Bass Oil Ltd · ASX:BAS
Bass Oil — Bass Strait Oil Company — Shareholder Meeting (November 2005)
33 slides from Bass Oil's shareholder meeting presentation, November 2005
Slide 1: Annual General Meeting November 2005
Annual General Meeting November 2005
Slide 2: Operator of three offshore Gippsland Basin permits
e Operator of three offshore 7 Gippsland Basin permits = _:Bhree wells drilled and two 3D seismic surveys recorded since =u a _September 2004 ASX listing x. Massive Gippsland Basin 3D = “seismie dataset generating new drilling tatgets ¢ Potential for 2 well farmout in Vic/P41 on trend with Kipper /
Slide 3: Directors and Management
DIRECTORS AND MANAGEMENT BOARD – Bernard Wheelahan, Non-Exec Chairman – Non-Exec Chairman of Pacific Hydro, Deputy Chairman Transfield Services Ltd, former Shell senior executive – Geoffrey Albers, Non-Exec Director – Lawyer & member of APPEA Exploration Committee – Dr Henry Askin, Non-Exec Director
Slide 4: Corporate Status
CORPORATE STATUS 129 million shares + 15 million options Major shareholders Directors and Management 25% Institutions 15% (Commonwealth Bank 9%) Total shareholders 2,600 Market capitalisation @ 13 c = $17 million Cash and receivables approx $3 million 3
Slide 5: BAS Gippsland Basin Acreage
BAS GIPPSLAND BASIN ACREAGE 4
Slide 6: 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 $2 million placement October 2005 Macl
Slide 7: Moby-1 Result: Schematic Cross-Section
MOBY-1 RESULT: SCHEMATIC CROSS-SECTION BAS Vic/P47 farmin well October 2004, TD 660m Recovered gas sample from Gurnard Fm target 12.5 net gas pay in Gurnard Fm (comparison with PB implies scope for increase) Subsequent 3D seismic indicates reservoir compartmentalisation, impacting on devel
Slide 8: ZaneGrey-1 Result: Schematic Cross-Section
ZANEGREY-1 RESULT: SCHEMATIC CROSS-SECTION Vic/P42, BAS 50% January - March 2005 TD 3198m TVDSS Recovered gas/condensate from Intra-Latrobe ‘Nannygai Sand’ 2.5 net gas/condensate pay intersected at edge of structure Oil leg possible but unlikely Currently considered non-commercial 7
Slide 9: BAS Gippsland Basin 3D Seismic Database
BAS GIPPSLAND BASIN 3D SEISMIC DATABASE 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 3D acquisition in 2006 8
Slide 10: 2005 BAS Programme: Actual vs Forecast Activity
2005 BAS PROGRAMME Actual vs Forecast 2005 Activity November 2004 Activity Forecast Progress at Forecast Timing November 2005 Vic/P42 50% ZaneGrey-1 well Q1 2005 Gas and condensate recovered Q1/05 Vic/P47 40% •100 sq km 3D seismic Q1 2005 148 sq km Q1/05 •Moby-2 well Q3 2005 Maclean-1 Q4/05 •Gilbert
Slide 11: Bass Strait Oil Company Acreage
BASS STRAIT OIL COMPANY ACREAGE Map Copyright © Commonwealth of Australia, Geoscience Australia Vic/P41 (45%), Vic/P42 (50%), Vic/P47 (40%) & Yolla (0.0648% ORR), PEP 151 (earning 25%), PEP 150 (option to earn 15%) 10
Slide 12: 2006 BAS Forecast Programme
2006 BAS FORECAST PROGRAMME Capitalise on 2005 Gippsland 3D Seismic Investment Drilling for Oil Targets in Onshore Otway Expand Acreage / Renew Opportunities 2006 Project Timing PEP 151 25% Pritchard-1 farmin well Q1 2006 Vic/P41 45% •3D interpretation Q4 2005 •2 potential wells via farmout ?Q2/3 20
