Ombudsman Discontinues Investigation into Bounty's Complaint on PEP 38215

Bounty Oil & Gas NL has received advice that the Chief Ombudsman has decided to discontinue his investigation into Bounty's complaint regarding the commencement of revocation procedures by Crown Minerals for New Zealand permit PEP 38215.

We are advised that the Chief Ombudsman has concluded that he does not have the power to provide the remedy Bounty requires if his decision were to be in Bounty's favor – i.e. an extension of the permit.

He has noted that it is open to Bounty to apply for an extension of the permit. If it is refused then Bounty may appeal to the High Court.

Bounty is presently seeking advice on the matter.

Partners in PEP 38215 are Bounty Oil & Gas NL as operator with 90%* and Albatross Energy Pty Ltd with10%* *following completion of the Hardman Resources withdrawal.