Bounty Oil & Gas agrees deal for Liberia deepwater block
Australia-based Bounty Oil & Gas has agreed to accumulate PetroQuest Liberia Deep Water, having access to negotiations for a manufacturing sharing contract (PSC) overlaying Block LB-32 offshore Liberia.
PetroQuest holds a letter of engagement from the National Oil Company of Liberia, giving it the unique proper to barter a contract with the Liberia Petroleum Regulatory Authority.
Block LB-32 is just not at present coated by a granted licence or an executed PSC.
The proposed acquisition is topic to situations together with due diligence, shareholder and regulatory approvals, a capital elevating of not less than $2.13m (A$3m), and both execution of the PSC or affirmation of a passable route in direction of its grant.
The events should fulfill or waive the situations by 31 December 2026, until they agree one other date.
Bounty has additionally acquired agency commitments for a placement of round A$3.55m. Tribeca Investment Partners, L1 Capital Global Opportunities Master Fund and S3 Consortium, also referred to as Stocks Digital, are cornerstoning the elevating.
Block LB-32 covers 2,322km² in Liberia’s Harper Basin, with water depths starting from round 1,500m to 4,200m. It is roofed by roughly 656km² of 3D seismic knowledge and 753 line-kilometres of 2D seismic knowledge.
Bounty plans to license the related knowledge from TGS earlier than finishing its technical evaluate, estimating potential sources and assessing prospects for a possible farm-out.
The firm mentioned its preliminary interpretation factors to the Jupiter and Zeus deepwater fan prospects, though it has not but reviewed the 3D knowledge instantly.
Bounty mentioned that it’ll not publish a potential useful resource estimate till an impartial certified evaluator has assessed the block.
Under the acquisition phrases, Bounty can pay A$1.5m in money and challenge greater than 863 million extraordinary shares, alongside 86.3 million shares linked to a earlier exclusivity charge.
Vendors might also obtain as much as one billion efficiency shares, with half tied to an impartial report confirming not less than 800 million barrels of P50 potential sources and a geological probability of success of not less than 30%, and half linked to a binding farm-out settlement.
If the PSC is just not executed inside 18 months of completion, Bounty mentioned that it could search to purchase again and cancel the related securities, topic to shareholder approval.
Bounty holds pursuits in Queensland, the Sydney Basin and Western Australia’s Carnarvon Basin.
“Bounty Oil & Gas agrees deal for Liberia deepwater block” was initially created and printed by Offshore Technology, a GlobalInformation owned model.
