Bass Oil Ltd · ASX:BAS
Bass Oil — Bass Strait Oil Company — Shareholder Meeting (November 2006)
33 slides from Bass Oil's shareholder meeting presentation, Nov 27, 2006
Slide 1: Bass Strait Oil Company Ltd - Oil for Australians
BASS STRAIT & be Oil for Australians Bass Strait Oil Company Ltd BASS STRAIT Oil ba
Slide 2: Directors and Management
DIRECTORS AND MANAGEMENT — 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 Committee — Geoffrey Albers,
Slide 3: Corporate Status
CORPORATE STATUS « 129 million shares + 15 million options « Directors and Management approximately 25% « Top twenty approximately 30% « Total shareholders 2,800 » Market capitalisation approximately $10 million » Cash approximately $2.5 million BASS STRAIT i a |e A Coit for kasestines
Slide 4: Activity Since ASX Listing
ACTIVITY SINCE ASX LISTING “ ASX listing on 30 September 2004, $16 million raised “ Moby-1 gas discovery well drilled October 2004 4 Oscar, Moby and Bazzard 3D surveys recorded January - March 2005 “ ZaneGrey-1 gas and condensate discovery well drilled March 2005 . $2 million placement October 2005
Slide 5: Bass Strait
BASS STRAIT
Slide 6: BAS Forward Programme
BAS FORWARD PROGRAMME BASS STRAIT Sass eee fi
Slide 7: BAS Gippsland Basin Acreage
BAS GIPPSLAND BASIN ACREAGE BASS STRAIT Dil Coil for str aues
Slide 8: BAS Gippsland Basin 3D Seismic Investment
BAS GIPPSLAND BASIN 3D SEISMIC INVESTMENT » Over 7000 sq km of 3D data on BAS interpretation system « Approximately 2000 sq km of proprietary 3D data » Oscar survey basis for Vic/P41 farmout » 500 sq km new Vic/P42 3D scheduled for Q1 2007 with Apache sme. Gags Pipeline. BAS Seismic Database 222.845
Slide 9: Vic/P42 Prospects & Leads - BAS 20% after farmout
VIC/P42 PROSPECTS & LEADS - BAS 20% after farmout I ‘ta8°00E Apache farmin will free-carry BAS through: - 500 sq km 3D seismic Q1/07 - one exploration well Q3 2007 Value of Apache work estimated at approximately $35 million New survey will complete 3D coverage in northwest area of permit Appraisal o
Slide 10: Vic/P42: Tarra SE / Devilfish Leads
VIC/P42: TARA SE/ DEVILFISH LEADS SW Tarra SE Devilfish NW NE CC NW of Vic/P42 only 2D seismic coverage >10 significant leads with many plays Examples: «Tarra SE Low risk top Latrobe, analogous to Perch Oil Field «Devilfish NW Higher risk intra- Latrobe fault closure BASS STRAIT Coil for str aues
Slide 11: Vic/P42: Hemingway Prospect - Seismic Dip Line
VIC/P42: HEMINGWAY PROSPECT - SEISMIC DIP LINE Megr Top Kingfish Formations Siva Event Rear Top Nannygal ore Pay Zone cesses: Top Golders Beach 3D DIP LINE Downthrown fault closure Intra Latrobe play Closure: ~ 13.0 km? areal - 160 m vertical On trend with proven fault seal in Omeo-1 131 MMb prospec
Slide 12: Vic/P41 Prospects and Leads - BAS 45% and operator
VIC/P41 PROSPECTS AND LEADS — BAS 45% and operator I ij 1 ease sere: apis Ni * » Renewed for 5 year term 20 September 2006 « Acquired 575 sq km Oscar 3D survey February 2005 » Structural interpretation complete « Kipling Prospect analogous to Kipper » Oscar prospects : analogous to Basker BARRAMUNDI
