Bounty Oil and Gas (ASX:BUY) Reports Progress with Increased Reserves and Production

Highlights

• Bounty’s producing and contingent oil reserves reached approximately 313,000 barrels by the end of March 2025 quarter.
• Bounty earned AUD 210,000 for the quarter, contributing to a year-to-date revenue of AUD 863,000 from its interest in the ATP 1189P project.
• At the Naccowlah Block, continued oil production stood at 20 bopd, and the company plans to drill 9 new appraisal/NFE wells in 2025.
• BUY intends to restart production at Alton Field from two wells and initial output of 100 bopd is expected by late 2025.
• Oil revenue is expected to be AUD 1.1 million p.a. in mid-2025, rising to over AUD 2 million per annum in FY 2025–26.

Bounty Oil and Gas NL (ASX:BUY) has released its quarterly update for the period ended 31 March 2025, highlighting steady progress across its oil production and development projects in Queensland.

Production and Reserve Growth in Queensland Assets

Bounty's total producing and contingent oil reserves rose to approximately 313,000 barrels by the end of the quarter, boosted by acquisitions in the Surat Basin and ongoing developments across the Watkins North and other NFE projects, exploiting the additional 2023 Cooper Basin discoveries.

Steady Petroleum Revenue and Output

During the March 2025 quarter, Bounty generated unaudited petroleum revenue of AUD 210,000, contributing to a year-to-date total of AUD 863,000, from its 2% interest in the ATP 1189P (Watkins North 2) oil project. The company recorded a total production of 1,986 barrels of oil equivalent (Bboe) for the quarter, with a year-to-date production of 7,051 Bboe. Sales volumes for the same period reached 1,767 Bboe, bringing year-to-date sales to 7,140 Bboe.

Naccowlah Block – Exploration Opportunities and Output Optimisation

The Naccowlah Block spans approximately 1,804 km² in southwest Queensland. During the latest quarter, Bounty continued its oil production operations at this site, averaging 20 barrels of oil per day (bopd) net to the company.

The operator has identified at least nine potential sites for additional appraisal and near-field exploration (NFE) wells in the Jackson and Watson/Watkins areas. These are expected to be part of a drilling campaign, expected to begin in 2025.

In the coming quarter, Bounty plans to optimise oil output from the tied in Watkins North discoveries, and work is also planned to extend production in the Jackson Field.

Southern Surat Basin – Alton Area Development

Bounty's interests in the Southern Surat Basin include the Alton field. In the March 2025 quarter, the company focused on compliance, including the submission of a new tenure application (PL1182 to replace PL46). Furthermore, the focus was on well integrity reviews, environmental monitoring, and upgrading environmental systems.

Bounty intends to restart production from two wells at Alton, beginning with the Alton 3 well. A full field development plan is underway and initially 100 bopd of production is targeted.

Oil Revenue Outlook

Oil revenue for Bounty is expected to be modest in the short term, with projections of around AUD 1.1 million per annum as the company transitions through mid-2025. However, with further additions, total revenue is forecast to exceed AUD 2.0 million per annum in the 2025–26 financial year.

Notably, Bounty continues to generate oil from its long-standing asset in the Naccowlah Block. The company also plans to commence oil production from the Alton area in the latter part of 2025.

BUY shares traded at AU$0.002 per share on 30 April 2025.