Bass Oil Ltd · ASX:BAS

Bass Oil — Bass Strait Oil Company — Investor Presentation (October 2005)

32 slides from Bass Oil's investor presentation, Oct 3, 2005

  1. Slide 1: Bass Strait Oil Company Ltd Investor Presentation

    BASS STRAIT Fe BASS STRAIT OIL COMPANY Ltd ACN 008 694 817 Tel: (+61 3) 9614 0426 Level 25 Fax: (+61 3) 9629 6278 he 500 Collins Street Email: admin@bassoil.com.au é. copalt Melbourne Victoria 3000 Australia Website: www.bassoil.com.au Col far Australians ASX RELEASE Bass Strait Oil Company Ltd Inve

  2. Slide 2: Oil for Australians

    BASS STRAIT © ~ Oil for Australians Bass Strait Oil Company Ltd BASS STRAIT ei ha al

  3. Slide 3: Bass Strait Oil Company Ltd

    ESRI BASS STRAIT OIL COMPANY LTD inc www.bassoil.com.au Bass Strait Oi! Company Ltd, Leva! 25, 500 Collins Street, Melbourne, Victoria 3000 Australia, Telephone: (61) (4) 9614 0426, Facsimile: (61) (2) 9629 6273, Email: admiin@bassoilcom.au BASS STRAIT

  4. Slide 4: Directors / Management / Shareholders

    DIRECTORS / MANAGEMENT / SHAREHOLDERS BOARD Bernard Wheelahan, Non-Exec Chairman — Non-Exec Chairman of Pacific Hydro, Deputy Chairman Transfield Services Ltd, former Sheil senior executive Geoffrey Albers, Non-Exec Director — Lawyer & member of APPEA Exploration Committee Dr Henry Askin, Non-Exec D

  5. Slide 5: Corporate Status

    CORPORATE STATUS » 119 million shares + 10 million options = Major shareholders » Directors and Management 25% « Institutions 15% (Commonwealth Bank 9%) : l1otal shareholders 2,600 : Market capitalisation @ 22c = $26 million BASS STRAIT ey fl ee

  6. Slide 6: BAS Gippsland Basin Acreage

    BAS GIPPSLAND BASIN ACREAGE ee eee BAS 40%, Operator Compilets Sept 04 Maby-1 gas discovery 448km* Moby 3D seismic survey Activity Forecast Maclear 6 2005 med BAS 45%, Operator Completed Since Sept 04 575km’ Oscar 3D Seismic Survey | Activity Forecast fe Prospect generation I Potential for 2 wells i

  7. Slide 7: 2004/2005 Activity

    2004/2005 ACTIVITY: » ASX listing on 30 September 2004, $16 million raised (seed plus IPO) « Moby-1 gas discovery drilled October 2004 « Moby and Oscar 3D surveys recorded January and February 2005 » ZaneGrey-1 gas and condensate discovery drilled March 2005 «» Maclean-1 to be drilled October 2005 «

  8. Slide 8: Moby-1 Result: Schematic Cross-Section

    MOBY-1 RESULT: SCHEMATIC CROSS-SECTION wsw Patricia +4 3 Gas sample recovered from _Gurnard Formation ESE MOBY. Moby -1 Flathead «4 * * Gas and oil show Water sample » BAS Vic/P47 farmin well » October 2004, TD 660m » Recovered gas sample from Gurnard Fm target » 12.5 net gas pay in Gurnard Fm (comp

  9. Slide 9: ZaneGrey-1 Result: Schematic Cross-Section

    ZANEGREY-1 RESULT: SCHEMATIC CROSS-SECTION » Vic/P42, BAS 50% South ZaneGrey-1 Nannygai-1 —- North te id Sane > a January - March 2005 ~ Saturate: Sample ecovered » TD 3198m TVDSS - 2.5m net pay intersected » Recovered gas/condensate from Intra-Latrobe ‘Nannygai Sand’ « 2.5 net gas/condensate pay in

  10. Slide 10: 2005 BAS Programme

    2005 BAS PROGRAMME Actual vs Forecast 2005 Activity November 2004 Activity | Forecast Progress at Forecast Timing September 2005 Vic/P42 50% | ZaneGrey-1 well Q1 2005 Gas and condensate recovered Q1/05 Vic/P47 40% | +100 sq km 3D seismic Qi 2005 148 sq km Q1/05 *Moby-2 well Q3 2005 Maclean-1 Q4/05 *

