Bounty Oil & Gas NL Annual Report 2024

FY2024 Annual Report · Bounty Oil & Gas NL

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ANNUAL REPORT
2024

Bounty is an Australian ASX listed group (ASX: BUY) with significant exposure to
existing Australian oil production, development and exploration permits in proved
areas of the Cooper and Surat Basin hydrocarbon provinces.
Its proved producing oil reserves and resources total 360,000 boe.
Bounty’s major targets are centred in West Australia (Jacobson + Rough Range,
Carnarvon Basin, WA oil and gas) and in PEP 11, (Sydney Basin, NSW gas). Bounty
has material value growth potential through oil and natural gas.
KEY OUTCOMES/OUTLOOK
Full Year 2024 - Results
› Group petroleum revenue for the year was $1.61 million (2023: $1.77 million) from
Queensland oil sales, with stable crude oil prices.
› Cash and current assets at 30 June 2024 - $1.78 million.
› Bounty group producing and contingent oil reserves in Queensland now 360,000
bbls with Watkins North NFE’s exploiting the additional Cooper Basin discoveries
and with
Surat Basin acquisitions.
› Operating loss of $0.61 million (2023: $0.44 million) before non-cash expenses.
2025 OUTLOOK
› The successful 3 well drilling campaign at Watkins North; Naccowlah Block will see
Bounty maintain oil production from the Block and add to NFE drill opportunities
for 2025.
› Bounty is preparing to produce additional oil from its operated Surat Basin
projects.
› Bounty participating in exploration of offshore West Australia Carnarvon Basin
Jacobson permits aiming at deeper oil/gas major targets under its farm in
agreement.

Bounty Oil & Gas NL

Annual Report – 2024

TABLE OF CONTENTS

Page

Website

Bounty maintains a website at:

www.bountyoil.com

On our website you will find full
information about the Company.
Every announcement made to
the Australian Securities
Exchange (ASX) is published on
the website. You will also find
detailed information about the
Company's Exploration and
Production Permits.

Stock Exchange Listing

Bounty Oil & Gas N.L. securities
are listed on the Australian
Securities Exchange.

ASX Code: BUY

2024 Outlook and Key Outcomes
Inside
Cover

Chairman’s Review
2

CEO’s Review
4 - 5

Project and Operations Review 2024
6 - 12

Corporate Governance Statement
12

Directors Report including Remuneration Report
13 - 25

Auditor's Independence Declaration
26

Consolidated Statement of Comprehensive Income
27

Consolidated Statement of Financial Position
28

Consolidated Statement of Changes in Equity
29

Consolidated Statement of Cash Flows
30

Contents of Notes to Consolidated Financial Statements
31

Notes to and Forming Part of the Financial Statements
32 – 53

Directors Declaration
54

Independent Auditors Report to Members
55 - 58

Additional Information Required by ASX Listing Rules
59 - 60

Schedule of Petroleum Tenements
61 - 62

Abbreviations
63 - 64

Corporate Directory
65

Bounty Oil & Gas NL
ACN: 090 625 353
ABN: 82 090 625 353

Bounty Oil & Gas NL

Annual Report – 2024

CHAIRMAN’S REVIEW

Dear Shareholders

Bounty’s far sighted view that it should build oil reserves and resources in proven onshore basins in Australian while
pursuing major Offshore exploration plays has seen a significant strengthening of Bounty in 2024.

In the Cooper Basin, Queensland; new oil discoveries with Watkins North 2 well (Bounty 10%); and Watkins North 1
Well (Bounty 2%); have provided excellent additions to Bounty’s proven reserves and resources of light sweet crude
in the Naccowlah Block. These wells were tied into the Naccowlah production pipelines and added significant proved
reserves as at 31 December 2023.

The net result was to lift our reserves and resources to over 300,000 barrels in an environment where the international
crude oil price averaged $119 per barrel. Although revenue was slightly lower Watkins North maintained Bounty’s oil
revenue at $1.61 million for the period.

In the Surat Basin, Queensland; Bounty has added new proven reserves in the Alton area. As a result, Bounty’s total
proved 1P and 2P reserves and resources in Southern Surat Basin has now lifted to 154,000 barrels. This provides us
with a very significant underlying asset to Bounty’s balance sheet and Bounty is moving towards commencement of
oil production at Alton.

These improvements are fundamental to building a long-term future in the resource business.

After years of delays the Federal Government has indicated it will not grant regulatory approval of extensions to the
PEP 11 offshore permit; Sydney Basin and the Joint Venture Operator, Asset Energy, has commenced new Federal
Court proceedings which have been deferred into 2025. Bounty will fully pursue our rights to achieve a drill test in
PEP 11.

PEP 11 is evidence of the well documented avalanche of problems arising from Australia’s failure to continue
exploration and development of it’s gas reserves which is now affecting the underlying Australian economy. Bounty
hopes the relevant Commonwealth and State Regulators recognise this problem and sweep away never-ending
blockages. Apart from PEP 11 Bounty is now involved in extending the Jacobson Project in West Australia.

Your dedicated management team have worked tirelessly during the year to continue Bounty’s progress.

