about bounty oil & gas nl


Bounty Oil and Gas NL 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 development. It has a strong balance sheet, increasing oil revenue and remains free of debt. The company has production at Utopia and Naccowlah in SW Queensland and two undeveloped gas discoveries offshore Tanzania. Recently, the project emphasis has been altered slightly from high impact offshore exploration to a greater emphasis on lower risk onshore oil appraisal and development opportunities in Queensland.

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 generates revenues of $2 million per annum and participates in development, near field and high impact exploration drilling with bias to oil.

Bounty holds 100% of AC/P 32 in the Ashmore Cartier Region – Timor Sea. It is completing a seismic re-processing project targeting a 20-80 mmbbls oil Upper Cretaceous age Puffin Formation stratigraphic trap in the permit. It is planning a drill decision for 2014. There is at least one other prospect of similar size within the permit. Bounty’s team has had offshore drilling success in this region and AC/P 32 is Bounty’s major growth project.

Bounty also has a quality portfolio of petroleum acreage with Pmean or 2P producing oil reserves of 1.8 MMbo at Utopia and Naccowlah, Queensland, and a further 1.1 MMboe of non-producing and contingent resources in proven oil and gas fields in Australia and Tanzania.

The company will participate in the drilling of 3 additional development/appraisal wells and several re-entries in 2013 targeting oil in the Cooper and Surat Basins.

Bounty expects good revenue growth in 2016 and beyond based on Tanzanian gas. Successful exploration of Bounty’s Tanzania offshore targets longer term has the potential to launch Bounty as a significant gas producer with increasing revenue in coming years.

It is listed on the Australian Securities Exchange with the ASX code of “BUY”.