2019 Oil Drilling Continuation - Naccowlah Block
ASX Announcement 13 March 2019
Bounty Oil & Gas NL (Bounty) reports that following completion of the first 3 wells; the 2019 program will continue with 2 appraisal wells at the Watson North Oilfield, Naccowlah Block, SW Queensland commencing with Watson North 2 around 21 March 2019.
The 3 wells completed in 2019 have further developed and appraised the producing zones at Watkins Oil Field. Watkins 4 and 5 achieved very good well results which have extended the Watkins producing Birkhead zones. Watkins 6 was plugged.
Watkins and Watson North Fields are located in PL 35 Naccowlah Block approximately 40 km southwest of the Jackson Oil Facility (see Figure 1).
Bounty is an Australian ASX listed oil producer and explorer (ASX Code: BUY). Its core petroleum production and exploration assets are located in the Cooper/Eromanga Basins in SW Queensland and South Australia and in the Surat Basin; E Queensland. It also holds oil exploration interests in Western Australia. Its growth assets are spread over a number of high impact projects in Australia where it is exploring for oil and gas. In Australia it holds 100% of AC/P32 in the Timor Sea with the Azalea Prospect as its first drill target and a 15% interest in PEP 11 offshore Sydney Basin.
FIGURE 1
Quarterly Activities Report – End September 2018
ASX Announcement 31 October 2018
Australia
- Oil production and development
- Oil revenue and related gross receipts for the quarter - $1.314 million
- Bounty group achieving strengthening oil revenue in Queensland expected to reach $2.6 million in 2019 with:-
- Three successful Birkhead zone oil appraisal wells at Watkins and Jarrar Fields; Naccowlah Block, South-west Queensland
- Further 6 - 8 appraisal wells programmed
- Improving oil output and strong A$ oil prices at around A$100
- Bounty’s oil production increased to 98 bopd
- Naccowlah drilling expected to increase oil reserves
- Oil/Gas exploration
- Planning for 2019 commencement of Surat Basin oil and gas production as PL441 native title claim extinguished
- Bounty achieves full control of Rough Range oil project, Western Australia
- Bounty pursuing AC/P 32 Timor Sea farm-out as oil prices strengthen
Tanzania – Nyuni Block:
- Bounty withdrawing from both the Kiliwani North and Nyuni Blocks as the joint venture operator had failed to secure payment for gas and condensate delivered
Oil Business - Production:
Bounty produces oil from the Naccowlah Block in SW Queensland. It has withdrawn from the Kiliwani North field, Tanzania. Production was 117 boepd at quarter end which an increase of 128 % over the end last quarter. Bounty expects to commence oil production from the Alton area; Surat Basin, SE Queensland next quarter. Bounty’s unaudited petroleum revenue, production and sales for the quarter ended 30 September 2018 are summarised below.
Revenue:
Production:
Sales:
DIRECTORS
GRAHAM REVELEIGH | Chairman; Non-Executive Director |
| Qualifications: | BSc. MSc, M. Aus IMM. |
| Experience | Mr Reveleigh is a professional geologist and has nearly 41 years experience in the resources industry both in Australia and overseas. Early in his career, he worked in the oil industry, then spent most of his career in exploration, mine management and construction in the mineral industry. Mr Reveleigh has had extensive experience in petroleum in recent years as a director of Drillsearch Energy Limited and a director of Canadian producer: Circumpacific Energy Corporation. He retired as a director of those companies in late 2007. He is a Member of the Australasian Institute of Mining and Metallurgy and a member of the Petroleum Exploration Society of Australia. He was appointed a director and chairman in 2005. |
| Special responsibilities | Chairman of the company; geotechnical advice. |
CHARLES ROSS | Non-Executive Director |
| Qualifications: | BSc. |
| Experience | Mr. Ross has had extensive experience in the private and public equity and corporate finance market in Canada, USA and Europe for 20 years. He has operated extensively in corporate asset acquisition and divestiture, review and development of corporate financing strategies, administration, compliance procedures and investor relations in North America and the Euro zone. He was a director of Circumpacific Energy Corporation (a subsidiary of Drillsearch Energy Limited) from 1992 until 2008. This has included management involvement in most aspects of petroleum exploration, development and production operations in the Western Canada Basin and other areas. He was appointed a director in 2005. |
| Special responsibilities | Audit reviews. |
ROY PAYNE | Non-Executive Director |
| Qualifications: | Solicitor, Queensland. |
| Experience | Mr Payne is a commercial lawyer with over 30 years’ experience. Prior to working in private practice as a lawyer he worked for the Department of Justice, Queensland for 12 years where he qualified to be a Clerk of the Court and a Magistrate. Mr Payne has many years of experience in the corporate world. He has been the chairman of a listed mining exploration company. He is currently the chairman of the board of a private ship maintenance and repair company and the chairman and director of two limited liability, not for profit companies that operate a public art gallery and a gallery foundation. He has a wealth of knowledge and experience with corporate governance and mining exploration. |
| Special responsibilities | Commercial law and Queensland statutory compliance. |
MANAGEMENT
PHILIP F KELSO | Chief Executive Officer |
| Qualifications: | BSc. LLB |
| Experience | Mr. Kelso has 45 years experience as a lawyer and geologist. He started his career as a hard rock geologist and after 7 years switched to law in 1975. He practised as a barrister and solicitor focussed on commercial, resources and environmental law. He has international oil and gas experience having worked on exploration, development, acquisition and commercialisation projects in Australia, North America, South East Asia and Europe.Until 2007 Mr. Kelso was Managing Director of Drillsearch Energy Limited and of its Canadian offshoot Circumpacific Energy Corporation. He managed the group's growth through project and equity financing as it participated in a major oil development project in the Cooper Basin and land and equity acquisitions which laid the grounding for its major growth as a Cooper Basin oil producer and in development of its assets in the Western Canada Basin.He was Chairman and Director of Dome Resources NL and has overseen mine development and operations.He was appointed CEO of Bounty Oil in March 2008 and has overseen its acquisitions and oil and gas development projects in Australia and Tanzania. |
SACHIN SARAF | Company Secretary, Financial Controller |
| Qualifications: | B.Com (Hons); PGDCom, CPA |
| Experience | Mr Saraf comes with significant experience in upstream petroleum production operations with several ASX listed energy companies. |
PROJECTS
EXPLORATION
http://www.bountyoil.com/projects/exploration/core/carnarvon-basin/
http://www.bountyoil.com/projects/exploration/core/coopereromanga-basin/
http://www.bountyoil.com/projects/exploration/core/southern-surat-basin/
http://www.bountyoil.com/projects/exploration/core/surat-basin/
http://www.bountyoil.com/projects/exploration/growth/ac-p32/
http://www.bountyoil.com/projects/exploration/growth/nyuni-block/
http://www.bountyoil.com/projects/exploration/growth/pep-11/
PRODUCTION
http://www.bountyoil.com/projects/production/downlands/
http://www.bountyoil.com/projects/production/naccowlah-block/
AC/P32
http://www.bountyoil.com/wp-content/uploads/2014/01/ACP-32-Management-Final-10012014.pdf
INVESTORS
http://www.bountyoil.com/home/investors/
CONTACT
BOUNTY OIL & GAS NL
Level 7, 283 George street, Sydney NSW 2000
- Ph: 61 2 9299 7200
