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Bounty Oil & Gas NL ( (AU:BUY) ) has provided an update.
Bounty Oil & Gas NL holds a 2% interest in the Naccowlah Block Joint Operations in southwest Queensland, which includes the Jackson field, Australia’s largest onshore oilfield, operated by Santos. The block comprises extensive petroleum leases with established production infrastructure and pipelines, underpinning Bounty’s existing oil production base.
In 2023, Bounty joined a three-well near field exploration campaign at Naccowlah that delivered a material increase in its share of oil reserves, but the company has accumulated $1.7 million in unpaid cash calls due to low crude prices and rising operating costs. Bounty is negotiating an agreement with the joint venture to address these arrears while the operator advances plans for new appraisal and exploration wells and production optimisation programs that could further boost Bounty’s reserves and future output in 2026–2027.
More about Bounty Oil & Gas NL
Bounty Oil & Gas NL is an independent Australian oil and gas explorer and producer operating since 1999. The company holds oil production interests at Naccowlah in southwest Queensland, two proved oil and gas leases in the Surat Basin, and material offshore exploration interests in the Sydney and Carnarvon basins.
Current Market Cap: A$1.74M
For an in-depth examination of BUY stock, go to TipRanks’ Overview page.