Breaking News: Bounty Oil & Gas NL’s (ASX:BUY) Latest Plans
Navigating the energy sector can be risky...
especially when market shifts and company strategies aren’t clear.
If you’re a stakeholder, analyst, or industry leader seeking clarity, this article is for you.
We dive into the latest strategy from Bounty Oil & Gas NL, to provide a clear picture of their direction—and what it means for the potential future of the company and how it fits in the energy (Oil and Gas) landscape.
Recent capital raise proceeds will position Bounty Oil and Gas to effectively increase oil development and production operations at their Queensland projects, with an initial drilling campaign scheduled for the Surat Basin areas in early 2025.
The remaining funds will be directed toward working capital and the evaluation of significant gas exploration opportunities in Western Australia.
Other factual information provided by the company has been summarised below:
Bounty has in 2024 increased its proved oil resources to 400,000 bbls and will increase production and oil revenue from these resources.
The company is also advancing offshore projects to explore for major gas (and oil) resources where Australia is encountering shortages.
Bounty Oil and Gas has a two-pronged strategy to deliver shareholders value, combining high-impact exploration in Australian offshore projects with a core focus on onshore oil production and low-risk development. The goal is to add to its existing revenue and generate sustainable and increased revenue while driving significant growth.
Core Development and Exploration - The company’s core operations include 92 active wells across 18 fields in Queensland’s Cooper and Surat Basins, producing 30 boepd. Ongoing development in the Naccowlah Block and low-risk exploration in the Surat Basin aim to increase reserves, including exploiting up to 400,000 bbls held by the company.
Growth through High Impact Exploration - Bounty’s high-growth strategy centres on Jacobson project in the offshore Western Australia in Carnarvon Basin, Earning 25-50% of Jacobson project, subject to successful negotiations, in a target rich oil and gas environment.
CEO – Phillip Kelso, has 45 years of experience as a lawyer and geologist, specializing in commercial, resources, and environmental law. He has worked on international oil and gas projects across Australia, North America, Southeast Asia, and Europe. As Managing Director of Drillsearch Energy Limited, he led the company’s growth through major oil developments and acquisitions in the Cooper Basin and Western Canada Basin Since becoming CEO of Bounty Oil, Mr. Kelso has guided the company through acquisitions and oil and gas development projects in Australia.
Bounty has an experienced Board and Management Team, with extensive hands-on operational experience in financing, minerals exploration, mining and commercial project development in Australia, Americas and around the world.
Quick Summary About the company
BOUNTY OIL & GAS NL (BUY) is an independent Australian oil and gas explorer and producer. It was formed in 1999 and listed on the Australian Stock Exchange in February 2002.
From its inception, it has pursued an active programme of land acquisition, exploration and oil development. and is free of debt.
The company has oil production at Naccowlah in SW Queensland and two undeveloped proved oil and gas discoveries in the Surat Basin and onshore Carnarvon Basin.
Recently, the project emphasis has been on onshore oil appraisal and development opportunities in Queensland, while Bounty prepares for high impact petroleum exploration drilling in PEP 11 Sydney Basin and Offshore Carnarvon basin WA.
The management team and directors are experienced professionals well versed in the oil and gas business and cover all aspects from finance to technical operations management.
In addition, Bounty has excellent relations with Australia’s best consultants and international consulting firms and can call on a broad spectrum of expertise as required.
Bounty revenue in FY 23-24 was $1.6 million with oil revenue from Cooper Basin.
Bounty also has a quality portfolio of petroleum acreage with Pmean or 2P producing oil reserves at Naccowlah, Queensland, and a further 1.1 MMboe of non-producing and contingent resources in proven oil and gas fields in Australia.
Bounty will also look to grow by expanding into other projects in Australia.
Bounty has become operator of 2 Surat Basin oil projects centred on Alton, and the company will focus on lifting oil from these assets while seeking additional oil revenue generating opportunities.
Sources of information
Announcements: https://www.asx.com.au/markets/company/buy
Company website: https://www.bountyoil.com/
Cheers, Stevo – Armchair Banker MAppFin, AdvDipFP, ADA
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Full Disclosure: Stevo is assisting this company with shareholder communications.
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