Bounty Oil & Gas NL : Quarterly Activities Report & App 5B - March 2022

ASX/MEDIA RELEASE

29 April 2022

Quarterly Activities Report - End March 2022

•  Highlights

  •  Bounty has farmed into the Cerberus Project Carnarvon Basin offshore WA, to earn a 25% interest in shallow water targets with over 600 million barrels of oil potential.

  •  New seismic data received in the quarter refined major stratigraphic oil plays which are Dorado lookalikes in the same Lower Triassic sequence as the hugely successful Dorado (344 MMboe 2C), Phoenix South and ROC (78 MMboe 2C) discoveries in the Browse Basin to the northeast

  •  The Cerberus Honeybadger Prospect - EP 491 has a mean prospective resource of 294 MMbbls oil

  •  Australian dollar oil prices increased to around A$149/bbl this quarter.

•  Oil Development - Naccowlah Block

  •  Strong oil prices lift revenue for the quarter to $403,000.

  •  Development drilling will recommence in 2022 with a development well at Cooroo NW and a potential second well.

  •  With oil prices at around $149 per bbl. Naccowlah production to maintain Bounty oil revenue with additions from Alton area, Surat Basin.

•  Gas Exploration

  •  The PEP 11 joint venture is obtaining legal advice on the unprecedented Federal government decision to refuse further extensions of PEP 11.

Oil Business - Production:

Bounty produces oil from the Naccowlah Block in SW Queensland. Average realised oil price for the quarter was a record AUD 149/bbl.

Bounty expects to commence oil production from the Alton area, Surat Basin, SE Queensland in 2022.

Bounty's unaudited petroleum revenue production and sales for year to date and for the quarter ended 31 March 2022 are summarised below.

Revenue:

QTR 3 ($)	YTD ($)
ATP 1189P(2)	Bounty Share (2% Interest) - Oil	403,000	1,220,000
Total Revenue (1)	403,000	1,220,000

(1) GST exclusive (2) Naccowlah Block

Production:

QTR 3 (Bbls)	YTD (Bbls)
ATP 1189P	Bounty Share (2% Interest) bbls	3,261	10,147
Total Production bbls	3,261	10,147

Sales:

QTR 3 (Bbls)	YTD (Bbls)
ATP 1189P	Bounty Share (2% Interest) bbls	2,675	9,929
Total Sales bbls	2,675	9,929

Oil Business - Production and Development: SW Queensland

ATP 1189P Naccowlah Block and Associated PL's - Bounty 2% Location: Surrounding Jackson, Naccowlah and Watson Oilfields Background - Summary

The Naccowlah Block comprises 1,804.5 km2 approximately 6% of which is covered by ATP 1189 (N) and 1 Potential Commercial Area (PCA) application and the remainder in 23 petroleum production leases (PL's) and 3 PL applications.

Activities during the Quarter

Principal activities during the quarter were continued oil production, re-completions and stimulation of zones in existing wells and ongoing production optimisation.

Significant Activities Next Quarter - 2022

Bounty has approved the drilling of a development at Cooroo NW Field in 2022. A potential further well is budgeted.

The operator is also preparing to build additional pipelines in the greater Cooroo/Natan-Bolan-Corella area of Naccowlah Block to transport additional developed oil from the recent successful drilling campaigns.

Oil Business - Development:

Southern Surat Basin Onshore Queensland PL 2 Alton Oilfield Bounty - 100%;

Location: 70 km northeast of St. George and 440 km west of Brisbane, SE Queensland. Background

The location of Bounty group Southern Surat Basin interests is shown below. Alton has had historical production of over 2 million barrels from the early Jurassic age Evergreen Formation.

Bounty's oil resources in the Southern Surat Basin are light oils (high API) derived from Permian coals (Cooper Basin equivalent) and offer 360,000 bbl 2C recoverable oil in proven pools for development.

Activities during the Quarter and Next Quarter

Bounty has prepared compliance systems for Alton and submitted these to the Queensland regulator for approval so that we can recommence production, especially in light of higher oil prices.

2022 Plans

Bounty is actively planning to work over 2-3 wells at Alton in 2022 and commence oil production while it generates a full field development plan aimed at producing 167,000 bbls of potential recoverable oil of from the Evergreen Formation. Further development will include drilling an up-dip appraisal well at Eluanbrook in the northwest section of PL 2 B and up to 3 attic oil locations within Block 2 C - the Alton Pool. Initial production of 100 bopd is expected from the Evergreen Formation and then moving to develop attic oil.

Surat Delineation/Exploration

Bounty will focus near term exploration on development of PL 2 Alton while reviewing new exploration activities in the areas adjacent to PL 2.

Major Growth Project:

Cerberus Project Offshore Carnarvon Basin WA - Bounty earning 25% - 50%

Location: 70 km. East of Barrow Island WA

Titles: EP 475, 490 and 491, TP 27 totalling 3,759 km2 Background:

On 7 October 2021 Bounty entered a farmin agreement with Coastal oil Pty Ltd. (Coastal) to earn a 25% interest in this 600 mmbbl potential oil project, offshore Carnarvon Basin, West Australia. The project is right in the heart of Australia's most active oil production area and offers a large number of prospects and leads, many drill ready, with prospective resources of over 600 million barrels.

The project is principally targeting oil in a lower Triassic source rock and reservoir sequence at the base of the Locker Shale, in lookalikes to the highly successful Dorado Project (2C reserves of 344 MMboe) being developed by Santos Limited and Carnarvon Petroleum Ltd in the Browse Basin to the northeast.

The attraction of this area is twofold, excellent prospective volumes offering reserves greater than Bounty's onshore projects, and shallow water jack up drilling with abundant opportunities to achieve economies of scale by participating in drilling groups, resulting in costs only a few times more than onshore but with huge rewards.

Bounty is targeting three plays:

•  Dorado lookalikes in the same Lower Triassic sequence as the hugely successful Dorado (344 MMboe 2C), Phoenix South and ROC (78 MMboe 2C) discoveries in the Browse Basin to the northeast

•  Sand bodies entirely sealed within clay filled subsea channels in the Triassic Locker Shale similar to those providing the top seal to the Dorado discovery

•  Stag (85 MMbo) and Wandoo (100 MMbo) lookalikes in identical pinchouts in the same Lower Cretaceous 5