Ann: Quarterly Activities Report and Appendix 5B - June 2025, page-2

Overall, this announcement can be considered good news for Bass Oil Limited. The acquisition of the Vanessa gas field at no cash cost is a strategic coup that significantly advances their goal of becoming a gas producer and unlocks substantial future growth potential. The strong increase in cash reserves and their debt-free status further strengthen their financial position to pursue these ambitions. While there were some minor dips in revenue and oil price, these appear to be short-term and market-related, with the company showing operational resilience and a clear path for future value creation, particularly in the gas sector.To summarise, the shift towards gas, particularly with the strategic Vanessa acquisition, is a strong positive for BAS's long-term outlook.