Bounty Oil & Gas NL (ASX: BUY), an Australian oil and gas explorer and producer, announced a conditional agreement to acquire PetroQuest Liberia Deep Water LLC. This acquisition provides Bounty with a Letter of Exclusivity to negotiate a Petroleum Service Contract with the National Oil Company of Liberia (NOCAL) for Block LB-32, a deepwater oil exploration block situated in the prolific Harper Basin, offshore Liberia, West Africa. The move represents a strategic expansion for Bounty, which focuses on identifying, acquiring, and developing petroleum resources both domestically and internationally.
The LB-32 block, covering 2,322 square kilometres, is interpreted to contain significant deepwater fan prospects, including Jupiter and Zeus. The region is considered the conjugate margin to Guyana, where major oil discoveries have been made, leading to increased interest from global energy majors. The block benefits from modern 2D and 3D seismic coverage, which Bounty intends to leverage for due diligence, resource quantification, and potential farm-out opportunities. Geological analogues in Ghana, Senegal, and the Guyana-Suriname Basin further highlight the prospectivity of the targeted Upper Cretaceous basin floor fan play.
In conjunction with the acquisition, Bounty successfully secured firm commitments to raise approximately $3.5 million (before costs) through a share placement to professional and sophisticated investors. This placement was cornerstoned by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund, with proceeds earmarked for the PetroQuest acquisition, LB-32 work programs, and funding existing projects. Operationally, the company reported unaudited petroleum revenue of $397,000 for the quarter, and development and compliance work is progressing to restart oil production in the Surat Basin. Shareholders also approved all resolutions at the general meeting held on 25 September 2026.
