PEL 218 is prospective for oil, coal seam gas (CSG) and potentially tight gas.  It covers the Nappamerri Trough the main source kitchen for the oil and gas fields in the surrounding areas.  In September 2009, Bounty earned 23.28% of the post Permian age section by funding 50% of the Wakefield 1 exploration well.  It was the first well drilled specifically to test for oil in this part of the Eromanga Basin and demonstrated that not only are hydrocarbons being actively generated but that many of the sands are oil saturated and have suitable seals. Wakefield 1 well was cased and suspended to enable the joint venture to test the oil shows in a number of zones in the Murta and McKinlay Members, Namur Sandstone, Adori Sandstone and Birkhead Formation.

Wakefield 1 also intersected 9 metres of gassy coal at the base of the Winton Formation, confirming widespread coals within the Nappamerri Trough.  The best developed coals occur in a zone through the licence with up to 14 metres of coal in the section. The operator has drilled three successful basin-centred gas wells into the underlying gassy Permian section in which Bounty has no interest.  These wells have however provided valuable additional data on the coal seam distribution.  If producible CSG is proved, Bounty may have major reserves as the permit covers 1600 km².Drilling by other operators in 2012 near the eastern boundary of PEL 218  proved that there is gas in the Nappamerri Formation which extends into PEL 218 and Bounty has an interest in that Formation. This sequence is expected to be developed over much of the 1600 sq km PEL218 permit.