Bounty Oil and Gas NL is an independent Australian oil and gas explorer and producer. It was formed in 1999 and listed on the Australian Stock Exchange in February 2002.
From its inception, it has pursued an active programme of land acquisition, exploration and development. It has a strong balance sheet, increasing oil revenue and remains free of debt. The company has production at Utopia and Naccowlah in SW Queensland and two undeveloped gas discoveries offshore Tanzania. Recently, the project emphasis has been altered slightly from high impact offshore exploration to a greater emphasis on lower risk onshore oil appraisal and development opportunities in Queensland.
The management team and directors are experienced professionals well versed in the oil and gas business and cover all aspects from finance to technical operations management. In addition, Bounty has excellent relations with Australia’s best consultants and international consulting firms and can call on a broad spectrum of expertise as required.
Bounty revenue expected to re-bound strongly in 2017 to around $3.5 million with contributions from Tanzanian gas sales anticipated to add $2.5 million and oil revenue to commence from Surat Basin.
Bounty holds 100% of AC/P 32 in the Ashmore Cartier Region – Timor Sea. It is completing a seismic re-processing project targeting a 20-80 mmbbls oil Upper Cretaceous age Puffin Formation stratigraphic trap in the permit. There is at least one other prospect of similar size within the permit. Bounty’s team has had offshore drilling success in this region and AC/P 32 is Bounty’s major growth project. It is pursuing farmout of 500 mmbbl OOIP prospect delineated in AC/P32 Timor Sea and permit in good standing.
Bounty also has a quality portfolio of petroleum acreage with Pmean or 2P producing oil reserves at Naccowlah, Queensland, and a further 1.1 MMboe of non-producing and contingent resources in proven oil and gas fields in Australia and Tanzania.
Bounty will also look to grow by expanding into other projects in Tanzania and East Africa.
Bounty has rationalised out of a loss making non operated project and has become operator of 3 Surat Basin oil projects centred on Alton. There are indications of an oil price recovery in 2017 and we will focus on lifting oil from these additional assets while seeking additional oil revenue generating opportunities.
It is listed on the Australian Securities Exchange with the ASX code of “BUY”.
Dedicated to the exploration of onshore and offshore oil & gas resources
|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.|
|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.|
|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.|
PHILIP F KELSO
|Chief Executive Officer|
|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.|
|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.|
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