Slide 13: Vic/P41 Prospects and Leads (BAS 45%)
VIC/P41 PROSPECTS AND LEADS (BAS 45%) Interpretation of 2005 3D ongoing Kipling lead analogous to, potentially larger than, Kipper Oscar leads analogous to Basker field Cotton stacked potential and thick Golden Beach suggested 12
Slide 14: Top Golden Beach Structure Map Showing Prospects
TOP GOLDEN BEACH STRUCTURE MAP SHOWING PROSPECTS 13
Slide 15: Vic/P41 Schematic Cross-Section - Kipling Lead
VIC/P41 - SCHEMATIC CROSS-SECTION - KIPLING LEAD (WITH KIPPER FIELD INSET) 14
Slide 16: Vic/P41: Kipling Lead Preliminary 3D Results
VIC/P41: KIPLING LEAD PRELIMINARY 3D RESULTS Mapping of “Kipper Play” over Kipling Lead Golden Beach reservoir shows amplitude brightening Additional top Golden Beach “Kipper plays” also identified over 3D survey Kipling closure with ‘Bright’ seismic response 15
Slide 17: Vic/P41: Oscar 3D Survey Preliminary Results
VIC/P41: OSCAR 3D SURVEY PRELIMINARY RESULTS Seismic traverse along downthrown side of Rosedale Fault showing: LATROBE GROUP Benchley Latrobe closure LATROBE GROUP Cotton Latrobe closure BENCHLEY LEAD COTTON LEAD 16
Slide 18: Basker / Oscar Comparison
BASKER / OSCAR COMPARISON Basker Inline Oscar Inline Basker Gummy Oscar SOUTH NORTH SOUTH NORTH Field Field Leads Zone of closure BASKER INLINE Zone of OSCAR INLINE oil pay Oscar leads on trend with Basker Thick with prospective reservoir section interpreted Proven play in Basker reduces risk
Slide 19: Basker / Oscar Comparison
BASKER / OSCAR COMPARISON Basker-1 1983 Shell Basker-2 on extended production test at 10,000 bopd 30 MMbbl P50 oil reserves Basker-Manta Full field development planned with FPSO ‘Crystal Ocean’ Anzon market cap $150m for 62.5% of Basker/Manta/Gummy 18
Slide 20: Vic/P41 - Prospects & Leads Inventory
VIC/P41 - PROSPECTS & LEADS INVENTORY Prospective Resources (recoverable) PERMIT PROSPECT / LEAD Nett BSOC STATUS OIL MMb GAS Bcf OIL MMb GAS Bcf VIC/P41 Kipling Lead* 118 820 45 314 3D interpretation VIC/P41 Cotton Lead* 59 294 27 132 3D interpretation VIC/P41 Benchley Lead* 22 75 10 34 3D interpre
Slide 21: Otway Basin - PEP151 Prospects and Leads
OTWAY BASIN - PEP151 PROSPECTS AND LEADS Otway Farmin PEP151 • BAS to earn 25% in PEP 151 by contribution to Pritchard-1 well down to Pebble Point level • BAS also to be granted option to earn 15% in PEP 150 and possibly additional 25% in PEP 151 20
Slide 22: Otway Basin – Portland Trough Oil Fairway
OTWAY BASIN – PORTLAND TROUGH OIL FAIRWAY PEP150 PEP151 Tertiary thickness map after Essential Petroleum Limited • Oil prone source rocks in parts of the relatively young Portland Trough are still generating oil and have not passed into the gas generation phase as is common in older Otway source roc
Slide 23: Pritchard Prospect – Pebble Point Structure Map
PRITCHARD PROSPECT – PEBBLE POINT STRUCTURE MAP N • Fluorescence shows in Henke-1 • Largely 4-way dip closure • 3.7 mmbbl potential at Pebble Point OB Formation level 88 A -05 (EPR estimate) • 10.3 mmbbl potential at Flaxman Formation level (EPR estimate) 0 1 Km 22
