Bounty Oil & Gas operations and Minister's decision

Bounty Oil & Gas NL (ASX:BUY) received a statement from the Hon Ed Husic, one of the Federal Ministers for Industry and Science, indicating a preliminary view to refuse the PEP-11 Exploration Permit Applications. The Applications, filed by the JV Operator, Asset Energy Pty Limited, controlled by BPH Energy Pty Limited (ASX:BPH), were accepted by NOPTA on 23 January 2020 and 17 March 2021. Bounty has 30 days to make submissions and is evaluating the correspondence received from NOPTA. Furthermore, the company's oil production and development operations in Naccowlah Block (Cooper Basin) and development operations in the Surat Basin are progressing positively, with additional oil development/appraisal wells expected in 2025.

Executive Commentary

The Minister's preliminary view on the PEP-11 Exploration Permit Applications is being carefully considered by Bounty Oil & Gas NL. We are evaluating the correspondence received from NOPTA and will make submissions within the stipulated timeframe. Our oil production and development operations in Naccowlah Block and the Surat Basin are advancing well, and we look forward to the potential opportunities in the Jacobson (Cerberus) project FIA and the deep Permian gas prospects within the Jacobson permits.

Summary of Bounty Oil & Gas NL Announcement

Bounty Oil & Gas NL (ASX:BUY) is facing the possibility of the refusal of the PEP-11 Exploration Permit Applications following the Hon Ed Husic's preliminary view. The company is actively reviewing the situation and will respond within the given timeframe. Despite this development, Bounty's oil production and development operations in Naccowlah Block and the Surat Basin are making positive strides, with plans for additional oil development/appraisal wells in 2025. Furthermore, the company is pursuing variations to the Jacobson (Cerberus) project FIA and is optimistic about the deep Permian gas prospects within the Jacobson permits.