  11. Slide 11: BAS Gippsland Basin 3D Seismic Database

    BAS GIPPSLAND BASIN 3D SEISMIC DATABASE « All BAS Gippsland Basin prospects are 3D defined — reduced exploration risk » Over 7000 sq km of 3D data on BAS interpretation system » Approximately 2000 sq km of proprietary 3D data « Drilling activity to capitalise on 3D investment « Potential for further

  12. Slide 12: 2006 BAS Forecast Programme

    2006 BAS FORECAST PROGRAMME Drilling to Capitalise on 2005 3D Seismic Investment Expand Acreage / Renew Opportunities 2006 Project Timing ViciP47 40% Gilbert-1 (BAS operator only) | Q4 2005 Maclean-1 Q4 2005 ViciP41 45% 3D interpretation Q4 2005 2 Potential wells (farmout?) | Q2/3 2006 ViciP42 50% «

  13. Slide 13: Vic/P41, Vic/P42, Vic/P47 and Yolla map

    Map Copyright © Commonwealth of Ausiralia,; Geoscience Australia Vic/P41 (45%), Vic/P42 (50%), Vic/P47 (40%) & Yolla (0.0648% ORR) BASS STRAIT .=«—«Czrd«=siCéséN####CCCCCCOW®CNOw#CCO;iCiéC#C.CUCS au“

  14. Slide 14: Vic/P47 Prospects and Leads (BAS 40%)

    VIC/P47 PROSPECTS AND LEADS (BAS 40%) Moby. O18. Gas Ltd Eage Bay ResotcesN Gippslend Ofshore Pell Lakes Oll-Nu a Lig ue ioum Ld 51%. FPROSPECT: Flathead Anticlin Moby 30 Survey Gas Field Proapoct/ Lead | Maclean-1 to be drilled October 2005 prospective resource P50 77mmbbi Gilbert-1 (operator only)

  15. Slide 15: Maclean Dip Line

    MACLEAN DIP LINE Reservoir sequence faulted against Strzelecki basement _a Top Kingfish Fm target prognosed at 638m « 81m gross reservoir expected (versus 2m in Moby-1) _« High n/g inferred from nearby well correlation — P50 = 75% Maclean location seismic line BASS STRAIT dil

  16. Slide 16: Maclean Prospect

    MACLEAN PROSPECT Vic/P47 Schematic Vic/L21 Cross-section Wie /PBE Flathead Fathead La Anticline | Northern fimit of ‘Latrobe’ reservoir Maclean Downthrown fault closure - Latrobe Extent of Moby 3D survey BASS STRAIT BASS STRAIT di

  17. Slide 17: Schematic Cross Section Through Maclean

    SCHEMATIC CROSS SECTION THROUGH MACLEAN South Gippsland Lst / Lakes Entrance Fm Gurnard Formation Halibut Subgroup Strzetecki Group “Seal” Top Kingfish Formation Maclean-7 Location Maclean Prospect a ¢ A Flathead-1 e Goad oil shows in veneer of sandstone Anticline Kilometres Flathead North BASS STRA

  18. Slide 18: Longtom / Judith Comparison

    LONGTOM / JUDITH COMPARISON Longtom Inline Longitom Field NORTH SOUTH ae Ae » Judith on trend with Longtom » Identical reservoir sequence » Judith drilled and defined by modern 3D lees BASS STRAIT eee ||| [|= | |F|TTF;FE_-_=ZE OOH for Ausseatiaus

  19. Slide 19: Judith-1 - Comparisons

    JUDITH-1 - COMPARISONS LONGTOM-1 LONGTON-2 JUDITH-1 BHP, 1995 63m net gas Porosities of 7-11%, n/g 30-52% Poor permeability Apache 2004 96m net gas Initial indications of porosity encouraging Production testing flowed gas at 18-19 MMscef/d (unstabilised) Shell Australia, 1989 ~61m net gas Porosities

  20. Slide 20: Vic/P47 - Prospects & Leads Inventory

    VIC/P47 - PROSPECTS & LEADS INVENTORY: * Provisional & deterministic estimate only BASS STRAIT ei OOH for Ausseatiaus

  21. Slide 21: Vic/P41 Prospects and Leads (BAS 45%)

    VIC/P41 PROSPECTS AND LEADS (BAS 45%) WR ovres EES ca: ried (2) Top Latrobe dosure (7) intarLatvobe closuce WA Goren Feach closure « Interpretation of 2005 3D will 578k" 30 a ae potentially result in two or more 2006 Seismic Survey Feb/Mar 2005 | | L wells « Kipling lead analogous to, potentially la

