Highlights
- Bounty supports Coastal's rig contract under the HoA for Jacobson gas exploration.
- The Jacobson program includes two firm wells, one contingent well, and one optional well.
- Key conditions include regulatory approvals, a US$250,000 booking fee, and rig inspections.
Bounty Oil & Gas NL (ASX:BUY) has announced that Coastal Oil and Gas Pty Ltd has executed a binding Heads of Agreement (HoA) with a rig contractor. Coastal, the operator of permits EP 475, EP 90, EP 491, and TP/27, has established key commercial terms for the rig contract through this HoA. The development is essential for exploring the Jacobson deeper gas prospects.
BUY plans to provide technical support to the operator, focusing on seismic reprocessing and interpretation.
Bounty, an oil producer & explorer, reports annual gross oil revenue of AU$1.6 million. The company holds significant assets in the Cooper/Eromanga and Surat Basins, Queensland, a 15% interest in PEP 11 offshore the Sydney Basin, and high-impact exploration interests in the Carnarvon Basin, Western Australia.
The share price of BUY was AU$0.0050 at the time of writing on 08 August 2024.