Bass Oil Ltd (AU:BAS) has released an update.
Bass Oil Ltd, an Australian oil producer, has achieved debt-free status and profitability, with a recent capital raise of approximately A$1.5m aimed at expanding its operations. The company reported a prosperous full year, with average production of 210 barrels per day and record revenues of $10.2m, leading to a net profit after tax of $0.42m. Looking forward, Bass Oil is poised for growth with several promising projects, including the Kiwi 1 EPT and development drilling in Indonesia.
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