Bounty Oil & Gas acquires deepwater prospect in Liberia

Bounty Oil & Gas NL has entered a conditional agreement to acquire PetroQuest Liberia Deep Water LLC. This acquisition grants the Australian explorer a Letter of Exclusivity to negotiate a Petroleum Service Contract with the National Oil Company of Liberia (NOCAL) for Block LB-32.

Located in the Harper Basin offshore Liberia, the 2,322 square kilometre block is interpreted to contain significant deepwater fan prospects, such as Jupiter and Zeus. The region is considered a conjugate margin to the Guyana-Suriname Basin, which has seen major oil discoveries.

To support this expansion, Bounty secured approximately $3.5 million in commitments through a share placement involving Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund. The funds are intended for the PetroQuest acquisition, LB-32 work programs, and existing projects.