The L16 Petroleum Licence straddles the Rough Range anticline home to Australia’s first oil discovery in 1955.  The primary target is oil in the Cretaceous Birdrong Sandstone up dip from the source kitchen in the Paterson Trough immediately to the west of Rough Range.

The Dingo Claystone is the prime source rock in this area and for much of the Carnarvon Basin.  Where drilled within Bounty’s lease the Dingo Claystone is just within the oil window, the drill cuttings show bright fluorescence instantaneous fluorescent oil cut with solvent and have a total organic carbon content of 1% – 2.5%.

Within the Patterson Trough (Paterson East Lead) the Dingo Claystone is expected to be well within the oil window and to make an excellent target for a shale oil play.

Bounty continued well integrity monitoring on the Rough Range 1B well in Petroleum Licence L 16 onshore Carnarvon Basin and other remediation at the Rough Range Oilfield.

Bounty was making amendments to an updated Environment Plan under consideration by the regulator; DMIR’s.

Bounty continued to seek a route to further refine the structure and reservoir in L16 with a view to further seismic surveys and/or an exploration well.

There are potential significant oil reserves within PL L16