Sponsored

Bounty Oil & Gas (ASX: BUY) exploration plans receive boost on rejection of NSW Offshore Drilling Ban Bill - Kalkine Media

November 27, 2023 01:04 PM AEDT | By Manisha
Follow us on Google News:

ASX-listed independent oil & gas company, Bounty Oil & Gas NL (ASX: BUY) today revealed that the Offshore Drilling and Associated Infrastructure Prohibition Bill 2023 has been dismissed. The Bill was drafted to introduce amendments in three Acts to ban offshore activities, such as drilling for petroleum, in New South Wales.

The company considers it to be a favourable decision as the bill tabled to ban oil and gas exploration offshore the New South Wales coast could have turned out to be a potential impediment to the company’s exploration plans.

Details of the investigation

A report was prepared by the NSW Legislative Committee on Environment and Planning into the Minerals Legislation Amendment Bill 2023. The committee drafted the report with ten findings and proposed two recommendations after probing into varied aspects and considering inputs from field experts.

The Committee found the proposed legislation to be constitutionally invalid and recommended to dismiss the Bill.

About PEP-11

Spanning over 4,576km2, PEP 11 is considered to be a high impact exploration project located just next to Australia’s largest gas market. It is counted to be one of the most worthwhile untested gas plays in the country as it has showed substantial gas generation as well as migration in the offshore Sydney Basin.


Image source: company update


Data source: company update

At present, Bounty Oil & Gas and Asset Energy are in talks with the government authorities to advance exploration work of the PEP-11 permit.

Asset Energy’s JV applications with the National Offshore Petroleum Titles Administrator are still in process. The applications concern variation as well as suspension of work program conditions and the extension of the PEP-11 permit.

 


Disclaimer

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.



Top ASX Listed Companies

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