Bounty Oil & Gas Acquires Rights to Negotiate Deepwater Block in Liberia
Australia-based Bounty Oil & Gas has agreed to acquire PetroQuest Liberia Deep Water, granting it the right to negotiate a production sharing contract (PSC) for offshore Block LB-32 in Liberia. The block is currently unlicensed and not under an executed PSC but holds potential due to its deepwater location with extensive seismic data coverage. The acquisition hinges on conditions including regulatory approvals, shareholder consent, securing $2.13 million through a capital raise (with firm commitments of A$3.55m), and either executing the PSC or confirming a viable path toward it by 31 December 2026 unless extended. Bounty plans to assess seismic data from TGS before estimating prospective resources. Under the deal, Bounty will pay $1.5 million in cash and issue over 863 million shares, with additional performance-based share incentives for vendors tied to resource estimates or farm-out agreements.
Topics: deepwater drilling exploration rights oil & gas PSC negotiation