ASX-listed explorer Bounty Oil & Gas has announced a major strategic expansion into West Africa’s emerging deepwater play fairway, entering into a binding agreement to acquire 100% of PetroQuest Liberia Deep Water LLC.

Strategic Highlights of the Acquisition

The deal provides Bounty with exclusive access to negotiate a Production Sharing Contract (PSC) over Block LB-32, a high-impact, 2,322 km² offshore exploration block located in the Harper Basin, offshore Liberia.

To fund the acquisition, technical due diligence, and initial evaluation workflows, Bounty secured $3.547,500 AUD in firm commitments via a strongly supported placement cornerstoned by institutional investors including Tribeca Investment Partners, L1 Capital Global Opportunities Master Fund, and S3 Consortium (Stocks Digital).

• High-Impact Offshore Acreage: Block LB-32 spans 2,322 km² in the Harper Basin at water depths ranging from 1,500 to 4,200 meters. It was the final unlicensed block in the Harper Basin prior to PetroQuest securing negotiation rights.
• De-Risked via Existing Seismic: Covered by roughly 656 km² of 3D seismic (part of the TGS Sunfish 3D survey) and 753 line-km of 2D seismic, enabling immediate mapping and resource quantification.
• Proven Conjugate Margin Play: Offshore Liberia represents the conjugate margin to the prolific Guyana-Suriname Basin, sharing identical Cretaceous source rocks and deepwater turbidite fan structures.
• Surrounding Major Activity: The entry follows recent acreage pushes by major energy operators across the margin, including TotalEnergies, Petrobras, ExxonMobil, Eni, and Murphy Oil.

Block LB-32 & The Cretaceous Fan Play

Block LB-32 targets Upper Cretaceous basin floor fan systems—specifically the Jupiter (Turonian) and Zeus (Cenomanian) fan prospects—which extend into LB-32 from neighboring blocks based on existing 3D seismic mapping.

                                [ Block LB-32 ]
                                2,322 km² Area
                                       │
            ┌──────────────────────────┴──────────────────────────┐
            ▼                                                     ▼
Primary Prospectivity                               Existing Seismic Coverage
 • Jupiter Fan (Turonian)                             • 656 km² Sunfish 3D Data
 • Zeus Fan (Cenomanian)                              • 753 line-km 2D Data
 • Proven Aptian/Cenomanian Source

These sand-rich fan complexes sit directly above mature Aptian lacustrine and Cenomanian-Turonian marine source rocks. The regional play fairway has already been validated by historical live oil recoveries (such as 38° API oil at the Narina-1 well in the adjacent Liberian Basin) and massive regional discoveries along the West African Transform Margin, including Eni’s nearby 2.5B bbl Baleine discovery in Côte d’Ivoire.

Licensing Terms and PSC Timeline

Under Liberia’s executive allocation petroleum licensing framework, national oil company NOCAL holds title to Block LB-32 and issued a binding Letter of Engagement to PetroQuest.

1. PSC Negotiation: PetroQuest, NOCAL, and the Liberia Petroleum Regulatory Authority (LPRA) are negotiating the final Production Sharing Contract.
2. Legislative Ratification: Following final negotiation, the PSC will be submitted to the Liberian Parliament for formal ratification.
3. Expected Completion: Because core commercial terms were defined in the underlying agreement, PSC execution and parliamentary approval are targeted for completion by January 2027 or shortly thereafter.

Leadership Perspective

“The proposed acquisition of PetroQuest Liberia Deep Water LLC represents a significant opportunity for Bounty to secure exposure to a deepwater exploration block in the Harper Basin, offshore Liberia, while maintaining a disciplined structure that links material vendor upside to independent technical validation and farm-out delivery.”

— The Board of Directors, Bounty Oil & Gas NL

Next Steps for Bounty Oil & Gas

Following completion of the placement and initial transaction milestones, Bounty’s primary near-term objectives include:

1. Seismic Data Acquisition: Licensing the 656 km² Sunfish 3D dataset directly from TGS.
2. Independent Resource Assessment: Commissioning an independent qualified petroleum reserves and resources evaluator (QPREe) to define prospective resources under ASX Listing Rules.
3. Farm-Out Preparation: Highlighting drill-ready targets on Block LB-32 to attract global exploration partners and farm-in operators.