Bass Oil Limited (ASX: $BAS) 2023 Full Year Results

Bass Oil Limited (ASX: $BAS) has reported a record revenue of US$6.56 million and a net profit after tax of US$0.27 million for the 12 months ended 31 December 2023. The company's increased Oil Entitlement Volumes, up 33.9% year on year, were the primary drivers of the record revenue. With no debt obligations and a cash position of US$0.93 million, Bass Oil is focused on generating cashflow through its oil operations and growth strategies.

Executive Commentary

2023 was a strong year for Bass, reflected in the record revenue. We continue to focus on generating cashflow through our oil operations and our growth strategies. The company's focus in the coming year includes gaining entry into the Australian east coast gas market with both the Kiwi gas discovery and progressing the PEL 182 deep coal gas opportunity.

Summary

Bass Oil Limited (ASX: $BAS) has announced record revenue of US$6.56 million and a net profit after tax of US$0.27 million for the 12 months ended 31 December 2023. The company is committed to its growth strategy to become a mid-tier oil and gas producer. Bass Oil's plans include entering the Australian east coast gas market, commencing the Kiwi 1 Extended Production Test, completing the study for the commercialization strategy of the deep coal gas resource in PEL 182, and identifying a potential new oil trend along the Warra Ridge in the southern Cooper Basin. Additionally, the company has commenced planning for the drilling of the Bunian 6 development well in Indonesia. Bass Oil is focused on building a substantial onshore Australian and Indonesian oil & gas business with a clear expansion strategy.