  22. Slide 22: Vic/P41 - Schematic Cross-Section - Kipling Lead

    VIC/P41 - SCHEMATIC CROSS-SECTION - KIPLING LEAD (WITH KIPPER FIELD INSET) § Hammerhead - 4 N Ha “Upper” Latrobe Group Golden Beach Sub-Group & After OMalloran & Johnstone, 2007 BASS STRAIT

  23. Slide 23: Vic/P41: Kipling Lead Preliminary 3D Results

    VIC/P41: KIPLING LEAD PRELIMINARY 3D RESULTS tt " Kipling closure with response Bright’ seismic TLE Seni a7 « Mapping of “Kipper Play” over Kipling Lead « Golden Beach reservoir shows amplitude brightening with possible concordance with closure, due to: «Volcanic top seal (as in Kipper) 2And/or gas

  24. Slide 24: Vic/P41: Oscar 3D Survey Preliminary Results

    VIC/P41: OSCAR 3D SURVEY PRELIMINARY RESULTS « Seismic traverse along downthrown side of Rosedale Fault showing: aBenchley Latrobe closure «Cotton Latrobe closure « High data quality augurs well for prospect definition « Interpretation ongoing and results expected ->Nov 05 BASS STRAIT dl

  25. Slide 25: Basker / Oscar Comparison

    BASKER / OSCAR COMPARISON SOUTH Basker Inline Basker Field _p» Gummy Field Y _» NORTH oe Oscar Inline SOUTH « pseat p> NORTH « Oscar leads on trend with Basker « Thick with prospective reservoir section interpreted « Proven play in Basker reduces risk for Oscar BASS STRAIT

  26. Slide 26: Basker / Oscar Comparison

    BASKER / OSCAR COMPARISON BASKER-1 GUMMY-1 MANTA-1 CHIMAERA-1 s B * oy * oO A N . Basker-1 1983 Shell ee pp po Sea Floor discovery flowed record Basker/Manta 5741bbl/d +000 J pahematic » 23.3 MMb P50 oil “ ross section reserves Basker-Manta a ae “timestone | « Basker-2 preparing to a 2km = Top Chann

  27. Slide 27: Vic/P41 - Prospects & Leads Inventory

    VIC/P41 - PROSPECTS & LEADS INVENTORY: vera SD interpretation : 3D. interpret ition L vicPat _viceai Wilde Lead : Se i * Provisional & deterministic estimate only BASS STRAIT OOH for Aus

  28. Slide 28: Vic/P42 Prospects & Leads (BAS - 50%)

    VIC/P42 PROSPECTS & LEADS (BAS - 50%) «» ZaneGrey-1 gas condensate discovery March 2005 Resource 82 MMb aneGrey « Small accumulation currently Gast considered non-commercial, “aiscovery, discussions continuing « Depth conversion risk reduced, . , . : “Nannygai Sandstone’ play Edina-1 oe proven Gurma

  29. Slide 29: Hemingway Prospect - Seismic Dip Line

    HEMINGWAY PROSPECT - SEISMIC DIP LINE « Downthrown fault closure » Intra Latrobe play a Closure: ~ 13.0 km? areal - 160 m vertical Near Tap Kingfistn Formato: | » On trend with proven fault 55 Ma Ewan seal in Omeo-1 « 131 MMb prospective Near Top Nareygal resource Pay Zone fop Golden Beach 3D DIP LI

  30. Slide 30: Vic/P42: Tara SE / Devilfish Leads

    VIC/P42: TARA SE/ DEVILFISH LEADS sw _Tarra SE Devilfish NW NE NW of Vic/P42 only 2D seismic coverage «3D acquisition candidate >10 significant leads with many plays Examples: starra SE Low risk top Latrobe, analogous to Perch Oil Field »Devilfish NW Higher risk intra- Latrobe fault closure BASS STR

  31. Slide 31: Vic/P42 - Prospects & Leads Inventory

    VIC/P42 - PROSPECTS & LEADS INVENTORY: BASS STRAIT

  32. Slide 32: Bass Strait Oil Company - Prospects & Leads Summary

    BASS STRAIT OIL COMPANY - PROSPEC]S & LEADS SUMMARY » All prospects defined on modern 3D data « 95 ‘drill-ready’ targets — Maclean to be drilled October 2005 » §6 further leads currently being interpreted on new 3D data » Prospective resources estimated nett to BAS >328MMb and 588bcf « More than 11

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