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Southern Surat Basin; Southeast Queensland

Location

40km Northeast of St. George, surrounding Alton Oil Field

Operator

Origin Energy

Interest

ATP 552P – Bellbird – Bounty 33.33%

ATP 754P Bounty 50%

PL 2A/B – Bounty 24.25%

PL2C – Bounty 36.5%

Resources Targets

Fields in the 0.2 – 1 MMbo range.

Background

Bounty initially gained an interest in the southern Surat Basin through the purchase of Ausam Resources Pty Ltd in 2009, and has added to the acreage through strategic acquisitions.  Hydrocarbons in this part of the Surat Basin are generated in the underlying Bowen Basin Permian sequence and are liquids rich.  Oil is also trapped in the Triassic age Showgrounds Sandstone and in the Jurassic Age Evergreen Formation.

Bounty has identified three oil prospects – Mardi and Eluanbrook Up dip which have potential recoverable resources of between 200,000 and 300,000 barrels and Farawell which lies up dip from oil  discovered in the Farawell  1exploration well.  A 3D seismic survey over the prospect has indicated  good potential for a stratigraphic trap in the Showgrounds Sandstone. In addition to conventional targets, Bounty is pursuing unconventional wet gas in the Tinowan-Wallabella Coal sequence of the Bowen Basin and oil in sands of the Bandanna Formation at Bellbird in ATP 552P.