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.