Bass Oil Limited Reserves and Contingent Resources at 31 December 2023

Bass Oil Limited (ASX: $BAS) has reported a 17% increase in 2P (Proved plus Probable) Reserves on the prior year, with 2P Oil Reserves reaching 0.805 million barrels. The company also saw a remarkable 110% increase in 2C Contingent Resources in the Cooper Basin due to the Kiwi Gas Project.

Executive Commentary on Reserves and Resources

The increase in reserves and contingent resources reflects our ongoing commitment to value creation and leveraging the strengths of our team and operating capability. The successful negotiation of a 10-year extension to the tenure of the Tangai Sukananti KSO in Indonesia has significantly contributed to the rise in reserves. We are focused on expanding production in the Cooper Basin and South Sumatra, with a clear strategy for future growth.

Summary of Bass Oil Limited Announcement

Bass Oil Limited (ASX: $BAS) has demonstrated substantial growth in 2P Reserves and Contingent Resources, driven by production history, increased long-term oil price, and successful negotiations in Indonesia. The company's focus on expanding production in the Cooper Basin and South Sumatra, along with plans for future projects, indicates a strong outlook for the company's oil and gas business. The increase in reserves and resources underscores Bass Oil's commitment to value creation and its position for continued growth.