I sincerely thank the shareholders for their continuing support, and we look forward to having a good result on some
of our offshore projects in 2025.
Graham Reveleigh
Chairman
30 October 2024

Bounty Oil & Gas NL

Annual Report – 2024

Naccowlah Block – 2023/2024 - Schlumberger SLR 188 Rig - Near Field Exploration (NFE)
Drilling at Watkins North

Bounty Oil & Gas NL

Annual Report – 2024

CEO’S REVIEW

Highlights for the Financial Year:

•
Bounty participated in three successful NFE and development oil wells in Naccowlah Block in August –
September 2023 recording very significant discoveries in Watkins North 1 and 2.
•
Continued oil production from Naccowlah Block in 2024 exploited the additional reserves proved by these
NFE drills and prior drilling campaigns.
•
Cash and current assets at 30 June 2024 were $1.28 million with zero debt.
•
Petroleum revenue was marginally lower; down 6% to $1.61 million however crude oil prices remained
strong.
•
Operating loss of $ 0.93 million (2023: $0.44 million) before non-cash expenses comprised of $0.65 million
for amortisation of producing oil assets.
•
Bounty plans to participate in oil development and NFE drills in 2025 in the Cooper and Surat Basins.
•
PEP 11 Joint Venture, Sydney Basin is on hold following Federal Government notices to refuse extensions
however the titles continue and new action in the Federal Court of Australia has been commenced by the
operator.

Forward Development Plans - Backed by Increased Oil Resources
During 2024 Bounty maintained and increased its proved producing and developed oil reserves and resources. This
will, with additional capital, provide a platform for further growth in coming years where there is continuing disruption
to world oil markets and a continuing decline in world oil production capacity.

These resources in the Cooper and Surat Basins, Queensland provide a platform for continuing and increasing revenue
growth and a basis for new acquisitions.

Bounty improved its group oil reserve and resource position at 30 June 2024:

Table 1
Queensland

Cooper Basin – Naccowlah Block

Bounty holds 2P + 2C (Contingent) reserves of
159,000 bbls.

Surat Basin; Alton Area

Bounty holds 2P + 2C (Contingent) reserves of
154,000 bbls.

Total
313,000 bbls

See the Project and Operations Review and the Directors Report below for further 2024 production and revenue
details and for more details on current projects.

Bounty will emerge from 2024 with a stronger reserve and resource base and its core petroleum acreage intact.
Bounty anticipates continuing oil production from Naccowlah Block with additions from the recent excellent Birkhead
and Westbourne zone discoveries at Watkins North supported by strong oil prices of around A$119/bbl.

The world now consumes in excess of 100 mmbbls of oil per day and oil prices can only increase as worldwide
production declines continue.

Bounty is confident that world oil prices will continue to edge upwards.

Bounty Oil & Gas NL

Annual Report – 2024

Bounty Diversifying
During the financial year Bounty advanced the Jacobson Project in the offshore Carnarvon Basin, West Australia and
examined a number of other, production and exploration opportunities. Bounty is seeking other projects as a means
to diversify while waiting for NOPTA’s final decision on title continuation at its PEP 11 Sydney Basin Gas exploration
project.

Conclusion
Oil revenue will continue at around $1.8 million in 2025.

Australia confronts the challenge of finding more domestic oil and natural gas and producing those reserves. Bounty
increased its oil reserves in the year to 31 December 2023 and with the Watkins North discoveries is well placed for
additional reserves growth into 2025.

Bounty will participation in all further NFE and development drilling programs in Naccowlah Block - there are at least
9 sites for additional appraisal and NFE wells in the Jackson and Watson areas of the Block. Bounty also expects oil
production growth from Naccowlah Block enhancement projects and its own Surat Basin operated projects.

Bounty will also look to target major oil and gas prospect drilling at Jacobson in West Australia now that we are close
to resolving funding issues. The concept is to commit to drill for deep Permian natural gas in the Jacobson Project
areas.

PHILIP F. KELSO

Chief Executive Officer

30 October 2024

Bounty Oil & Gas NL

Annual Report – 2024

AUSTRALIAN PROJECT AND OPERATIONS REVIEW 2024

Bounty Projects

Bounty has production and exploration operations in three states within Australia.

Summary Land Position

Table 2
Offshore (Commonwealth)
Equity
Gross
Km2
Net Km2
PEP-11
15%
4,576
686
Carnarvon Basin WA

Jacobson (Jacobson)
25%6
3759
940
Rough Range
100%
80
80
Onshore QLD

Naccowlah SW Queensland
2%/10%
1,794
36
Surat Basin Queensland
Various
134
118
Totals

10,342
1,859
1. Earning 25% with option to 50%

Table 2 summarises Bounty’s land position as at 30 June 2024. Bounty’s full schedule of tenements is included in
Additional Information Required by the ASX Listing Rules at the end of this Annual Report.

Bounty Project Areas

Bounty Oil & Gas NL

Annual Report – 2024

Bounty projects not specifically referred to below in this Project Review are summarised in Bounty’s Quarterly Activity
Reports released to the ASX during 2024 and on Bounty’s website: www.bountyoil.com.
Onshore Projects
Oil Business
SW Queensland – Cooper Basin
ATP 1189P Naccowlah Block and Associated PL’s - Bounty 2%; 10% in Watkins North 2
Location: 35 km southeast of Jackson
Production
During the year ended 30 June 2024, the company produced oil as a joint venture participant from oil fields and leases
operated by Santos Limited in ATP 1189P, Naccowlah Block.
Bounty’s petroleum production (in barrels of oil equivalent - boe) and sales for the year ended 30 June 2024 are
summarised in Table 3 below; in the Review of Operations and in the Directors Report.
Table 3

Naccowlah Block
Bounty Share (2% interest)

2024
2023
Revenue $
$1.61 million
$1.77 million
Production (boe)
11,805
10,792

Production volumes sold were higher but with lower prices averaging $A 119 per bbl revenue was slightly reduced.

Naccowlah Block - Exploration and Development
Background

Location: Surrounding Jackson, Naccowlah and Watson Oilfields
The Naccowlah Block consists of ATP 1189 and 23
petroleum leases totalling 1,794 square kilometres.
The block contains Jackson, the largest onshore
oilfield in Australia. There are significant production
infrastructure and pipelines. The joint venture
maintains an active drilling programme.

2023/24 Exploration and Development

Bounty participated in an NFE oil drilling program in
the Watson -Watkins area of the Block (see Map).
The
program
was
completed
using
the
Schlumberger SLR 188 Rig operated by Santos (see
photo above). This continued an appraisal and NFE
drilling program from prior periods based on blanket
3D seismic data.
Watkins North 1 and Watkins North 2 in Petroleum
Lease 35 were drilled as vertical NFE’s in July -
August 2023.
Good oil shows were recorded in mud logs in both
wells over the target Formations and logging runs
and pressure tests established good reservoir in the
oil productive middle Birkhead/GC 30 horizon. The

Bounty Oil & Gas NL

Annual Report – 2024

two wells were cased and tied in to pipelines through the Watson Field oil satellite and production facilities in late
2023.

These two additional discoveries further extended the productive middle Birkhead/GC 30 sands 2 km north of the
Watkins Field and have further developed the Watkins/Watson North complex.

Walter 1 seeking to extend the Watson South Field further west encountered weak oil shows at the target
Birkhead/GC 30 horizon and after logging was P & A’d.

Bounty anticipates that following project reviews the operator will undertake further exploration/appraisal drilling in
Naccowlah Block in 2025.

Results of the July 2023 – August 2023 campaign are summarised below:
Table 4
Date
Well
Bounty
Interest %
Formation/Oil recoveries
Result

July
-August
2023
Watkins North 1
2 %
Good
oil
in
middle
Birkhead/GC 30 Formation
sands
C&S as potential oil
producer
August 2023
Watkins North 2
10 %
Good
oil
in
middle
Birkhead/GC 30 Formation
sands
C&S as potential oil
producer
August 2023
Walter 1
2 %
Fair to poor oil shows in
Birkhead/GC 30 Formation
sands
P&A

Abbreviations

C&S
well cased and suspended for oil production
P&A
well plugged and abandoned
NFE
near field oil exploration well

Oil Reserve and Resources Increases
As a result of the Watkins North 2023 campaign and other work Bounty achieved a material increase in its share of
2P/3P oil reserves/resources in the Block and increased production volumes.

SE Queensland - Surat Basin Oil Development
Petroleum Lease 2 Alton (PL 2), PL 46 Fairymount – see Maps below.
Location: 70 km. East of St George SE Queensland.
Background
Bounty’s interests in the Surat Basin are Petroleum Lease (PL) 2 Alton and PL 46 Fairymount. In these two Leases
Bounty is targeting around 445,000 bbls of oil in proven reservoirs.

In the southern Surat Basin hydrocarbons are generated in the Permian sequence and are liquids rich. In PL 2 oil is
trapped primarily in the Jurassic age Evergreen Formation but also does occur in the underlying Precipice and
Showgrounds Sandstones. In PL 46 oil is predominantly in the Triassic age Showgrounds Formation.

Bounty Oil & Gas NL

Annual Report – 2024

PL 2 Alton – Bounty 87.5% to 100%

PL 2 (Alton Field) has to date produced over 2
million barrels of oil from the Jurassic Age
Evergreen Formation. Bounty has established
through decline analysis that 1P reserves of
48,000 bbls can be recovered from the existing
wells. The Alton oilfield also has two attic targets
totalling 289,000 bbls at P50 in addition to the
48,000 bbls of oil remaining behind perforations.
Eluanbrook, a proven oilfield in the northwest
section of PL2 offers an up dip drilling opportunity
of P50 88,000 bbls with an upside of 50,000 bbls
in proven sands.

PL 46 Fairymount – Bounty 100%
Background
Post balance date Bounty has completed the
acquisition of Petroleum Lease 46; 6 km
southeast of PL 2 Alton and it now has access to
oil production facilities, workshops and camp at
PL46.
PL46 has to date produced 1.2 MMbo, and it has
48,000 bbls of proven reserves available behind
perforations in existing wells. The wells are all
equipped to resume production.

2024 Activities
Bounty has completed new reservoir studies and
re-evaluated all the seismic and well data from
PL46. Decline analysis revealed recoverable oil
available from Fairymount 3 and Fairymount 8 of
48,000 bbls with an upside of a possible
additional 46,000 bbls depending on the level of
the oil water contact. In the northern part of the
field there is a P50 resource of an additional
36,000 bbls for total resources of 140,000 bbls of
light oil.
Bounty has also undertaken environmental and
related compliance work.

Bounty Oil & Gas NL

Annual Report – 2024

Future Plans

Bounty is planning to commence oil production at Alton in 2025. Initial workovers on PL2 and PL46 will provide
additional light oil production which will be processed at the PL46 facility.

This is expected to generate additional oil revenue of up to $1 million per annum with significant upside from four
undrilled attic locations identified by the 2024 seismic and reservoir studies. Bounty will later move to enhanced
recovery and later an appraisal well at the Eluanbrook prospect located in PL 2.

Onshore Carnarvon Basin, Western Australia
Production Licence PL L16 – Bounty 100%
Location: Surrounding Rough Range Oil Field, 50 Km south of Exmouth, Carnarvon Basin WA
Background
During the period Bounty continued well integrity monitoring on the Rough Range 1B well in Petroleum Licence L 16
and was awaiting approval of an environmental plan to commence other remediation at the Rough Range.
Future Work

The principal undrilled prospect is the 3 million bbl potential Bee Eater prospect in the southern section of L 16.

Bounty continues to review the seismic and geological database seeking methods to image oil pools directly; given
the relatively shallow 1100 metre depth to targets. After developing a method to de-risk the data Bounty intends
conducting a drill test of the Bee Eater prospect.
Australian Offshore Review – Major Gas Exploration Growth Projects

PEP 11 - Offshore Sydney Basin, New South Wales – Bounty 15%
Map showing PEP-11 Permit, with declared wind energy development area (Declared Area)

Location of Planned Seablue-1 well
and
Area of highest prospectivity in PEP-11

Bounty Oil & Gas NL

Annual Report – 2024

Background and Petroleum Setting
PEP 11 covers 4,576 sq. km immediately adjacent to the largest gas market in Australia and is a high impact exploration
project (see Location below). PEP 11 remains one of the most significant untested gas plays in Australia. The PEP 11
JV has demonstrated considerable gas generation and migration in the offshore Sydney Basin, with the previously
observed mapped prospects and leads being highly prospective for gas. In 2010 it drilled New Seaclem 1 and
demonstrated capacity to drill in this permit.
A 200km 2D seismic survey was completed in March 2018 in the area of the Baleen prospect and with AVO analysis
further refined the Baleen target located 40 km southeast of Newcastle.
Joint Venture’s focus is now on a drill test of Baleen where AVO (Amplitude versus Offset) analysis has defined an
anomaly in the prospective Early to Mid-Permian sequence. The marine sands of the sequence are the targets
especially further seawards where the sands can be expected to have good reservoir characteristics. Following on
from the Federal Court quashing the decision to cancel the licence in 2023, the Joint Venture’s application for a
variation and extension to drill Seablue 1 targeting the Baleen Prospect has yet to be finalised by NOPTA or the Joint
Authority and new Federal Court proceedings have been commenced by the operator.

Activities during the Year

A detailed statement on the status of this project is included in the CEO’s Review and the Director’s Report.

Jacobson (Cerberus) Project Offshore Carnarvon Basin WA

EP 475, 490, 491 and TP/27 - Bounty Earning 25%

Jacobson Project - Main Points

The four Jacobson Permits; offer a large number of oil and gas prospects and leads, many drill ready, with high case
prospective resources of over 600 million barrels.

At 30 June 2024 Bounty had advanced and incurred $722,000 towards this project and is entitled to earn a 25%
interest in the Jacobson Permits by contributing $ 5.5 million as a share of drill expenses. In 2022; Bounty exercised
an option to earn additional equity up to a total of 50% of the four Permits by contributing an additional $9 million to
drill expenses. All drill expense contributions by Bounty are conditional upon the operator Coastal Oil and Gas Pty Ltd
(Coastal) funding its share of drilling expenses.

The Farmin Agreement (FIA) with Coastal continues. Bounty has registered the Agreement and the option exercise
against the key Jacobson Permits.

2024 Activities - Jacobson

During the year Bounty assisted in obtaining extensions of the Permit terms and suspensions of the current work
programs. Subject to extensions it committed to its share of the drill expenses. DEMIR’s the West Australian regulator
is considering the applications to extend the Permits and offshore rigs are available in Southeast Asia.

The estimated cost of the drilling program, is between US $20 - 30 million for 2 wells; however rig day rates are in a
state of flux due to uncertainty on Government policy. The parties continue to monitor the rig market for timing and
cost.

Post balance date the operator undertook a $300,000 seismic re-processing project and was expecting to receive
extensions of the Permits from DEMIR’s the West Australian regulator. The Permits are in good standing.

Bounty Oil & Gas NL

Annual Report – 2024

Jacobson Project
Exploration Rationale - Background
The Jacobson Project incorporates 3,578 km2 in the four permits - EP 475, 490, 491 and TP 27 offshore Carnarvon
Basin and lies 70 km. east of Barrow Island. It is right in the heart of Australia’s most active oil production area and
offers several prospects and leads
The project is principally targeting oil in a lower Triassic source rock and reservoir sequence at the base of the Locker
Shale, in lookalikes to the highly successful Dorado Project (2C reserves of 344 MMboe) being developed by Santos
Limited and Carnarvon Petroleum Ltd in the Browse Basin to the northeast.
The attraction of this area is twofold, excellent prospective volumes offering reserves greater than Bounty’s onshore
projects, and shallow water jack up drilling with abundant opportunities to achieve economies of scale by participating
in drilling groups, resulting in costs only a few times more than onshore but with huge rewards.
Targets
Bounty is targeting several oil plays in particular:

1. Dorado discovery lookalikes in the same Lower Triassic sequence as Dorado (344 MMboe 2C), Phoenix South
and ROC (78 MMboe 2C) discoveries in the Browse Basin to the northeast.

2. Stag (85 MMbo) and Wandoo (100 MMbo) lookalikes in identical pinchouts in the same Lower Cretaceous
sand package.

3. Oil targets in Jurassic rocks along trend from proven oil fields at Chamois and Gypsy-Rose-Lee; and

4. Multi TCF natural gas targets in the deeper Permian sequences.

CORPORATE GOVERNANCE STATEMENT

Bounty Oil and Gas NL’s Corporate Governance Statement is on its website www.bountyoil.com and has been
released to the ASX.

Bounty Oil & Gas NL

Annual Report – 2024

DIRECTORS’ REPORT

Your directors present their report on the consolidated entity Bounty Oil & Gas NL (“Bounty,” “company” or “the
group”) being the company and its controlled entities for the financial year ended 30 June 2024.

Directors

The names of the directors in office at any time during or since the end of the financial year are: -

•
Graham C Reveleigh (Independent Chairman)
•
Charles Ross
(Non-executive Director)
•
Sachin Saraf
(Executive Director)

Company Secretary

The following persons held the position of company secretary and chief financial officer of the group during the
financial year:

•
Sachin Saraf

Principal Activities

The principal activity of the company and the group during the financial year was that of exploration for, development,
production and marketing of oil and gas (petroleum). Investment in listed entities is treated as a secondary activity
and business segment.

There were no significant changes in the nature of the company’s principal activities during the financial year.

Operating Results

Operating loss of the group attributable to equity holders for the financial year ended 30 June 2024 amounted to
$0.93 million (see comparative details below).

Consolidated
FY 2024
Consolidated
FY 2023
$ million
$ million
Profit/(loss) from ordinary activities before
income tax
(0.93)
(2.91)
Income tax attributable to loss
-
-
Net profit/(loss) after income tax
(0.93)
(2.91)

Revenue from continuing operations for the period was $1.61 million down 9% on the previous year (2023: $1.77
million) primarily due to reduced oil prices.

The operating loss was determined after taking into account the following material items:

•
Petroleum revenue: of $1.61 million
•
Direct petroleum operating expenses of $0.92 million
•
Employee benefits expense of $0.54 million
•
Non-cash provision for:

o
Rehabilitation of oil and gas assets of

$0.33 million

o
Amortisation and depreciation expenses of

$0.32 million

Bounty Oil & Gas NL

Annual Report – 2024

Details of drilling activity, exploration and development operations and cash flows for the year ended 30 June 2024
have been reported by the company to the Australian Securities Exchange in the Quarterly Activity Report and
Appendix 5B for each of the quarters during the year and in additional announcements on particular items.

A summary of revenues and results of significant business and geographical segments is set out in Note 4 to the
Financial Statements. Brief details of production and other operations are set out below:

Review of Operations

Production & Sales:

During the year ended 30 June 2024, the company produced oil as a joint venture participant from several oil fields
and leases operated by Santos Limited in ATP 1189P, Naccowlah Block, SW Queensland.

Petroleum revenue and production in barrels of oil equivalent (boe) are summarised below: -

Naccowlah Block
Bounty Share (2% interest)

2024
2023
Totals

Revenue $
$1.61 million
$1.77 million
Production boe
11,805
10,792

Exploration and Development

Significant exploration and development operations during the year under review were:

Australia

Onshore

Cooper Basin, South-western Queensland

ATP 1189P Naccowlah Block; SW Queensland and Petroleum Leases:

•
Bounty’s Naccowlah Block reserves and resources are independently assessed at 31 December each year.
•
Bounty’s share of Block 2P & 2C developed reserves (proved, producing and contingent) at 31 December
2023 were: 0.159 mmbbls (159,000 bbls).
•
Bounty’s share of 3P reserves in the Block was 0.272 mmbbls (272,000 bbls).
•
The JV drilled 3 exploration/NFE wells during the period.
•
Additional contingent reserves are waiting development drills.

During the period commencing in August 2023 Bounty participated in each of three wells – Watkins North 1 & 2 which
discovered new oil pools. Both wells were cased and completed ready for production and later in the period were
tied in to the Watson Facilities. They added to oil sales during the period. Bounty participated at 10% in Watkins
North 2.

In addition, Bounty continued to invest in oil development in the Block with an emphasis on delineating new targets,
production optimisation, infrastructure and compliance. Oil volumes were lower in financial year 2024

Tie-ins to new reserves proved this year and oil prices above USD$80/bbl (A$ 135) have provided confidence for new
drills which are being planned for 2025.

Bounty Oil & Gas NL

Annual Report – 2024

Surat Basin; Eastern Queensland

Petroleum Leases 2 and 46 Alton Area

•
Bounty continued detailed planning and compliance activities to re-commence oil production from shut in
wells in PL 2 Alton and PL 46 Fairymount in 2024/2025 initially by producing oil from the Triassic age
Evergreen Reservoirs at Alton and the Middle Triassic Showgrounds Formation in PL 46.

•
Bounty continued work on the Well Integrity and Environmental Management Systems and undertook
environmental monitoring.

•
At PL 2 and PL 46 Alton Bounty group holds; developed reserves of 201,000 bbls 2P contingent reserves in
the early Triassic age Basal Evergreen reservoir plus a potential 1.136 million bbls of 2P resources located in
the three sands of the Boxvale/Evergreen Formations.

•
There is also an estimated recoverable resource of around 150,000 bbls in the Middle Triassic Showgrounds
Sandstone reservoir at the Eluanbrook Prospect within that part of PL 2 Alton known as the Kooroon JV.
•
Bounty continued detailed studies and seismic re-mapping aimed at exploiting proven oil in the Showgrounds
Formation at PL 46 Fairymount.

