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 revenue expected to re-bound strongly in 2017 to around $3.5 million with contributions from Tanzanian gas sales anticipated to add $2.5 million and oil revenue to commence from Surat Basin.

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. 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. It is pursuing farmout of 500 mmbbl OOIP prospect delineated in AC/P32 Timor Sea and permit in good standing.

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 and Tanzania.

Bounty will also look to grow by expanding into other projects in Tanzania and East Africa.

Bounty has rationalised out of a loss making non operated project and has become operator of 3 Surat Basin oil projects centred on Alton. There are indications of an oil price recovery in 2017 and we will focus on lifting oil from these additional assets while seeking additional oil revenue generating opportunities.

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