** Shares of Bass Oil rise as much as 26.7% to A$0.057, posting their biggest intraday gain since Jan 20
** Stock hits its highest level since March 1
** Oil and gas explorer says all regulatory approvals received for its Kiwi Gas Project in Queensland
** Says co to begin extended production Test at the Kiwi 1 well at project as soon as possible
** Nearly 1.5 mln shares change hands, compared with the 30-day average volume 163,125
** Stock down 44.4% YTD based on last close
(Reporting by Aaditya Govind Rao in Bengaluru)
((Aaditya.govindrao@thomsonreuters.com;))
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