Bounty Oil & Gas Announces Acquisition of Liberia’s LB-32 Deepwater Block

Bounty Oil & Gas, an Australian explorer, has completed an agreement to acquire PetroQuest Liberia Deep Water, thereby obtaining rights to negotiate a production sharing contract for Liberia’s LB‑32 offshore block.

PetroQuest possesses a letter of engagement from Liberia’s National Oil Company, granting it the exclusive mandate to negotiate a contract with the Liberia Petroleum Regulatory Authority.

Block LB‑32 remains unlicensed, with no production sharing contract yet executed.

The acquisition is conditional on completing due diligence, securing shareholder and regulatory approvals, raising a minimum of US$2.13 million (A$3 million), and either finalising the PSC or obtaining confirmation that a satisfactory path to its award exists.

The parties must either satisfy or waive these conditions by 31 December 2026, unless they agree on an alternative deadline.

Bounty has secured firm commitments for a financing round of approximately A$3.55 million. The placement is being cornerstone‑backed by Tribeca Investment Partners, L1 Capital Global Opportunities Master Fund and S3 Consortium (also known as Stocks Digital).

The LB‑32 block spans about 2,322 km² within Liberia’s Harper Basin, with water depths between roughly 1,500 m and 4,200 m. The area is covered by approximately 656 km² of 3‑D seismic data and 753 line‑kilometres of 2‑D seismic data.

Bounty intends to license the necessary seismic data from TGS ahead of completing a technical review, during which it will estimate prospective resources and evaluate prospects for a possible farm‑out.

Initial interpretation has identified the Jupiter and Zeus deepwater fan prospects, although Bounty has not yet directly reviewed the 3‑D data.

Bounty will withhold any prospective resource estimate until an independent qualified evaluator has completed its assessment of the block.

Pursuant to the acquisition terms, Bounty will pay A$1.5 million in cash and issue in excess of 863 million ordinary shares, plus an additional 86.3 million shares associated with a prior exclusivity fee.

Sellers are also eligible to receive up to one billion performance shares. Half of these shares are contingent on an independent report confirming a minimum of 800 million barrels of P50 prospective resources and a 30 % geological chance of success, while the other half depends on a binding farm‑out agreement.

Should the PSC fail to be executed within 18 months of completion, Bounty may pursue a buy‑back and cancellation of the relevant securities, subject to shareholder approval.

Bounty currently holds exploration interests in Queensland, the Sydney Basin and Western Australia’s Carnarvon Basin.

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