Carnarvon Basin, Western Australia
Location: Offshore 70 km. East of Barrow Island WA
Titles: EP 475, 490 and 491, TP 27 (Cerberus Permits) totalling 3,759 km2
Background:

On 7 October 2021 Bounty entered a farmin agreement with Coastal Oil and Gas Pty Ltd (“Coastal”) to earn a 25%
interest in this shallow water oil project, offshore Carnarvon Basin, West Australia by contributing $500,000 to seismic
data acquisition, interpretation and drill planning. Bounty contributed an additional $100,000 to assist the project in
2022 Subject to Coastal confirming funding for the balance drilling expenses and fixing drilling targets Bounty will then
contribute $5.5 million to drilling expenses to earn its interest in the four Cerberus Permits. The project is right in the
heart of Australia’s most active oil and gas production areas and offers a large number of prospects and leads, many
drill ready, with high case prospective resources of over 600 million barrels.

Activities in 2024

As a result of its contributions on 6 April 2022, Bounty exercised an option to earn additional equity up to a total of
50% of the four Jacobson Permits by contributing an additional $9 million to drill expenses. Bounty has registered the
notice of exercise of option against the two southernmost Permits WA EP474 and WA EP 491. Further capital
contributions are conditional upon certain milestones.

At 30 June 2024 Bounty had contributed $735,000 pursuant to the farmin agreement and to other expenditure.
During the period, EP 490, EP 491 and TP/27 had further extensions of the permit terms and suspensions of the current
work program and terms approved by the West Australia state regulator DEMIRS.

The prospective EP475 permit (EP475) was also extended during the period.

DEMIRS is considering further extensions contingent on a firm drill commitment from Bounty and Coastal.

Discussions with the operator on funding and possible re-structuring of the Bounty FIA continued up to June 2024.

All Annual Reports have been filed and re-processing of 2D seismic data completed. The Permits are in good standing.

Bounty Oil & Gas NL

Annual Report – 2024

Location: Onshore Carnarvon Basin, 40km south of Exmouth WA
Petroleum Licence L 16 Rough Range
•
During the period the group continued well integrity monitoring on the Rough Range 1B well in Petroleum
Licence L 16 onshore Carnarvon Basin and other remediation at the Rough Range Oilfield.

•
At the end of the period Bounty was making amendments to an updated Environment Plan under
consideration by the regulator; DMIR’s. Bounty continued to seek a route to further refine the structure and
reservoir in L16 with a view to further seismic surveys and/or an exploration well.

Offshore

Sydney Basin, New South Wales

Location: Offshore Newcastle Region, NSW

Title: PEP 11 - 4,576 km2 Bounty 15% interest

Background:

In 2020, Asset Energy Pty Limited (Asset Energy) as the PEP 11 Joint Venture operator lodged 2 applications for a
variation and suspension of the conditions of PEP 11 (the Applications) and in December 2021 the Federal Government
(via the Commonwealth - New South Wales Offshore Petroleum Joint Authority (Joint Authority) announced that it
would refuse the Applications; that PEP 11 would not be extended and gave formal notice thereof in March 2022. The
operator Asset Energy commenced proceedings in the Federal Court of Australia (Proceedings) (WAD106/2022). The
proceedings challenged the decision to refuse the Applications and to decline a related grant of an extension of term.
On 14 February 2023 the Federal Court of Australia ordered:

•
The decision of the Joint Authority to reject Asset’s applications is set aside;
•
The decision of the Joint Authority is now to be remade according to law.

The matter then reverted to NOPTA for re-consideration and in 2023; Bounty and Asset Energy filed additional
material with NOPTA in support of the Applications including a commitment to drill an exploration well for natural
gas.

Activities in 2024

After the end of the period with no decision by the Joint Authority the operator commenced new proceedings in the
Federal Court of Australia seeking orders that NOPTA make a decision on the applications. On 18th September 2024
the Federal Minister for Industry and Science made a statement that he had carefully considered the PEP-11
Exploration Permit Applications; formed a preliminary view that the Applications should be refused and gave the
parties (including Bounty) 30 days to make submissions before any final decision. Bounty intends to make submissions
and otherwise take such steps as may be advised to preserve PEP 11 and preserve its rights as on of the registered
holders.

Accordingly, at the end of the period and at the date of this report the above conditions continue to indicate a material
uncertainty that may affect the ability of Bounty to realise the carrying value of $0.60 million for its interest in the PEP
11 exploration permit in the ordinary course of business – see Note 2(k) Exploration and Evaluation Expenditure in
the notes to the Consolidated Financial Statements comprising the Full-Year Report.

Other Properties

During the period, Bounty continued to fund exploration and development expenditure in connection with its
operated and joint venture interests located in Queensland and Western Australia. Its participation in the Naccowlah
Block drilling and in the Surat Basin is expected to provide additional oil revenue in 2025. Bounty is actively seeking
additional material projects.

Bounty Oil & Gas NL

Annual Report – 2024

Corporate – Capital raising

On 16 January 2024, the Company issued 128 million ordinary shares with 1 free attaching listed option (ASX code:
BUYO) via a share placement at $0.009 (0.9 cent) to raise $ 1.152 million before issue expenses. The shares were
allotted pursuant to the Company’s placement capacity under ASX listing rule 7.1 and 7.1A. A further 10 million listed
options were issued to the Broker involved in the Placement.

The Issue Price of $0.009 a share represented an 18.2% discount to the last trading price of $0.011; and a 14.2%
discount to the 15-day VWAP of $0.0105.

No further options have been issued during the year ending 30 June 2024 or up to the date of this report.

Accordingly, except as noted above at balance date on 30 June 2024 and at the date of this report, no unissued
ordinary shares or securities of Bounty Oil & Gas NL or any other entity comprising the consolidated entity were under
option. No ordinary shares of the company were issued pursuant to exercise of options during the year ending 30
June 2024.

Dividends
No dividends have been paid or declared for payment for the year ended 30 June 2024 and no dividend is
recommended.

Financial Position
At 30 June 2024 current assets were $1.78 million including cash of $1.56 million.
During the financial year the company invested: -

•
$ 0.84 million on development and production facility primarily in ATP 1189P Naccowlah Block; Queensland to
further develop and exploit its existing proved producing oil reserves and to increase its 2P oil reserves.

•
$ 0.10 million in petroleum exploration projects and acquisitions in Australia as summarised in the Review of
Operations above.
The net assets of the group decreased marginally to $5.82 million in the year ended to 30 June 2024 due to non-cash
amortisation and depreciation charge on petroleum properties. The significant underlying movements resulted from
the following items:
•
Capitalised cost: $0.94 million

•
Net Current asset : ($0.95 million)
The directors believe the group has a stable financial position to continue expansion of its primary operations.
Significant Changes in State of Affairs
There have been no significant changes in the state of affairs of the company during the financial year.
Contingent Liabilities and Contingent Assets
As at the date of this report, there were no contingent assets or liabilities.
There was no litigation against or involving the parent entity Bounty Oil & Gas NL.

Bounty Oil & Gas NL

Annual Report – 2024

Events after the Reporting Period
No matters or circumstances have arisen since the end of the financial year which have significantly affected or may
significantly affect the operations of the company, the results of those operations, or the state of affairs of the
company in future financial years, other than those referred to in note 27.

Future Developments, Prospects and Business Strategies
Subject to the amount of its ongoing oil revenues and the availability of new capital; consistent with that income and
the available cash reserves of the group, Bounty will continue:
•
Production, development and exploration for oil and natural gas (petroleum).
•
Expand in the business of the exploration for, development of and production of petroleum.
•
To conduct such operations principally in Australia.
In the coming year the group will focus on the: -
•
Development of its existing oil and gas reserves in the Cooper Basin and in the Surat Basin, Queensland aimed
at increasing group oil and gas revenue;
•
Financing and preparation to fund and earn a minimum 25% interest in the Jacobson (Cerberus) Permits,
Carnarvon Basin; WA and to fund its 15% share and to drill its major offshore gas target in PEP 11, Sydney
Basin;
•
Acquisition of additional petroleum properties with existing petroleum production or reserves and resources
considered to have potential to develop and/or produce petroleum within an acceptable time frame; and
•
Development of new business opportunities focused on material Australian drill opportunities and projects.
Environmental regulations or Issues
The company’s operations are subject to significant environmental regulation under the laws of the Commonwealth
of Australia and its States and Territories in respect of its operated and non-operated interests in petroleum
exploration, development and production. Its oil and gas production interests in the State of Queensland are operated
by Santos Limited and Bounty group companies. Its non-operated offshore exploration operations in PEP 11, NSW are
conducted by a competent operator; BPH Energy Limited. Bounty is a farminee to EP 475, 490 and 491, TP 27 (Jacobson
(Cerberus) Permits), Western Australia operated by Coastal Oil & Gas Pty Ltd. Each of the operators and joint operator
undertake operations in full compliance with all relevant environmental legislation of the Commonwealth of Australia
and the relevant States. Bounty otherwise complies with all relevant environmental legislation.

Bounty Oil & Gas NL

Annual Report – 2024

Information on Directors
The names and particulars of the directors of the company during or since the end of the financial year ended 30
June 2024, are: -
Graham Reveleigh
—
Non-Executive Director
Qualifications
—
BSc. MSc, Fellow Aus IMM.
Experience
—
Mr Reveleigh is a professional geologist and has over 50 years’ experience in the
resources industry both in Australia and overseas. Early in his career, he worked in
the oil industry, then spent most of his career in exploration, mine management and
construction in the mineral industry. He has had extensive experience in petroleum
as a director of Drillsearch Energy (now part of Beach Energy). He is a Fellow of the
Australasian Institute of Mining and Metallurgy. He was appointed a director and
chairman in 2005.
Special responsibilities:
Chairman of the company; geotechnical advice.
Charles Ross
—
Non-Executive Director
Qualifications
—
BSc.
Experience
Mr Ross has had extensive experience in the private and public equity and corporate
finance market in North America and Euro zone of over 25 years. He has operated
extensively in corporate asset acquisition and divestiture, review and development
of corporate financing strategies, administration, compliance procedures and
investor relations. He was a director of a subsidiary of ASX Listed Drillsearch Energy
from 1992 to 2008 involved in most aspects of petroleum exploration, development
and production operations in the Western Canada Basin and Australian areas. He
was appointed a director in 2005.
Special responsibilities:
Audit reviews; corporate strategy.

Sachin Saraf
—
Executive Director
Qualifications
—
B.com (Hons.); PGD.Com; CPA.
Experience
Mr Saraf has been the Company Secretary and CFO of Bounty group since 2014. Prior
to joining Bounty, he gained significant experience in finance roles with ASX listed
Origin Energy and Drillsearch Energy since 2007. He was appointed a director in
2022.
Special responsibilities:
Company Secretary and CFO.

