MELBOURNE: Bass Oil Ltd. (ASX:BAS) reported a 55% year-on-year increase in EBITDA to A$571,000 for the first half of 2025, despite a 9% decline in sales revenue driven by lower oil prices.
The Australian-listed oil producer, which operates assets in the Cooper Basin and South Sumatra, said net entitlement oil remained steady at 31.71 mbbl, while net production fell 6.8% to 42.49 mbbl. The company ended the period with A$1.96 million in cash and no debt.
Managing Director Tino Guglielmo said Bass is progressing toward its goal of entering the East Coast Gas Market (ECGM), citing development of the Kiwi gas and condensate field and the acquisition of the Vanessa gas field in May.
“These strategic moves accelerate our entry into the ECGM and unlock the potential of deep coal gas resources in PEL 182,” Guglielmo said.
Bass also completed a non-renounceable rights issue, raising A$920,000 to fund growth projects. The company reported no lost time injuries across more than 7 million hours worked.
Bass said it remains focused on executing its strategy and expanding its footprint in the Australian energy market during the second half of FY25.