Bounty (ASX:BUY) shares skyrocket 57% today; is this the reason?

February 03, 2023 11:46 AM AEDT | By Manisha
Follow us on Google News:


  • Bounty Oil & Gas (ASX:BUY) shares zoom up 57%; trading at A$0.011 on 03 February 2023.
  • As the PEP 11 JV, Bounty and BPH Energy today announced that in Proceedings Number WAD106/2022, a proposed consent orders have been filed in the Federal Court of Australia.
  • Asset Energy (a wholly owned subsidiary of BPH’s investee, Advent Energy Limited) and Commonwealth Minister for Resources et al are the parties involved in the proceedings.
  • The consent orders, if granted, will set aside the previous decision that refused Asset Energy’s Application for a variation and suspension of the conditions to which PEP 11 is subject.

Shares of ASX-listed oil producer and explorer Bounty Oil & Gas NL (ASX:BUY) are heading north on ASX today (03 February 2023) after the company’s latest announcement. The stock is trading at A$0.011, up by 57.142% as compared to its previous trading day’s closing price.

Bounty Oil & Gas NL and BPH Energy Limited (ASX: BPH) as the PEP 11 Joint Venture today revealed that in Proceedings Number WAD106/2022 between Asset Energy Pty Ltd (a wholly owned subsidiary of BPH’s investee, Advent Energy Limited) and the Respondents namely Commonwealth Minister for Resources et al. the parties have filed proposed consent orders in the Federal Court of Australia.

The proposed orders seek to terminate the ongoing litigation relating PEP 11 without the need for a trial. The consent orders will only be made if it is considered appropriate by the Court. The involved parties await further direction by the Court.

More to come….


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK