Bounty Oil & Gas NL (AU:BUY) has released an update.
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.
For further insights into AU:BUY stock, check out TipRanks’ Stock Analysis page.
