Bounty Reports $272K Q3 Revenue, 413,000 Barrels Reserves, Surat Basin Restart Set for 2026

Quarterly Performance and Reserve Growth

Bounty Oil & Gas NL has released its September 2025 quarterly report, revealing steady progress in its oil production and development activities across Queensland. The company generated $272,000 in oil revenue during the quarter, primarily from its Naccowlah Block in southwest Queensland, where production slightly increased to 21 barrels of oil per day. Notably, Bounty's combined producing and contingent oil reserves and resources in Queensland have grown to 413,000 barrels, reflecting acquisitions in the Surat Basin and exploitation of recent discoveries in the Cooper Basin.

Surat Basin – A Key Growth Focus

The Surat Basin remains a strategic priority for Bounty, with plans underway to bring its 100% owned fields back into production in 2026. The company anticipates initial production from the Alton area to contribute around 100 barrels per day, potentially generating approximately $2 million in annual revenue. Technical studies are also exploring appraisal drilling opportunities for deeper oil condensate plays at Alton, signaling potential for further resource expansion.

Legal Challenges in the Sydney Basin

On the regulatory front, Bounty continues to contend with the Federal Government’s refusal to extend the PEP 11 offshore Sydney Basin permit. The matter is now before the Federal Court, with a hearing initially held in September 2025 and adjourned to February 2026. The court will consider technical legal arguments regarding the permit extension, a critical issue given the significant gas supply shortfalls in eastern Australia and the strategic importance of the Sydney Basin gas resources.

Financial Position and Operational Outlook

Despite the positive developments, Bounty reported a net operating cash outflow of $212,000 for the quarter, with cash and marketable investments standing at $0.61 million at quarter-end. The company did not acquire or relinquish any petroleum permits during the period and continues to manage its existing portfolio prudently. Payments to related parties amounted to approximately $112,300, reflecting ongoing corporate governance disclosures.

Looking Ahead

Looking forward, Bounty plans to drill multiple near-field exploration and appraisal wells in the Naccowlah Block in 2026, aiming to further boost reserves and production. The company is also monitoring progress on other projects, including offshore Carnarvon Basin permits and the Rough Range Project in Western Australia. The unfolding legal situation around PEP 11 will be a key development to watch, as it holds implications for Bounty’s gas exploration ambitions and the broader Australian energy landscape.