AUS
NZ
UK
CA
USA
IND
Highlights
- Bounty has engaged OPC APAC to assess the PL2 Alton and PL1152 Fairymount assets and prepare development plans.
- The Eluanbrook prospect within PL2 Alton has been identified as a near-term appraisal priority.
- OPC APAC will evaluate exploration and development opportunities along with prospective and contingent resources, and reserves across the Surat Basin projects.
- Naccowlah Block Joint Venture arrears have been reduced to AUD 1.2 million following a AUD 4 million capital raising, supported by ongoing oil revenue.
Bounty Oil & Gas NL (ASX:BUY) has provided an update on its ongoing strategic review of the Surat Basin Projects, with efforts centred on advancing new production opportunities from its wholly owned PL2 Alton and PL1152 Fairymount fields in Queensland's Southern Surat Basin. The company also reported progress in addressing outstanding obligations within the Naccowlah Block Joint Venture (NBJO) following a recent capital raising.
Strategic Review Focuses on Surat Basin Production Opportunities
To support the strategic review of PL2 Alton and PL1152 Fairymount fields, Bounty's Board has engaged OPC APAC, an independent global energy consultancy, to undertake a detailed assessment of the projects and prepare development plans. The work will focus on identifying exploration and development opportunities, along with evaluating prospective resources, contingent resources, and potential reserves.
OPC APAC to Deliver Comprehensive Project Assessment
Founded in 1988, OPC APAC provides consulting services across the upstream exploration and production, gas, and carbon dioxide storage sectors. The consultancy's integrated team covers subsurface studies, wells, processing facilities, and commercial disciplines, supported by an additional network of more than 4,000 specialist consultants.
Eluanbrook Opportunity Identified as Initial Priority
Within PL2 Alton, Bounty's immediate focus is expected to be appraising the Eluanbrook prospect, which has been identified as a potential oil and gas opportunity within the Showgrounds Formation.
The prospect was identified from the Eluanbrook-1 well and is supported by insights from modern seismic surveys.
Naccowlah Block Arrears Reduced Following Capital Raising
Separately, the company has provided an update on its position within the Naccowlah Block Joint Operations (NBJO). The company previously announced a Letter Agreement Payment Plan with NBJO participants aimed at clearing AUD 1.77 million in outstanding cash call arrears.
Following the completion of a AUD 4 million capital raising, Bounty has made payments to the joint venture operator, reducing the arrears balance to AUD 1.2 million. The company also confirmed that it continues to receive oil revenue from the Naccowlah Block.
Bounty's latest update highlights ongoing activity across its key assets, with the company progressing a strategic review of its Surat Basin projects while also improving its financial position within the Naccowlah Block Joint Venture. The appointment of OPC APAC, the planned appraisal of the Eluanbrook prospect, and the reduction of outstanding NBJO obligations mark important developments in the company's current operational agenda.
BUY shares were trading at AUD 0.025 per share at the time of writing on 16 June 2026.