Slide 13: A 1) PRO @
2 A 1) PRO @ | , Northern | 4 , NN Kipper Fields 20 | J sa6 7] On as vieiPat ie! Gas Field at fi: ie! Kipper \ Retinguished a 8D ran Benchley — ein (1999) \_ Ss [Kipling Prospect Prospect Cotton f = = 4Prospect NES J oe 1) Hey POLO Ap PE STONES GH b ® | Basker/ 2 Manta/ BG: Gummy Oil & Gas A Oscar P
Slide 14: Vic/P41: Schematic Cross-Section - Kipling Lead
VIC/P41: SCHEMATIC CROSS-SECTION - KIPLING LEAD (WITH KIPPER FIELD INSET) s Hammerhead - 1 N aN KN “Upper” Latrobe Group Golden Beach Sub-Group Sanne ‘ oe Atier O'Halloran & Jonnstone, 2001 BASS STRAIT ..sdizsaiéCw#é+dé.é.ét€.CO Ck ba Coil for str aues
Slide 15: Vic/P41: Kipling Prospect
VIC/P41: KIPLING PROSPECT Skm i Oscar XLN-1380 showing Kipling Prospect downthrown fault closure Golden Beach prospective reservoir juxtaposed against Strzelecki in upthrown block AVO work suggests gas cap at culmination = fault seal Bright events at top Golden Beach likely to be volcanics = effecti
Slide 16: A 1) PRO @
2 A 1) PRO @ | , Northern | 4 , NN Kipper Fields 20 | J sa6 7] On as vieiPat ie! Gas Field at fi: ie! Kipper \ Retinguished a 8D ran Benchley — ein (1999) \_ Ss [Kipling Prospect Prospect Cotton f = = 4Prospect NES J oe 1) Hey POLO Ap PE STONES GH b ® | Basker/ 2 Manta/ BG: Gummy Oil & Gas A Oscar P
Slide 17: Basker / Oscar Comparison
BASKER / OSCAR COMPARISON BASKER-1 B * “1900 + DEPTH (mSS) 8 2 E -3006 ~] 4000 5 Basker/Manta Schematic Cross Section 2km Top T. Lilfiel GUMMY-1 MANTA-1 CHIMAERA-1 o "oO A N of mm Sea Floor ee Base Gippsland Limestone _~ Top Channel (=. Base Channel Base L. Balmei : gj Top Golden Beach Subgroup Aloe
Slide 18: Basker / Oscar Comparison
BASKER / OSCAR COMPARISON SOUTH Basker Inline Basker Field Gummy Fiel Y NORTH SOUTH < Oscar Inline Oscar p NORTH « Oscar leads on trend with Basker @ Sharket « Thick prospective reservoir section interpreted at intra-Latrobe and Golden Beach » Multiple volcanic seals suggested on seismic BASS STRAIT
Slide 19: Latrobe Group Source Rock Maturity - Seaspray Group Isopach Map
LATROBE GROUP SOURCE ROCK MATURITY - SEASPRAY GROUP ISOPACH MAP *Overburden decreases eastward in basin *Overburden removed in Bass Canyon to southeast *Latrobe Halibut Subgroup and Golden Beach sequences oil mature for Ci mere Vic/P41 prospects at Hatibut Suogroup pecert cs : Present day | Modified
Slide 20: Vic/P41: Deep Water Leads - Eastern Area
VIC/P41; DEEP WATER LEADS — EASTERN AREA Prospective one-line structuring « Further 2D seismic coverage needed « Deeper water « Charge risk BASS STRAIT ...sdizaiés#é#é#+.zéé.c.é.hw€...ttiCd ba Coil for str aues
Slide 21: Vic/P47: Prospects and Leads - BAS 40% and operator
VIC/P47: PROSPECTS AND LEADS - BAS 40% and operator ‘Ripdiie, « Judith-1 gas discovery upgraded by eer Blocks” aby OF Gor . . Fa aul Bay Resouces Vic/P47 results of Longtom-3 production test Lakes OF Bass Strait Oit Company Ltd 4% . a ‘ Siler B Meby GI Saeed sie demonstrating first commercial flow f
