Bounty Oil & Gas NL
Bounty Oil & Gas NL
Suite 302, 93-95 Pacific Highway, NORTH SYDNEY, NSW, AUSTRALIA, 2060
02 9299 7200
Sector: Oil & Gas
Description
Bounty Oil & Gas NL (ASX:BUY) is an Australian oil and gas producer with premium operating and exploration assets across the globally renowned basins such as the Carnarvon, Cooper/Eromanga, Surat and Sydney Basin.
Bounty came into existence in the year 1999 and later went public following its listing on the Australian Stock Exchange (ASX) in February 2002. The company has been building a strong balance sheet complemented by cash and asset creation with major focus on expansion of oil reserves and development of new infrastructure. Furthermore, Bounty seeks to create value for its shareholders via additional high impact offshore exploration projects.
Bounty owns interests in the following assets –
- ATP 1189P Naccowlah Block in Cooper Basin of SW Queensland
- Petroleum Lease 2 Alton (PL2) - Surat Basin of SE Queensland – Alton is the 100% owner and operator of the lease.
- Petroleum Lease L 16, Rough Range in Western Australia of Carnarvon Basin
- PEP 11 permit in the New South Wales – Bounty owns a 15% stake
Bounty envisions to strengthen its balance sheet and will commence the development of its significant assets in the Surat Basin. The oil and gas producing company has an operational asset (ATP 1189P) at Naccowlah in SW Queensland. The company and its partner have been advancing on the exploration, appraisal and development works in Queensland.
Bounty seeks to follow a two-pronged business and growth strategy to create maximum value for its shareholders on the back of robust operational performance at the core oil assets and the action-packed gas exploration in PEP 11 prospect. The PEP-11 prospect stretches over 4,649 km2 in the proximity of established gas operations and is interpreted to hold significant potential for further discovery of natural gas. The joint venture partners are also keen to assess the potential for Carbon Capture and Storage (CCS) at PEP-11 prospect to minimise the regional carbon emissions.
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