Bounty Oil & Gas NL (AU:BUY) has released an update.
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Bounty Oil & Gas NL has reported a significant 75% increase in production quarter over quarter, thanks to the Watkins North 1 and 2 coming online, with oil revenues bolstered by a rise in oil prices from $110 to $135 per barrel. The company boasts $1.8 million in cash and assets with no debt, and anticipates stronger oil revenues ranging from $2.0 to $2.5 million in 2024, potentially exceeding $3 million annually as of 2025. Additionally, Bounty has acquired full ownership of proved oil reserves in the Surat Basin and is progressing towards recommencing production there in 2024.
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