Bass Oil Limited advised it has secured a workover rig and associated services for a two well workover program on Worrior 11 and Worrior 8. The rig is expected to move onto the first location, Worrior 11, on or about 2 March 2023. Worrior 11 is to be reconfigured as a McKinlay zone oil producer to access undrained oil from the highest point in the field, the attic. Operations are expected to take 5 days to complete, and the well returned to production shortly thereafter.

Worrior 11 is expected to come online at an initial oil rate of 200 bopd and increase field reserves by some 120,000 barrels of oil as well as accelerate production of the remaining reserves contained in the McKinlay reservoir. This project is expected to increase Bass' total Cooper Basin oil production to 300 bopd at a time of sustained high oil prices. This project is expected to add materially to the Company's free cash flow providing further capital for investment in other growth projects in Bass' portfolio.

The second well in the program is Worrior 8, where the rig will investigate and repair a suspected tubing leak. This well is assessed to have a productive capacity of between 20 bopd and 40 bopd once repaired and returned to production. The Worrior 11 well drilled in 2017, was the last drilled in the field.

The primary objective of the well was to provide an additional drainage point for the Birkhead, Hutton and McKinlay reservoirs. The secondary objective was to provide a future drainage point for the Murta reservoir. The well was drilled directionally to access the highest point on the Worrior structure located underneath the existing production facilities.

It has only produced from the Birkhead and Hutton zones. The McKinlay reservoir was never completed or produced in this well and the attic oil remains undrained. The objective of this workover is to access and drain the remaining McKinlay oil reserves.

The well is expected to come online at an initial rate of 200 bopd and drain an additional 120,000 barrels of attic oil, as well as accelerate the production of the remaining reserves in the McKinlay reservoir. Following this workover, the oil production from Bass' Cooper Basin oil fields is expected to increase to approximately 300 bopd up from the current rates of ~95 bopd.