Bounty Acquires Interest In Six Australian Permits
Bounty Oil & Gas NL
|Friday, October 11, 2002
Bounty Oil & Gas NL has completed the acquisition of interests in six Australian permits announced earlier this year. This acquisition is a significant step forward for the company as it secures interests in several promising permits. As well as Bounty's ongoing efforts, two of the permits have third party expenditure commitments that will enhance the understanding of the areas. The permit interests are in the Offshore Sydney Basin, NSW; the Onshore Carnarvon Basin, WA, the Offshore Vulcan Sub-Basin, North West Shelf, WA and Bonaparte Basin, WA. The consideration for the acquisition of these interests is 8,200,000 fully paid ordinary shares in Bounty at an issue price of 20 cents each (total value: $1,640,000). 7,700,000 shares have been issued to Daytona Energy Corporation, and 500,000 shares have been issued to Arc Energy NL. An independent valuation of these permits in Daytona’s prospectus lodged on June 11, 2001 valued these interests between $9,738,000 and $17,027,000. Since the deal was announced in May 2002, progress has been made on all of the permits. In addition Bounty continues to seek farm-in partners to assist it to progress work in permits where its now larger interests give it a strategic stake.