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Highlights
- Bounty Oil & Gas recorded petroleum revenue of $0.49 million for the half-year to 31 December 2025.
- The company reported calendar year petroleum revenue of $0.95 million.
- Production from the Naccowlah Block contributed 3,802 barrels of oil equivalent during the period.
- The company plans up to four Naccowlah Block wells in 2026 to assess additional reserves.
Bounty Oil & Gas NL (ASX:BUY) has been making waves on the ASX with its share price up around 100% on 24 March 2026. The company recently released its interim progress report for the half-year ended 31 December 2025, highlighting continued production from its Queensland oil assets alongside ongoing exploration and development activity across its broader portfolio.
The update reflects a company balancing near-term revenue from established production with longer-term growth initiatives, including planned drilling, field redevelopment, and exposure to offshore exploration projects.
During the six months, the company’s core activities remained crude oil production, petroleum exploration, and development. Bounty also continued its secondary activity of investing in listed resource companies.
Half-Year Revenue Reflects Production Activity
Group revenue for the half-year totalled $495,000, largely generated from oil production operations. Revenue from oil production operations was $490,000. For the full 2025 calendar year, petroleum revenue reached $0.95 million.
Capital expenditure during the half-year period amounted to $225,000.
Oil Production from Naccowlah Block
Bounty’s production activities are primarily linked to its joint venture interest in the ATP 1189P Naccowlah Block and associated petroleum leases in southwest Queensland.
Petroleum revenue during the half-year was derived from the sale of 4,437 barrels of oil equivalent, generated from production of 3,802 barrels of crude oil equivalent.
At the end of the reporting period, Bounty’s oil production averaged 21 barrels of oil equivalent per day (boepd).
Minor volumes of naphtha were also produced during the period, with these volumes included within total oil sales. Maintenance work was carried out on production infrastructure within the Naccowlah Block during the reporting period.
Development Plans and Field Activities
Looking ahead, Bounty anticipates four new field exploration and appraisal wells in the Naccowlah Block during 2026. The planned wells are intended to evaluate potential additions to the company’s reserves.
The operator also plans to optimise oil production from the Watkins North discoveries and extend production in the Jackson Field through further development of undeveloped reserves in the Westbourne Formation.
Separately, Bounty is assessing the potential redevelopment of the Alton (PL 2) project in the Surat Basin, Queensland, which the company owns entirely. Field work is expected to continue with the aim of returning two wells to production, starting with the Alton 3 well, while a full field development plan is prepared.
Exploration across Offshore Projects
Bounty maintains interests in several exploration projects, including the PEP 11 permit in the Offshore Sydney Basin and the Jacobson Project in the Offshore Carnarvon Basin, Western Australia.
The PEP 11 permit covers approximately 4,576 square kilometres near Australia’s largest gas market.
While production from the Naccowlah Block continues to provide a foundation for revenue, Bounty’s broader strategy remains focused on progressing development and exploration initiatives across its asset base. Planned drilling activities, redevelopment work at the Alton field, and ongoing evaluation of offshore exploration assets may shape the company’s operational outlook as it seeks to expand its resource base and optimise existing production.
