Sponsored

Bounty Oil & Gas (ASX:BUY) Backs Coastal's Rig Contract for Jacobson drilling program

August 09, 2024 11:35 AM AEST | By Aditi Sarkar
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp

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.

Key terms and conditions of the HoA include:

  • The program will comprise two firm wells and one contingent well, each lasting 20 days. Additionally, there will be one optional well of 20 days for the Jacobson project;
  • The Jacobson program is expected to commence in late 2025, subject to approval timings and rig availability, and is currently secondary to another operator’s schedule.

Data source: Company update

  • Operating rates and other terms are nearing finalisation.
  • Coastal will cover the costs associated with rig mobilisation and demobilisation on behalf of the partners.

The share price of BUY was AU$0.0050, up 25% at the time of writing on 09 August 2024.

.

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.

Two ASX Listed Stocks Giving Bullish Indications

Recent Articles

Investing Tips

Previous Next
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.