• Block 2P & 2C developed reserves  were 6.95 mmbbls
• Bounty held 2% of 2P reserves: ~74,000 bbls
• Bounty’s share of 3P reserves in the Block was ~80,000 bbls.

In 2011 Bounty purchased a 2% interest in the Naccowlah Block SW Queensland. The Naccowlah Block consists of ATP 1189 and 23 petroleum leases totalling 1,794 square kilometres. The block contains Jackson, the largest onshore oilfield in Australia. There are significant production infrastructure and pipelines. The joint venture maintains an active drilling programme.

Currently this area delivers 30 bopd net to Bounty with net 2P reserves of 74,000 bbls.  In recent years the joint venture partners have undertaken an extensive program of development, appraisal and NFE drilling with significant success.

The Jackson and Jackson South fields and associated production facilities are one of the largest in onshore Australia.

Watkins North 1 and Watkins North 2 in Petroleum Lease 35 were drilled as vertical NFE’s in July – August 2023.
Good oil shows were recorded in mud logs in both wells over the target Formations and logging runs and pressure tests established good reservoir in the oil productive middle Birkhead/GC 30 horizon. The two wells were cased and tied in to pipelines through the Watson Field oil satellite and production facilities in late 2023.

These two additional discoveries further extended the productive middle Birkhead/GC 30 sands 2 km north of the Watkins Field and have further developed the Watkins/Watson North complex.

Walter 1 seeking to extend the Watson South Field further west encountered weak oil shows at the target Birkhead/GC 30 horizon and after logging was P & A’d.

Bounty anticipates that following project reviews the operator will undertake further exploration/appraisal drilling in Naccowlah Block in 2025.