Slide 22: Judith-1 - Well Seismic Tie - Northern Fields 3D
JUDITH-1 — WELL SEISMIC TIE — NORTHERN FIELDS 3D eee ee ee a Make swore 1 pg aq Te esas asa: 4577 4573 al topos | tap sopGrese 3 Sse Gress 2 top Gress 4 Bose Gross 4 BASS STRAIT Coil for str aues
Slide 23: Judith-1 - Seismic Amplitude Response
JUDITH-1 — SEISMIC AMPLITUDE RESPONSE Judith-1 BASS STRAIT Dil Coil for str aues
Slide 24: Longtom / Judith Comparison
LONGTOM/ JUDITH COMPARISON Longtom Inline SOUTH Longtom Gas Judith Inline NORTH SOUTH Judith Gas ‘Accumulation > © Accumulation ae 4 q ey NGTOM a » Judith — highside tilted fault block PAKIEAP! | » Longtom —lowside 3-way dip closure wn ake » Identical reservoir sequence ———— « Both defined by Esso N
Slide 25: Seismic Tie - Judith-1 to Longtom-1
SEISMIC TIE — JUDITH-1 TO LONGTOM-1 ipper Shale & Admiral ied by Longton tled & angle Judith to Longtom Tie JUDITH IZAAK LEAD » Longtom-1 gas-bearing Emperor continuous with Judith section - same age = Both discoveries defined on same modern 3D dataset = Additional potential within upper & lower unp
Slide 26: Gippsland Basin Emperor Play Fairway
GIPPSLAND BASIN EMPEROR PLAY FAIRWAY Approximate Emperor Subgroup Piay Fairway BASS STRAIT
Slide 27: Bass Basin Acreage - BAS 100% and operator
BASS BASIN ACREAGE — BAS 100% and operator a aE Durroon Sub-basin srailal : giana ame reranciet » Two Durroon Sub- Senet . a basin permits H le Mennugpieeees 4 . Pg i yhoo Terr| ene awarded February | ; gee ; 2 : : 2006 weal 2S Au Ae geet) 6,120 sq km contain one shallow well (with shows) on sparse
Slide 28: Bass Basin: T/42P and T/43P Leads
BASS BASIN :T/42P and 1/43P LEADS « Durroon Sub-basin exhibits significant NW-SE structuring » Leads as identified by previous operators and studies » Potential for new play concepts in BMR-306 undrilled section « Initial studies / data collection underway Sass sea Ol a BASS STRAIT Col
Slide 29: Durroon Sub-Basin Seismic Cross-Section
DURROON SUB-BASIN SEISMIC CROSS-SECTION Durroon Sub-Basin Durroon-1 ESE or rs Ty a ( Tee ae Seismic Line bmr88-306 Possible turbidite sands with stratigraphically trapped hydrocarbons BASS STRAIT
Slide 30: Otway Basin - Portland Trough Oil Fairway
OTWAY BASIN — PORTLAND TROUGH OIL FAIRWAY PEP 150 * — Oil prone source rocks in parts of the Portland Trough interpreted to provide relatively recent oil generation where source rocks have not passed into the gas phase as is common in the Otway * Relatively young and shallow reservoirs have access t
Slide 31: Otway Basin - BAS Acreage
OTWAY BASIN — BAS ACREAGE ‘PEP450.__ Diciiy aa BASS STRAIT ines " wn E i, : les ig al NN Say, > . a ames me “ SS BATIERSBY PROSPECT — “wontu“4 “ Bee ova Ss \ MB oosrice ‘ vues ww Bop tead eal ae - LB Proves to * BAS 25% in PEP 151 « BAS farming-in to earn 15% in PEP 150 « PEP 150 contains Lindon oil
Slide 32: Bass Strait
BASS STRAIT
Slide 33: Important Notice - Disclaimer
IMPORTANT NOTICE - DISCLAIMER 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 Co
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