Highlights

  • Bass Oil shares rose 1.69% to AUD 0.060 on 28 April 2026, following its quarterly update
  • Quarterly oil sales came in at AUD 1.14 million, impacted by logistical disruptions in the Cooper Basin
  • Net production for the March quarter stood at 19,519 barrels, averaging 217 barrels per day
  • Average realised oil price increased 13.7% quarter-on-quarter to US$71.82 per barrel
  • Cash position improved significantly to AUD 3.46 million, with the company remaining Debt free
  • Bass secured a AUD 3.5 million government grant for the Kiwi gas development project
  • Successful AUD 3 million Capital raise completed to support growth initiatives

Bass Oil Limited (ASX:BAS) shares moved higher by 1.69% to AUD 0.060 during the morning session on 28 April 2026, following the release of its Quarterly Report for the period ended 31 March 2026. The stock has also delivered a 50% gain over the past year, with the latest update reflecting a combination of operational disruptions, improving pricing conditions, and continued progress across key strategic projects.

While some financial and production metrics declined on a quarter-on-quarter basis, the overall update indicates ongoing advancement in the company’s development pipeline, alongside supportive external pricing conditions and strengthened Liquidity.

Company Overview

Bass Oil Limited is an Australian-listed oil producer with a portfolio spanning both Australia and Indonesia. The company holds a majority interest in multiple permits within the Cooper Basin, including full ownership of the Worrior and Padulla oil fields. In addition, it maintains a 55% operating interest in the Tangai-Sukananti KSO in Indonesia.

The company operates without Debt and is focused on expanding its footprint across oil and gas Assets, with particular emphasis on increasing production and entering the east coast gas market. Its strategy combines near-term oil production with longer-term gas development opportunities.

Quarterly Performance Impacted by Weather-Related Disruptions

For the March 2026 quarter, Bass reported oil sales Revenue of AUD 1.14 million, representing a decline of 34.5% compared to the previous quarter. This reduction was primarily attributed to disruptions in the Cooper Basin, where heavy rainfall led to road closures, halting transportation and delaying oil sales during February and March.

Production for the quarter totalled 19,519 barrels, marking a 13.1% decrease from the December quarter. Net entitlement to Bass also declined, reflecting the combined impact of reduced production and logistical constraints.

Despite these challenges, production operations continued, with oil being stored onsite until transportation resumed. Notably, production uptime remained high at 99% across facilities, indicating stable operational performance despite external disruptions.

Oil Price Improvement Provides Partial Offset

A key positive element in the quarterly update was the improvement in realised oil prices. Bass achieved an average price of US$71.82 per barrel during the March quarter, representing a 13.7% increase compared to the previous quarter.

This increase reflects broader market pricing trends, with both Indonesian and Australian oil sales linked to benchmark crude pricing. The company noted that it does not currently have hedging arrangements in place, meaning it remains directly exposed to prevailing market prices.

The benefit of higher pricing is expected to be more visible in subsequent periods, particularly as delayed sales are realised following the resumption of transportation activities.

Cooper Basin Sales Resume in April

Following the weather-related disruptions, trucking operations in the Cooper Basin resumed in early April. This resulted in a catch-up of previously delayed sales, with 2,419 barrels sold in the first week alone.

These sales were achieved at a significantly higher price of AUD 186.38 per barrel, generating total proceeds of AUD 450,944. The company confirmed that these proceeds were received before the end of April, contributing to improved near-term Cash Flow.

The resumption of logistics is expected to normalise inventory levels and support Revenue recovery in the current quarter.

Indonesian Operations Continue Steadily

In Indonesia, Bass’ Tangai-Sukananti operations delivered production of 12,827 barrels (Bass share), reflecting a 10.9% decline from the previous quarter. Sales volumes also decreased slightly, in line with production trends.

Net entitlement after domestic obligations stood at 7,117 barrels for the quarter. The average realised oil price for Indonesian production was US$75.97 per barrel.

While volumes softened, the operations continued without disruption, contrasting with the challenges experienced in the Cooper Basin.

Progress Across Gas Development Portfolio

Bass continued to advance several key gas projects during the quarter, with progress reported across multiple initiatives.

The Vanessa gas field Acquisition moved closer to completion, with the company and its partner lodging the required bond to secure regulatory approval. Final documentation for the transaction is currently being prepared.

The project includes existing infrastructure such as a gas processing Facility and pipeline, which could enable Bass to commence gas sales into the east coast market in the second half of 2026, subject to recommissioning and certification.

At the Kiwi gas field, the company secured a AUD 3.5 million grant from the South Australian Government under its Gas Incentive Program. The funding is intended to support development activities and accelerate the project timeline.

Additionally, Bass reported progress in technical studies, including seismic data reprocessing and geological analysis, with early indications described as encouraging. These efforts are aimed at improving resource understanding and supporting future exploration.

Upcoming Drilling Activity

The company also confirmed that preparations for drilling the Bunian 6 well in Indonesia are progressing. All required materials have been delivered to site, and the drilling rig is being mobilised.

The well is scheduled to commence drilling in May, with expectations that it could begin production in June. This development forms part of Bass’ broader strategy to support production growth from its Indonesian Assets.

Strengthened Cash Position and Capital Raise

Bass reported a cash balance of AUD 3.46 million as at 31 March 2026, representing a significant increase from AUD 0.92 million in the previous quarter. The improvement was supported by financing activities, including a Capital raise completed during the period.

The company successfully raised AUD 3.0 million (before costs) from institutional and sophisticated investors at an issue price of AUD 0.063 per share. The raise resulted in the issuance of over 47.6 million shares, along with attaching Options subject to Shareholder approval.

Bass remains Debt free, with additional funds held as restricted cash to support rehabilitation obligations. The company estimates that it has funding capacity for approximately 17 quarters based on current expenditure levels.

What This Means for Investors?

The latest quarterly update from Bass Oil reflects a mixed operational picture, where external disruptions impacted short-term production and Revenue, while underlying pricing conditions and project development remained supportive.

The decline in quarterly sales and production appears largely linked to temporary logistical issues rather than structural operational challenges. At the same time, higher realised oil prices and the resumption of sales activity in April could support improved financial outcomes in the near term.

Progress across key gas projects, including the Vanessa Acquisition and Kiwi development, indicates ongoing movement towards Diversification into gas markets. Additionally, the strengthened cash position and absence of Debt provide financial flexibility as the company advances its growth initiatives.

The modest share price increase on 28 April 2026 suggests that investors are weighing the short-term softness against the broader operational progress and improving external conditions.