BUY 25.0% 0.5¢ bounty oil & gas nl

Just double their exploration acreage

  1. 1,747 Posts.
    This company is going somewhere.
    Daytona energy have accepted Bounty's shares at 20 cents per share in exchange for valuable exploration acreage.

    Have a read.

    Regards M.

    BOUNTY OIL & GAS NL 2002-05-31 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Bounty Oil & Gas NL (Bounty) is pleased to announce that it has
    entered into a conditional agreement with Daytona Energy Corporation
    (Daytona Energy) to acquire interests in five Australian Exploration
    Permits. The acquisitions will almost double Bounty's net acreage
    holding from 9,765 sqkm to 19,333 sqkm.

    The permit interests are in the Offshore Sydney Basin, NSW; the
    Onshore Carnarvon Basin, Western Australia and in the Offshore Vulcan
    Sub-Basin, North West Shelf. The consideration for the acquisition of
    the permit interests will be satisfied by the issue and allotment of
    fully paid ordinary shares in Bounty. Assuming all of the conditions,
    including shareholder and regulatory approval, are satisfied, the
    total consideration for the permit interests is 7,000,000 fully paid
    ordinary shares in Bounty at an issue price of 20c each (total value:
    $1,400,000).

    PERMIT: PEP 11 OFFSHORE SYDNEY BASIN NSW

    Interest Purchased: 50% from Flare Petroleum NL, a wholly owned
    subsidiary of Daytona. This increases Bounty's
    interest in PEP 11 to 100%.
    Consideration: 2,375,000 Bounty shares
    Conditions: None
    Summary: PEP 11 is located approximately 10 km from
    Sydney. A numberof gas leads have been
    identified. The presence of gas and oil seeps
    in boreholes, wells and coal mines onshore
    indicates that there may be hydrocarbon
    potential.

    PERMIT: EP412 ONSHORE CARNARVON BASIN, WA

    Interest Purchased: 65% from Flare Petroleum NL
    Consideration: 1,855,000 Bounty shares
    Conditions: None
    Summary: Technical work completed in 2001 by Rough Range
    Pty Ltd has identified two gas prospects,
    Yolanda and Victoria. EP412 is subject to a
    farmin agreement with Rough Range whereby they
    may potentially earn up to 80% interest in
    the permit by drilling a well.

    PERMIT: AC/P25 OFFSHORE VULCAN SUB-BASIN, NW SHELF

    Interest Purchased: 100% from Flare Petroleum NL
    Consideration: 1,000,000 Bounty shares
    Conditions: Approval for a change in the permit work
    program from the Designated Authority of the
    Northern Territory Government.
    Summary: The permit is adjacent to the Challis and
    Talbot oil fields, and several gas fields. The
    permit is in a known hydrocarbon producing
    area.

    PERMIT: AC/P27 OFF-SHORE VULCAN SUB-BASIN,NW SHELF

    Interest Purchased: 50% from Flare Petroleum NL, 50% from Arc
    Energy
    Consideration: 1,000,000 Bounty shares
    Conditions: Approval for a change in the permit work
    program from the Designated Authority of the
    Northern Territory Government.
    Summary: The permit is adjacent to the Talbot and
    Montara oil fields, and several gas
    fields. The permit is in a known hydrocarbon
    producing area.

    PERMIT: AC/P32 OFFSHORE VULCAN SUB-BASIN, NW SHELF

    Interest Purchased: 18% from Daytona Energy
    Consideration: 770,000 Bounty shares
    Conditions: Confirmation from the Designated Authority of
    the Northern Territory Government that permit
    AC/P32 is in good standing.
    Summary: The permit is adjacent to the Skua and Montara
    oil fields, and several gas fields. There are
    several structural leads identified in permit.
    The permit is in a known hydrocarbon producing
    area.

    Tom Fontaine, Bounty's Managing Director, commented:

    "This transaction almost doubles Bounty's portfolio of projects.
    These purchases are consistent with Bounty's strategy of acquiring
    assets where the application of technology has the potential to
    increase their value. Bounty has exclusive marketing rights to
    specialised seismic processing software that it believes can help
    unlock the potential of these permits, especially AC/P25, 27 and 32."

    T Fontaine
    MANAGING DIRECTOR





 
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