Bounty Oil & Gas NL
Climate Impact & Sustainability Data (2021, 2022, 2023)
Reporting Period: 2021
Environmental Metrics
Climate Goals & Targets
Medium-term Goals:
- Increase oil and gas revenue from Cooper and Surat Basins.
- Drill major offshore gas target in PEP 11, Sydney Basin.
- Acquire additional petroleum properties with existing production or reserves.
Short-term Goals:
- Drill one well at Naccowlah Block later in 2021/2022.
- Commence oil production at PL 2 Alton in 2022.
- Re-commence gas production at Downlands PL 441 in 2022.
- Drill test of the Bee Eater prospect (Carnarvon Basin).
Environmental Challenges
- COVID-19 pandemic heavily impacted international oil prices and curtailed oil production, development drilling, and exploration.
- Lower crude oil prices.
Mitigation Strategies
- Production optimization, infrastructure improvements, and compliance work at Naccowlah Block.
- Well Integrity Management System completed at PL 2 Alton.
- Planning for recommencement of oil production at PL 2 Alton in 2022.
- Facility reviews and compliance activities at PL 441.
- Studying gas production feasibility at PL 441.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2022
Environmental Metrics
Climate Goals & Targets
Medium-term Goals:
- Earn a minimum 25% interest in the Cerberus Permits, Carnarvon Basin; WA.
Short-term Goals:
- Re-commence oil production in PL 2 Alton in 2022/2023.
- Drill several appraisal and NFE targets in 2023 in Naccowlah Block.
Environmental Challenges
- Federal Government intervention prevented PEP 11 Joint Venture from funding and conducting a drill test for natural gas.
- Conflicting currents between climate change and related political intervention on PEP 11.
- High interest rates and inflation.
- Challenging equity raising environment where Federal and State Government interventions in an attempt to change the Earth’s climate continue to cause challenges.
Mitigation Strategies
- BPH Energy Limited (ASX: BPH) is pursuing action in the Federal Court of Australia to reverse the Federal Government's decision to stop gas exploration on PEP 11.
- Continued oil production from Naccowlah Block.
- Participating in oil development and NFE drills in 2022/23.
- Actively seeking additional material projects.
- Continued to invest in Naccowlah Block with emphasis on production optimisation, infrastructure and compliance.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2023
Environmental Metrics
Climate Goals & Targets
Medium-term Goals:
- Earn a minimum 25% interest in the Cerberus Permits, Carnarvon Basin; WA and to fund its 15% share and to drill its major offshore gas target in PEP 11, Sydney Basin.
Short-term Goals:
- Re-commence oil production from shut-in wells in PL 2 Alton in 2023/2024.
Environmental Challenges
- Covid related labour shortages and depressed oil prices in 2021 deferred oil production commencement in Surat Basin.
- Uncertainty on Government policy and Aboriginal Native Title issues affecting the Cerberus Project drilling program.
- Material uncertainty regarding the ability to realize the carrying value of the PEP 11 exploration permit due to pending decisions on permit extension.
Mitigation Strategies
- Continued detailed planning to re-commence oil production from shut-in wells in PL 2 Alton in 2023/2024.
- Bounty and Coastal discussed alternatives to fund drilling for the Cerberus Project.
- Bounty and Asset Energy filed additional material with NOPTA in support of applications for variation and suspension of work program conditions and related extension of PEP 11, including a commitment to drill an exploration well.