry BAS through: - 500 sq km 3D seismic - one exploration well Q1, 2008 Value of Apache work estimated at approximately $40 million Tarra SE probable 2008 well. Final target selection early 08 based on
Slide 16: VIC/P42: Tarra SE
VIC/P42: TARRA SE Marie 3D - Top Latrobe Group Two-way Time Map For personal use only Tarra North TARRA SE PROSPECT Tarra SE • Well defined Top Latrobe Downthrown feature • Closures mapped on both upthrown and downthrown fault blocks • Stacked closure potential Seismic Traverse Tarra SE Upthrown 0 5
Slide 17: VIC/P42: Tarra SE and Dolphin Field Analogue
VIC/P42: TARRA SE and DOLPHIN FIELD ANALOGUE For personal use only Dolphin Field 24 MMbbls Tarra SE
Slide 18: VIC/P41 Prospects and Leads – BAS 45% and operator
VIC/P41 PROSPECTS AND LEADS – BAS 45% and operator For personal use only 3D defined, high impact prospects, ready to drill ¾ Kipling Prospect, analogous to Kipper field P50: 124 MMbbls +620 Bcf ¾ Benchley, GB and Halibut targets P50: 184 MMbbls + 1.4 Tcf ¾ Oscar prospects analogous to Basker/Manta
Slide 19: VIC/P41 Seismic Acquisition – 2008
VIC/P41 SEISMIC ACQUISITION - 2008 For personal use only 2008 Seismic Survey - targeted leads SURVEY DETAILS: - 14 lines, total 252kms new 2D data - Targeting identified leads with ca. 1.5x3km seismic grid - Will fulfill the Year 3 work commitment
Slide 20: VIC/P41: Deep Water Leads – Eastern Area
VIC/P41: DEEP WATER LEADS – EASTERN AREA For personal use only S LEAD A N Golden Beach feature Lacks seismic control Potentially large structure Lies in ca 600 metres water
Slide 21: Gippsland Basin Emperor Play Fairway
GIPPSLAND BASIN EMPEROR PLAY FAIRWAY For personal use only
Slide 22: VIC/P47: Prospects and Leads – BAS 40% and operator
VIC/P47: PROSPECTS AND LEADS - BAS 40% and operator For personal use only Judith-1 gas discovery upgraded by results of Longtom-3 production test, demonstrating first commercial flow from Emperor Subgroup reservoir units Judith technical studies suggest similar appraisal/development potential as
Slide 23: Judith Appraisal Opportunities
JUDITH APPRAISAL OPPORTUNITIES For personal use only
Slide 24: Bass Basin Acreage – BAS 100% and operator
BASS BASIN ACREAGE – BAS 100% and operator (Awarded February 2006) For personal use only T/42P & T/43P - total 6,120 sq km capturing much of the Durroon Sub basin play Under explored area with one well, limited 2D seismic Basin is now fully permitted, drilling planned in 2008 Favourably loca
Slide 25: Bass Basin Acreage – Regional Setting
BASS BASIN ACREAGE – REGIONAL SETTING For personal use only Durroon Sub basin lies east of Chat AZ (Accommodation Zone) Evaluation focus on petroleum system plus mapping available 2D seismic Major NW/SE structure evident on depth to Z tA basement map a Ch Untested source “kitchens” identifie
Slide 26: Durroon Sub Basin Seismic & Well Database
DURRON SUB BASIN SEISMIC & WELL DATABASE For personal use only Limited 2D seismic mainly on structural highs T/43p 2 wells drilled - Durroon-1 (1972) & Chat-1 (1986) Both structurally invalid Basin limit T/42P T/42P
Slide 27: Bass Basin Acreage – BAS 100% and operator
BASS BASIN ACREAGE – BAS 100% and operator For personal use only Seismic mapping results to date: Chat-1 and Durroon-1 wells considered structurally invalid tests Several large structural leads identified at 3 stratigraphic levels Additional seismic required to mature the leads
Slide 28: Onshore Otway Basin – BAS Acreage
ONSHORE OTWAY BASIN – BAS ACREAGE For personal use only • BAS 100% in PEP 167, contains Windermere-1 oil discovery • PEP 150 contains Lindon oil discovery, permit to be awarded pending native title • BAS farm in to PEP150 for 15% interest
Slide 29: Otway Basin: PEP167, Windermere-1 Oil
OTWAY BASIN: PEP167, WINDERMERE-1 OIL For personal use only Windermere-1: ¾ drilled in 1987 ¾ recovered 32 bbls oils on test ¾ suspended oil discovery Windermere-2 drilled in 1989, dry, tested a separate structure Technical studies ongoing ¾ Re-assessing well results ¾ Enhancing data base ¾ Remappin
Slide 30: Acreage Portfolio Overview
ACREAGE PORTFOLIO OVERVIEW For personal use only Total SE Australian acreage now 14,000 sq km; located in three basins – ¾ Prolific offshore Gippsland ¾ Proven onshore Otway ¾ Frontier offshore Durroon Sub basin (Bass Basin) Well balanced “conveyor belt” of opportunities – ¾ Mature exploration and p
Slide 31: Upcoming Exploration Activity / Contact Information
BASS STRAIT Oil for Australians Upcoming Exploration Activity @ Free-carry through early 2008 Gippsland Basin exploration ‘well via Apache farm-in. e Farmout potential for additional drilling of large 3D-defined Gippsland prospects in 2008/09. é Industry planning unprecedented level of drilling acti
Slide 32: New Website
For personal use only NEW WEBSITE
Slide 33: Disclaimer
DISCLAIMER For personal use only This presentation has been prepared by Bass Strait Oil Company 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
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