PESA NSW September 2026 Technical Lunch: Bass Oil

Bass Oil Kiwi-1 Triassic Gas Discovery

At the September meeting I will give an overview of Bass Oil, its operations and its growth strategies. Importantly, I will be focusing on presenting some of the initial results from the Company’s Triassic gas study in the northern Cooper Basin in South Australia following up the Kiwi gas discovery in the Triassic aged Callamurra formation. The liquids rich Kiwi gas field continues to be one of Bass’s most exciting assets.

Kiwi Gas Project

Kiwi 1 was drilled in 2003 as a Jurassic oil exploration well. It was not successful however is discovered gas in the Triassic Callamurra section. Although the well tested almost 9 million cubic feet per day on a short DST, the discovery was never completed and properly tested. Back then it was thought to be too small with a high CO2 content.

Bass acquired the property in 2022 and completed and flow tested in 2024. Following the successful 2024 flow test, which recorded 4.1 mmcfd of gas and 988 barrels of condensate per day, Bass has progressed the project toward development.

In February 2026, the South Australian Government awarded Bass $3.5 million in funding to support connection of Kiwi to the Cooper Basin gas network. Bass has advanced technical work on Kiwi, including interpretation of the reprocessed Kiwi 3D seismic dataset. The results have been encouraging and continue to support the quality of the discovery and surrounding prospectivity.

The Kiwi hydrocarbons are extremely liquids rich and low in impurities, with less than 5% CO₂ and over 200 barrels of condensate per million cubic feet of gas, as previously disclosed. These characteristics make Kiwi one of the most attractive undeveloped gas discoveries in the Basin. Kiwi’s liquids yield positions it as a high value development opportunity in a market where condensate-rich gas is increasingly sought after.