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

February 02, 2023 04:46 PM PST | By Manisha

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Bounty (ASX:BUY) shares skyrocket 57% today; is this the reason? — Image source: Bounty Oil & Gas

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Highlights:

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….

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