On 7 October 2021 Bounty entered a farmin agreement with Coastal Oil and Gas Pty Ltd (“Coastal”) to earn a 25% interest in this shallow water oil project, offshore Carnarvon Basin, West Australia by contributing $500,000 to seismic data acquisition, interpretation and drill planning. Bounty contributed an additional $100,000 to assist the project in 2022 Subject to Coastal confirming funding for the balance drilling expenses and fixing drilling targets Bounty will then contribute $5.5 million to drilling expenses to earn its interest in the four Cerberus Permits. The project is right in the heart of Australia’s most active oil production area and offers a large number of prospects and leads, many drill ready, with high case prospective resources of over 600 million barrels.

The project is principally targeting oil in a lower Triassic source rock and reservoir sequence at the base of the Locker Shale, in lookalikes to the highly successful Dorado Project (2C reserves of 344 MMboe) being developed by Santos Limited and Carnarvon Petroleum Ltd in the Browse Basin to the northeast.

The attraction of this area is twofold, excellent prospective volumes offering reserves greater than Bounty’s onshore projects, and shallow water jack up drilling with abundant opportunities to achieve economies of scale by participating in drilling groups, resulting in costs only a few times more than onshore but with huge rewards.

Bounty and Coastal are targeting three types of Triassic age oil and gas plays.

The Jacobson Project incorporates 3,578 km2 in the four permits – EP 475, 490, 491 and TP 27 offshore Carnarvon Basin and lies 70 km. east of Barrow Island. It is right in the heart of Australia’s most active oil production area and offers several prospects and leads.