Bounty Oil & Gas NL has agreed to acquire 100 per cent of PetroQuest Liberia Deep Water LLC, securing direct exposure to deepwater oil prospects offshore Liberia.
Under the transaction terms, Bounty will pay AU$1.5 million in cash and issue 863.15 million ordinary shares alongside 86.32 million conversion shares to PetroQuest vendors.
The deal incorporates milestone-based deferred incentives, including one billion performance shares split across two tranches tied to an independent resource confirmation of at least 800 million barrels (P50) and the execution of a binding farm-out agreement.
PetroQuest holds an exclusive letter of engagement with the National Oil Company of Liberia (NOCAL) to negotiate a production sharing contract (PSC) over Block LB-32.
Located in the prospective Harper Basin in water depths ranging from 1,500 to 4,200 metres, the 2,322-square-kilometre block covers Cretaceous basin floor fan prospects, including the Jupiter and Zeus leads.
To fund the deal, Bounty secured AU$3.55 million through the issue of 295.6 million shares at 1.2 cents per share.
The acquisition structure contains protection mechanisms, including a share buy-back provision if the PSC is not executed within 18 months of completion.
Bounty’s board highlighted that the move aligns with recent activity by major global energy firms in adjacent conjugate margin basins across West Africa and South America.
“The proposed acquisition of PetroQuest represents a significant opportunity for Bounty to secure exposure to a deepwater exploration block in the Harper Basin while maintaining a disciplined structure,” the board stated.
“This transaction comes at a time when there have been significant movements by majors in the same play fairway in Liberia including TotalEnergies and in the adjoining jurisdictions including Petrobras and ExxonMobil.”
Bounty will focus on technical due diligence, acquiring licensed 3D seismic data, and progressing PSC negotiations with Liberian regulators, with final contract ratification expected in early 2027.
