Bass Oil Limited reported upbeat operational results for May, with net sales revenue reaching A$563,871 (approximately US$362,907) and a steady average production output of 232 barrels per day, totaling 7,184 barrels for the month. The company’s production was divided between its Australian Cooper Basin assets and Indonesian operations, reflecting modest growth and segmented performance improvements. In the Cooper Basin, where Bass Oil Limited owns the Worrior and Padulla fields outright, production reached 2,970 barrels for May. Sales from these fields totaled 2,602 barrels at an average price of A$99.90 per barrel, supported by high facility uptimes of 98% and 97% respectively, despite recent flooding events in the region not impacting operations. Indonesian activities contributed significantly to the firm’s output, with production averaging 136 barrels per day and a total of 4,214 barrels produced in May. Sales slightly exceeded production at 4,263 barrels, although the average oil price at US$61.04 per barrel saw an 8% decline compared to previous figures. Meanwhile, discussions continue with local partners to secure a drilling rig slot for the Bunian 6 development well, highlighting the operational challenges in the region. On the strategic front, Bass Oil Limited is set to acquire full interest in assets comprising PPL 268 and adjoining PRL 135, which together form the Vanessa gas field. This package, featuring a shut-in production well, a gas processing facility, and a 5-kilometre pipeline connecting to the Cooper Basin gas network, is poised to transition the company into gas production. The Vanessa field presents opportunities for first gas sales into the east coast market, reserve growth through fracture stimulation, and further commercialisation efforts including deep coal exploration. Concurrently, the company, in partnership with a major industry player, has advanced a Phase 2 deep coal commercialisation study centered on the economic potential of the deep coal resource, leveraging learnings from prior geomechanical modelling. Additionally, ongoing discussions in the Cooper Basin Joint Venture regarding the Kiwi field indicate that Bass Oil Limited is actively progressing through front-end engineering design studies to finalise development scope and cost. Reprocessing of existing seismic data aims to enhance the imaging of hydrocarbon reservoirs, underscoring the company’s commitment to identifying and exploiting follow-up opportunities. The news presents a mix of bullish and bearish sentiments. On the positive side, consistent production levels, a debt-free balance sheet, and strategic moves into the gas market suggest a robust outlook and potential long-term value creation. However, some caution is warranted as challenges persist, notably with delays in the drilling rig for Bunian 6 and an 8% decline in average oil prices in Indonesian operations, which could temper near-term expectations.