Bass Oil : General Meeting presentation

ASX:BASwww.bassoil.com.au

April 2022

Extraordinary General Meeting

DISCLAIMERS AND IMPORTANT NOTICES

Forward Looking Statements:

This presentation has been prepared by Bass Oil Ltd (ASX:BAS) ("Bass" 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 Company, or as an inducement to make an offer or invitation with respect to those securities.

The presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and involve inherent risks and uncertainties. Actual results and performance are likely to differ materially from those expressed or implied in any forward-looking statements.

To the maximum extent permitted by applicable laws, BAS and its directors, agents, officers or employees make no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation.

This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company's prospects. It should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating BAS. The Company accepts no responsibility to update any person regarding the information contained in this presentation.

Qualified Petroleum Reserves and Resources Evaluator Statement:

The information contained in this report regarding the Bass Oil Limited reserves and contingent resources is based on and fairly represents information and supporting documentation reviewed by Mr Giustino Guglielmo who is an employee of Bass Oil Limited and holds a Bachelor of Engineering (Mech). He is a member of the Society of Petroleum Engineers (SPE) and a Fellow of the Institution of Engineers Australia (FIEAust) and as such is qualified in accordance with ASX listing rule 5.4.1 and has consented to the inclusion of this information in the form and context in which it appears.

Notes on Reserves and Resources (Reserves and Contingent Resources as at 31 Dec 2020 were reported to the ASX on 25 March 2021):

Under the SPE PRMS guidelines, "Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions". Net Entitlement Reserves are the reserves that Bass has a net economic entitlement to. That is, a share of cost oil and profit oil that Bass is entitled to receive under the KSO signed with the Indonesian government body, PT Pertamina. Contingent Resources are "those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies".

Bass Oil is not aware of any new information or data that materially affects the information provided in those releases, and all material assumptions and technical parameters underpinning the estimates provided in the releases continue to apply

March 2022

2

BASS OIL LIMITED CORPORATE SNAPSHOT

COOPER BASIN ACQUISITIONS

Bass has executed Sales and Purchase Agreements with Cooper Energy Limited ("Cooper") and Beach Energy Limited ("Beach") to acquire a portfolio of interests in the Cooper Basin

• § Bass to obtain interest in eight Cooper Basin tenements for total cash consideration of A$1,300,000 and assumption of future abandonment liabilities

• § Acquired assets include the producing Worrior and Padulla oil fields and multiple, prospective appraisal and exploration targets

• § Bass to become majority owner and operator of all tenements

• § Increase in 2P reserves by approximately 200,000 barrels and 2C contingent resources by approximately 540,000 barrels

• § Bass' Australian production portfolio is to be earnings accretive and generating a cash margin over A$30/bbl at US$80/bbl Brent

• § The acquired portfolio will significantly expand Bass' footprint in the Cooper - making Bass a major owner-operator in the region

• § The transaction is conditional on standard approvals including regulator approval, with completion expected in Q2 CY22

The Beach transaction will be completed contemporaneously with the Cooper Energy transaction, announced 12 July 20211

Cooper basin permits to be acquired

1Please refer to ASX Announcement, "Bass expands in Cooper Basin & completes $1.2 million placement", released 2 March 2022 for further information

March 2022

4

COOPER BASIN INTERESTS TO BE ACQUIRED

Bass will become one of the largest acreage holders in the Cooper Basin on transaction completion and will look to grow the production and reserves base in the region

Asset	Interest Acquired from Cooper	Interest Acquired from Beach	Proposed Bass Interest	Commentary
PPL 207 (Worrior)	30%	70%	100%	Provides proven oil production, reserves and growth potential
PPL 221 (Padulla)	-	100%	100%	Provides proven oil production, reserves and growth potential
PRL's 231-233 (Ex PEL 93)	30%	70%	100%	Contains the Tyrell oil prospect with 2.3 MMbbls prospective resources (identified via 3D seismic)
PRL 237 (Ex PEL 93)	20%	60%	80%	Joint venture with Metgasco, Bass will assess the exploration potential
PRL's 207-209 (Ex PEL 100)	~19%	55%	~74%	Joint venture with Santos, contains the Athelstan prospect with an assessed prospective resource of 1.2 MMbbls
PRL's 183-190 (Ex PEL 110)	20%	80%	100%	Contains the Frostfang oil prospect with an assessed prospective resource of 3.3 MMbbls
PRL's 245-246 (Ex PEL 90K)	-	100%	100%	Kiwi-1 exploration well drilled in 2003, assessed prospective resource of up to 50 bcf from recent 3D seismic interpretation
PEL 182	-	100%	100%	~25% of the permit is covered by 3D seismic and offers both oil and gas exploration potential

March 2022

5