Bounty Oil & Gas NL announced that it has exercised its option under the Farmin Agreement ("Agreement") with Coastal Oil and Gas Pty Ltd. ("Coastal") to earn 50% in Cerberus. Bounty has exercised its option in light of: Earning 50% of a potentially major oil project opens up attractive financing pathways for Bounty to enhance shareholder value where Bounty is also joint operator; Higher oil prices have meant increased interest in oil exploration and access to farmin partners; Bedout Sub-Basin, WA discoveries enhance Triassic age sequences and trap model to drive de-risking drill targets in Cerberus; Preliminary seismic data inversion analysis has confirmed several direct hydrocarbon anomalies over identified drill targets and other areas on trend from existing discoveries; and Rig availability on the North-West Shelf for Fourth Quarter 2022/Q1 2023 has allowed issue of an LOI by Coastal with the intent to contract Valaris JU-107 for a two firm and one contingent well programme ("Drilling Programme"). Bounty has made excess contributions to date and no material cash calls are envisaged in the short term; while Bounty is funding its contributions from oil revenue.
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5-day change | 1st Jan Change | ||
0.005 AUD | -.--% | -16.67% | -50.00% |
03-15 | Bounty Oil & Gas NL Reports Earnings Results for the Half Year Ended December 31, 2023 | CI |
01-12 | Bounty Oil & Gas Raises AU$1.2 Million for Ongoing Projects, Working Capital; Shares Fall 9% | MT |
1st Jan change | Capi. | |
---|---|---|
-50.00% | 4.98M | |
+8.86% | 292B | |
+0.34% | 133B | |
+60.77% | 129B | |
+20.61% | 81.05B | |
+2.98% | 70.26B | |
+4.67% | 54.27B | |
+6.90% | 46.13B | |
+28.49% | 35.19B | |
-10.82% | 34.26B |
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