Bounty Oil & Gas NL announced that it has exercised its option under the Farmin Agreement ("Agreement") with Coastal Oil and Gas Pty Ltd. ("Coastal") to earn 50% in Cerberus. Bounty has exercised its option in light of: Earning 50% of a potentially major oil project opens up attractive financing pathways for Bounty to enhance shareholder value where Bounty is also joint operator; Higher oil prices have meant increased interest in oil exploration and access to farmin partners; Bedout Sub-Basin, WA discoveries enhance Triassic age sequences and trap model to drive de-risking drill targets in Cerberus; Preliminary seismic data inversion analysis has confirmed several direct hydrocarbon anomalies over identified drill targets and other areas on trend from existing discoveries; and Rig availability on the North-West Shelf for Fourth Quarter 2022/Q1 2023 has allowed issue of an LOI by Coastal with the intent to contract Valaris JU-107 for a two firm and one contingent well programme ("Drilling Programme"). Bounty has made excess contributions to date and no material cash calls are envisaged in the short term; while Bounty is funding its contributions from oil revenue.
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5-day change | 1st Jan Change | ||
0.005 AUD | 0.00% | 0.00% | -50.00% |
1st Jan change | Capi. | |
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-50.00% | 5.01M | |
+9.06% | 300B | |
+4.86% | 142B | |
+48.92% | 122B | |
+20.84% | 82.35B | |
+7.43% | 74.68B | |
+6.20% | 56.22B | |
+9.68% | 48.55B | |
-11.43% | 34.92B | |
+27.46% | 35.25B |
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