Bass Oil has set out a growth plan spanning Indonesian oil production, a planned Vanessa gas restart and development of its Kiwi discovery in South Australia. The strategy offers several potential catalysts, but much of the upside remains dependent on funding, approvals and execution.
- Bunian 6 targeted to lift Indonesian oil production and cash flow
- Vanessa gas field planned to enter the East Coast Gas Market by late 2026
- PEL 182 contains a stated 21 TCF gas-in-place estimate and 845 million barrels of condensate in place
- Kiwi production test recorded 4.1 million cubic feet per day and 988 barrels of condensate per day
- Bass reported A$3.2 million of net cash at 30 June 2026
Bass Oil Limited (ASX:BAS) is asking investors to look past its small current scale and focus on a three-part growth plan: more Indonesian oil, first gas sales from the Vanessa field and eventual commercialisation of the Kiwi discovery in the Cooper Basin. The pitch is ambitious for a company with a reported market capitalisation of A$22.0 million, but it is tied to identifiable wells, infrastructure and development studies rather than a single exploration gamble.
Indonesian Oil Expansion Leads the Near-Term Plan
The immediate production lever is Bunian 6 in Indonesia, which Bass says is intended to boost oil production and cash flow. The presentation describes the Indonesian and Cooper Basin assets as existing production operations, while positioning the new well as the first step in accelerating output.
Bass reported net cash of A$3.2 million at 30 June 2026, alongside 367.0 million ordinary shares and 2,174 shareholders. That balance provides some financial capacity, although the presentation also says multiple funding options are under review for the Kiwi development. The distinction matters: the company is presenting a portfolio of opportunities, not a fully funded construction schedule.
Vanessa Targets East Coast Gas Sales
The planned acquisition of the Vanessa gas field is intended to give Bass an entry into the East Coast Gas Market by the end of 2026. The asset includes a production well, processing equipment and a pipeline connection to the Cooper Basin network, which Bass says should provide a faster route to restarting gas sales than building an entirely new facility.
The field is also being used as a bridge to the deeper PEL 182 opportunity. Bass says Vanessa’s deep coals carry an assessed prospective resource of 568 billion cubic feet of gas and 22.7 million barrels of condensate on a 2U basis. Across PEL 182, the company cites a best-estimate 21 trillion cubic feet of gas in place and 845 million barrels of condensate in place. Those figures describe geological potential and in-place volumes, not booked reserves or confirmed commercial production.
Kiwi Test Supports Cooper Basin Development Case
Kiwi is the more advanced of Bass’s larger Cooper Basin growth ideas. Its production test recorded 4.1 million cubic feet of gas per day and 988 barrels of condensate per day, while screening economics indicated an after-tax net present value of more than $20 million for a 1 million-plus barrel-of-oil-equivalent 2C contingent resource.
Bass says development approval would more than double its booked reserves and that a A$3.5 million South Australian government grant has been awarded to a cornerstone pipeline project. Reprocessed 2026 seismic data has also improved the company’s interpretation of the basement architecture and possible channel sands around Kiwi. The technical work may sharpen future drilling targets, but the presentation says further study is still required and describes the wider Triassic play as being at an early stage.
Execution Will Decide Whether the Portfolio Scales
Bass’s presentation lays out a sequence of potential catalysts: lift Indonesian oil production, return Vanessa to production and gas sales, then progress Kiwi towards commercialisation while assessing the deeper coal-gas and Triassic opportunities. The attractions are clear, particularly the combination of existing infrastructure and reported test results. The harder question is how quickly a company of this size can fund and execute several projects without diluting the timetable or stretching its balance sheet.
Bottom Line?
Bass has assembled a credible set of production and development milestones, but the next value test is operational: Vanessa gas sales, Bunian 6 output and Kiwi funding must move from presentation slides into measurable cash flow.
Questions in the middle?
- Can Bass restart Vanessa and begin East Coast Gas Market sales by late 2026?
- What production and reserve impact will Bunian 6 deliver once operating data is available?
- Will Kiwi receive development approval and funding before the deeper PEL 182 and Triassic opportunities compete for capital?