Slide 24: The Pritchard Prospect - Seismic Line OB88A-05
THE PRITCHARD PROSPECT - SEISMIC LINE OB88A-05 Prichard Prospect Pebble Pt Nullawarre Greensand after Essential Petroleum Resources FLAXMAN SANDS 23
Slide 25: Vic/P42 Prospects & Leads (BAS 50%)
VIC/P42 PROSPECTS & LEADS (BAS - 50%) ZaneGrey-1 gas condensate discovery March 2005 Small accumulation currently considered non-commercial, discussions continuing Prospectivity review ongoing Northwest area oil potential Appraisal opportunity at Omeo gas discovery Possible 3D over Omeo
Slide 26: Vic/P42: Tarra 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: Tarra SE Low risk top Latrobe, analogous to Perch Oil Field Devilfish NW Higher risk intra- Latrobe fault closure
Slide 27: Hemingway Prospect - Seismic Dip Line
HEMINGWAY PROSPECT - SEISMIC DIP LINE Downthrown fault closure Intra Latrobe play Closure: - 13.0 km2 areal - 160 m vertical On trend with proven fault seal in Omeo-1 131 MMb prospective resource 26
Slide 28: Vic/P42 - Prospects & Leads Inventory
VIC/P42 - PROSPECTS & LEADS INVENTORY Prospective Resources (recoverable) PERMIT PROSPECT / LEAD Nett BSOC STATUS OIL MMb GAS Bcf OIL MMb GAS Bcf VIC/P42 Hemingway Prospect 131 6 66 3 Ready to drill VIC/P42 Edina Deep Prospect 82 6 41 3 Ready to drill VIC/P42 Gurnard Deep Prospect 156 142 78 71 Read
Slide 29: Vic/P47 Prospects and Leads (BAS 40%)
VIC/P47 PROSPECTS AND LEADS (BAS 40%) Maclean-1 and Gilbert-1 (BAS operator only) drilled October 2005 Moby gas discovery, commercial status yet to be demonstrated Potential for Gilbert area 2D seismic in 2006 Judith-1 gas discovery review 28
Slide 30: Longtom / Judith Comparison
LONGTOM / JUDITH COMPARISON Longtom Inline Judith Inline Longtom Judith SOUTH NORTH SOUTH NORTH Field Field Bright gas- bearing Judith Gas- Sands bearing Longtom Sand Judith on trend with Longtom Identical reservoir sequence Judith drilled and defined by modern 3D 29
Slide 31: Judith-1 - Comparisons
JUDITH-1 - COMPARISONS LONGTOM-1 BHP, 1995 63m net gas Porosities of 7-11%, n/g 30-52% Poor permeability LONGTOM-2 Apache 2004 96m net gas Initial indications of porosity encouraging Production testing flowed gas at 18-19 MMscf/d (unstabilised) JUDITH-1 Shell Australia, 1989 ~61m
Slide 32: Vic/P47 - Prospects & Leads Inventory
VIC/P47 - PROSPECTS & LEADS INVENTORY Prospective Resources (recoverable) PERMIT PROSPECT / LEAD Nett BAS STATUS OIL MMb GAS Bcf OIL MMb GAS Bcf VIC/P47 Walton Prospect* 59 - 24 - Ready to drill VIC/P47 Izaak Lead TBA 3D interpretation VIC/P47 Judith-1 Gas Lead TBA 3D interpretation & Longtom review
Slide 33: 2006 BAS Forecast Programme
2006 BAS FORECAST PROGRAMME Capitalise on 2005 Gippsland 3D Seismic Investment Drilling for Oil Targets in Onshore Otway Expand Acreage / Renew Opportunities 2006 Project Timing PEP 151 25% Pritchard-1 farmin well Q1 2006 Vic/P41 45% •3D interpretation Q4 2005 •2 potential wells via farmout ?Q2/3 20
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