Bass Oil Limited reported a 55% increase in EBITDA for the first half of 2025 despite lower oil prices, while progressing key gas field developments to enter the Australian East Coast Gas Market.
- Net entitlement oil production steady despite lower prices
- EBITDA rises 55% to $0.571 million year-on-year
- Cash position at $1.96 million with $0.92 million capital raising
- Progress on Kiwi gas field financing and Vanessa gas field acquisition
- No lost time injuries reported, strong safety record maintained
Steady Production Amid Challenging Prices
Bass Oil Limited has delivered a resilient performance in the first half of 2025, maintaining steady net entitlement oil production despite a notable decline in average realised oil prices. The company’s net entitlement oil remained virtually unchanged at 31.71 thousand barrels, while sales revenue dipped 9% to $3.71 million, reflecting the drop in oil prices from over US$82 to US$71 per barrel.
Significant EBITDA Growth and Financial Discipline
In a positive development, Bass Oil’s EBITDA surged by 55% to $571,000, underscoring improved operational efficiency and cost management. This translated into a 15% EBITDA margin on sales revenue, a solid foundation for the company’s ongoing growth initiatives. The company remains debt free and bolstered its cash reserves to $1.96 million following a successful $0.92 million capital raising through a non-renounceable rights issue.
Strategic Moves Toward Gas Market Entry
Beyond oil production, Bass Oil is actively positioning itself for entry into the Australian East Coast Gas Market (ECGM). The company has advanced development of the Kiwi gas and condensate field, focusing on financing options that include attracting farm-in partners. Additionally, the acquisition of the Vanessa gas field marks a strategic milestone, accelerating Bass Oil’s gas portfolio expansion and enabling appraisal of a substantial deep coal gas resource within its wholly owned PEL 182 permit.
Safety and Operational Excellence
Safety remains a top priority for Bass Oil, with the company reporting zero lost time injuries or reportable incidents over more than seven million hours worked. This strong safety record reflects the company’s commitment to responsible operations across its Australian and Indonesian assets.
Looking Ahead
As Bass Oil continues to execute its strategy in the second half of fiscal 2025, investors will be watching closely how the company leverages its strengthened balance sheet and operational momentum to unlock value from its gas projects. The transition into the gas market could be transformative, but the timing and scale of production ramp-up remain key questions.
Bottom Line?
Bass Oil’s solid half-year results and strategic gas acquisitions set the stage for a pivotal shift in its energy portfolio.
Questions in the middle?
- How soon will the Vanessa gas field contribute to production and revenue?
- What financing structures will Bass Oil finalize for the Kiwi gas field development?
- How will ongoing oil price volatility impact Bass Oil’s revenue and margins in H2 2025?