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.

In 2017 Bounty acquired a 100% interest in PL2 Alton with shut in and attic oil reserves of 216,000 bbls and production facilities. PL2 was renewed in 2019 and Bounty is focusing on drilling 3 new well and workovers.

On the exploration front 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 1 exploration 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.