Highlights

  • Bass Oil shares jumped 9.43% to AUD 0.058 on 18 May 2026, as investor reacted positively to company’s operational update.
  • The company reported April sales Revenue of AUD 1.35 million net to the company, up 245% from March.
  • Cooper Basin oil sales resumed after weather disruptions, with 4,537 barrels sold during April.
  • Average Cooper Basin oil prices reached AUD 168.64 per barrel during the month.
  • Indonesian oil sales averaged US$111.45 per barrel, increasing 13.5% month-on-month.
  • The Bunian-6 development well is expected to spud before month-end and may potentially double group oil production once online.

Bass Oil Limited (ASX:BAS) shares moved sharply higher during the morning session on 18 May 2026 after the company released its April operations update highlighting a substantial increase in monthly sales revenue, recovering Cooper Basin activity and ongoing progress across its Australian and Indonesian oil Assets.

The stock traded at AUD 0.058, up 9.43% for the session, while extending its gains to approximately 45% over the past 12 months.

Investor attention appeared focused on the company’s sharp month-on-month revenue improvement, with Bass reporting total April sales revenue of AUD 1,345,276 net to the company, representing an increase of 245% compared with March.

According to the company, the result was supported by the sale of accumulated Cooper Basin oil inventories following the resumption of trucking operations, alongside continued elevated oil prices.

Monthly production across the group also improved during April, while development activities in Indonesia and gas commercialisation initiatives within the Cooper Basin continued progressing.

Cooper Basin Sales Recover After Weather Disruptions

One of the major contributors to the improved monthly performance was the return of Crude Oil trucking operations within the Cooper Basin.

Bass stated that heavy rainfall events during February and March had previously disrupted road access and transportation activity near its oilfields.

During April, road conditions improved sufficiently to allow trucking operations to recommence, enabling accumulated oil stocks to be transported and sold.

The company reported Cooper Basin oil sales of 4,537 barrels during the month at an average realised oil price of AUD 168.64 per barrel, generating revenue of AUD 793,165.

Bass noted that oil inventory levels have now returned to more normal levels following the resumption of transportation activity.

Production from the company’s Cooper Basin oilfields totaled 2,251 barrels for April, averaging 75 barrels of oil per day net to Bass.

This represented a 31% increase compared with March after the Padulla oilfield returned to production.

Management stated that production from the Worrior and Padulla fields is continuing to stabilise, with expected output levels forecast between 85 and 90 barrels of oil per day.

Facility uptime during the month reached 86% at Worrior and 94% at Padulla.

Indonesian Production Continues to Support Output

Alongside Australian operations, Bass continued generating oil production from its Indonesian assets.

The company holds a 55% interest in the Tangai-Sukananti oilfields through its Indonesian KSO operations.

During April, Bass’ share of Indonesian production totaled 4,023 barrels, with 4,100 barrels sold during the month.

Production averaged approximately 134 barrels of oil per day net to Bass, slightly below March levels due to minor operational downtime.

The average Indonesian oil price achieved during April reached US$111.45 per barrel, representing a 13.5% increase from the previous month.

Across the entire portfolio, group production averaged 209 barrels of oil per day during April, while total monthly production increased 4% to 6,274 barrels.

Combined monthly sales reached 8,637 barrels.

Bunian-6 Development Well Nears Spud

Investors also appeared encouraged by continued progress at the Bunian-6 development well in Indonesia.

Bass confirmed that the drilling rig arrived at the Bunian-6 location during late April and is now more than 90% rigged up.

The crew is currently completing compliance and health, safety and environmental checks ahead of drilling commencement.

The company expects the well to spud before the end of May.

Importantly, Bass stated that Bunian-6 is expected to commence production by the end of June 2026.

According to the company, once online the well is expected to double group oil production levels.

The Bunian and Tangai fields form part of Bass’ Indonesian production portfolio and remain an important component of the company’s near-term production growth strategy.

Vanessa Gas Acquisition Continues Toward Completion

Bass also provided an update on the Vanessa gas field acquisition within the Cooper Basin.

The company is in the process of acquiring a 100% interest in the Vanessa gas field from Beach Energy.

Bass stated that both parties have now lodged the bond required to secure regulatory approval for the transaction, while transfer documentation is continuing to be finalised.

Engineering group GPA Engineering is also progressing studies associated with recommissioning the Vanessa gas facility and returning the field to production.

The Vanessa acquisition includes an existing gas processing facility and a five-kilometre pipeline connected to the Cooper Basin gas pipeline network.

Bass believes the acquisition may provide several strategic opportunities, including future gas sales into the east coast market, reserve growth potential and advancement of deep coal commercialisation activities within PEL 182.

The company noted that first gas sales from Vanessa are estimated by year-end.

Kiwi Gas Development and Seismic Reprocessing Progress

Additional activity continues across Bass’ Kiwi gas development projects in the northern Cooper Basin.

The company confirmed that GPA Engineering has been engaged to update pre-FEED work and undertake the FEED study for the Kiwi field development project.

Bass described the FEED study as a key step toward a future final Investment decision.

The company previously secured AUD 3.5 million in grant funding from the South Australian Government to support development of the Kiwi project and stated that it continues exploring additional funding Options for the remainder of the project.

At the same time, Bass is progressing reinterpretation work on the Dundinna 3D seismic survey as part of its Triassic Gas Study.

According to the company, early results from the reprocessed seismic dataset have been encouraging.

Bass believes Hydrocarbons discovered at Kiwi may have originated from Triassic-aged sediments within the Arrabury Trough.

To further investigate this theory, the company has sent condensate and rock samples to a specialist geochemistry laboratory in the United States for additional analysis.

Management stated that the results may help improve understanding of the liquids-rich gas system discovered at Kiwi and assist with future exploration targeting.

Debt-Free Position Supports Operational Flexibility

Bass Oil continues operating without corporate debt, a position the company highlighted as supportive of its development strategy across both oil and gas assets.

The company maintains majority interests across eight permits within the Cooper Basin, including 100%-owned interests in the Worrior and Padulla oilfields.

Its portfolio also includes exposure to conventional oil production, gas development projects and appraisal opportunities across the Cooper Basin and Indonesia.

The combination of producing assets and development-stage projects provides Bass with exposure to both near-term Cash Flow generation and future production growth opportunities.

Investors Watching Production and Gas Commercialisation Milestones

Bass Oil’s latest operations update highlighted several near-term operational catalysts currently underway across its portfolio.

The sharp improvement in monthly sales revenue, supported by resumed Cooper Basin oil transportation and elevated oil prices, appeared to contribute to the positive share price reaction during Monday’s session.

Investors are also likely monitoring the upcoming Bunian-6 drilling milestone given management’s expectation that the well could significantly increase production once online.

At the same time, progress toward completion of the Vanessa gas acquisition and advancement of the Kiwi gas development programme continue to shape the company’s broader Cooper Basin growth strategy.

With production levels improving, infrastructure projects progressing and oil prices remaining supportive during April, shareholders may continue focusing on operational execution and future production growth over coming months.