AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Bounty’s producing and contingent oil reserves in Queensland now total 313,000 barrels.
- For the six months ended 31 December 2024, the company’s oil revenue totalled AUD663,000.
- Bounty maintained oil production at Naccowlah Block during the December quarter, averaging 28 bopd net.
- The company expects initial production of 100 bopd from Alton Area Fields, potentially generating AUD2 million annually by 2025 end.
- Bounty completed a non-renounceable entitlement offer, raising approximately AUD231,000.
Bounty Oil & Gas NL (ASX:BUY) has been producing oil from its Naccowlah Block in southwest Queensland. The company expects to begin oil production in the Alton area, Surat Basin, southeast Queensland, by mid-2025.
Bounty’s producing and contingent oil reserves in Queensland now total 313,000 barrels. For the six months ended 31 December 2024, Oil revenue amounted to AUD663,000.
The company expects oil revenue to initially be lower, at AUD1.2 million per annum, as it moves into early 2025. However, with further developments, total production is expected to exceed AUD 2.5 million per annum later in the year.
Naccowlah Block (ATP 1189P Naccowlah Block and Associated PL’s - Bounty 2%; Watkins North 10%)
Southern Surat Basin Onshore Queensland (PL 2 Alton Oilfield and PL 46 Fairymount Oilfield Bounty - 100%)
Offshore projects
Moving to offshore exploration, the company’s Jacobson (Cerberus) project in the Carnarvon Basin, WA, is awaiting decisions from Western Australian regulators before commencing exploration for deeper Permian gas.
Update on PEP 11: On 17 January 2025, Bounty, as a participant in the PEP 11 Joint Venture with BPH Energy Limited, was notified by NOPTA that the Joint Authority had refused the extension applications for PEP 11. The permit, however, remains in force for two months, until 17 March 2025.
Completion of Entitlement Offer
The company completed its pro rata non-renounceable entitlement offer, which closed on 31 January 2025. Applications were received for 57.5 million New Shares, raising approximately AUD231,000. The company plans to use the proceeds to support oil development, and exploration, offer costs, and general working capital.
The company held AUD1.06 million in cash and liquid investments as of 31 December 2024, with no outstanding debt.
BUY shares were trading at AU$0.003 at the time of writing on 21 February 2025.
