Bounty Oil & Gas NL announce that the Department of Mines, Industry Regulation and Safety, West Australia (DMIRS) has approved three applications by the Coastal Oil and Bounty consortium in respect of Cerberus Project Permits EP 490, 491 and TP 27 for suspension of work program and the extension of the terms of the permit for above commitment work. As a result, the project, subject to completion of work commitments now holds permit extensions for EP 490, 491 and TP 27 through to May 2026 and has commenced the Year 3 Work comprising 2D seismic reprocessing and inversion of the recently acquired reprocessed 3D seismic over the identified target areas for drilling. The participants are now analysing the preliminary 3D seismic data inversion over the current inventory of drilling targets.

Oil exploration in this exciting part of the Carnarvon Basin is ramping up and Bounty anticipates that a well called Yoorn-1 will be drilled by Santos Limited as operator on the border of the Cerberus Permits in Fourth Quarter 2022 which will target two reservoirs. This well will be drilled on trend from a number of prospects identified by the Coastal Oil and Bounty consortium in the Cerberus Permits which include Ulysses and Lincoln.