Directorships of other listed companies
Directorships of other listed companies currently held by the directors or held in the 3 years immediately before the
end of the financial year are as follows:
Name
Company
Period of directorship
Graham Reveleigh
None
N/A
Charles Ross
TSX Listed Companies; Canada: Goldex Resources
Corporation, Norzan Enterprises Ltd., Tearlach Resources
Limited; Schwabo Capital Corporation; Four Nines Gold Inc.
and Norsement Mining Inc.
1 July 2021 to present
Sachin Saraf
None
N/A

Bounty Oil & Gas NL

Annual Report – 2024

Directors shareholdings
The following table sets out each Directors interest in shares and options over shares of the Company or a related
body corporate as at the date of this report:-
Fully paid ordinary shares
Share options
Graham Reveleigh
22,377,928
2,637,792
Charles Ross
3,200,000
-
Sachin Saraf
-
-

Meetings of Directors/Committees
During the financial year, nine (9) meetings of directors were held. Attendances by each director during the year
were as follows: -

Directors’ Meetings
Number eligible to attend
Number attended
Graham Reveleigh
9
9
Charles Ross
9
9
Sachin Saraf
9
9

The company does not have separate audit or remuneration committees.
REMUNERATION REPORT (audited)

The remuneration report, which has been audited, outlines the director and executive remuneration arrangements
for the Company, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including all Directors.

The prescribed details for each person covered by this report are detailed below under the following headings:

•
Director and senior management details
•
Remuneration policy
•
Non-executive directors policy
•
Senior management personnel policy
•
Remuneration of directors and key management
•
Key terms and employment contracts

Directors and Key Management details

The term “key management” as used in this remuneration report to refers to the following directors and executives.

Directors

The following persons acted as directors of the company during or since the end of the financial year: -

•
Mr Graham C Reveleigh (Chairman and Non-Executive Director)
•
Mr Charles Ross
(Non-Executive Director)
•
Mr Sachin Saraf
(Executive Director)

Executives

The following persons acted as senior management of the company during or since the end of the financial year:

•
Mr Philip F Kelso
(Chief Executive Officer)

The company does not consider other employees and consultants to be Key Management Personnel.

Bounty Oil & Gas NL

Annual Report – 2024

Remuneration policy

The remuneration policy of Bounty Oil & Gas NL has been designed to align key management personnel objectives
with shareholder and business objectives by providing a fixed remuneration component and bonuses issued at the
discretion of the board of the company. The board of Bounty Oil & Gas NL believes the remuneration policy to be
appropriate and effective in its ability to attract and retain the best key management personnel to run and manage
the company, as well as create goal congruence between directors, executives and shareholders.

All remuneration paid to key management personnel (directors and others) is valued at the cost to the company and
expensed or where appropriate transferred to capital items. Shares issued to key management personnel are valued
as the difference between the market price of those shares and the amount paid by the key management person.
Share options are valued using the Black- Scholes methodology. Shares and options granted to key management
personnel (directors and others) are subject to any necessary approvals required by the ASX Listing Rules.

Performance-based remuneration

Given the long-term nature of and risk variables involved in exploration and development of petroleum resource
projects as compared to other sectors e.g. retail revenues; remuneration of directors or other key management
personnel is not performance based.

Non-executive directors’ policy

The board policy is to remunerate non-executive directors at market rates for time, commitment and responsibilities.
The maximum aggregate amount of fees that can be paid to non-executive directors is within the maximum amount
specified in the company's Constitution. Any increase of that amount is subject to approval by shareholders at the
Annual General Meeting. Fees for non-executive directors are not linked to the performance of the company.

Remuneration of non-executive directors is determined by the Board exclusive of the director under consideration
after considering the individual time commitment, duties and function of the subject Director. Further considerations
of the amount of remuneration are made by referral to amounts paid to Directors, both executive and non-executive,
by other listed entities of comparable size to the Company in the oil and gas exploration industry.

The board of directors as a whole determines the proportion of any fixed and variable compensation for each other
key management person.

Any consulting fees payable to Directors as to specific projects outside the normal day to day duties of the Directors
are agreed upon prior to commencement of work on the specific projects.

The company makes cash bonus payments to key directors from time to time. Bonus payments by way of share-based
payments are made from time to time subject to any necessary shareholder approval. All such payments are
expensed at the time of issue at the prevailing market price.

Each director is paid in cash. Shares and share options have on occasions been granted to directors as part of their
remuneration.

Senior management personnel policy

The board's policy for determining the nature and amount of remuneration of key management personnel who are
senior management executives of the company is as follows: -

The remuneration structure comprises a combination of, short term benefits including base fees and long-term
incentives and is based on a number of factors, including length of service, particular experience of the individual
concerned, and overall performance of the company. The contracts for service between the company and key
executive management personnel are for fixed terms which may continue at the end of the term. There were no
provisions for retirement benefits in contracts with senior management executives of the company made or
continued during the year ended 30 June 2024.

The company may make cash bonus payments to senior management executives and to selected employees from
time to time. Bonus payments and long-term incentives by way of share-based payments are classed as long-term
incentives and are made from time to time subject to any necessary shareholder approval.
All such payments are expensed at the time of issue at the prevailing market price.

Bounty Oil & Gas NL

Annual Report – 2024

Key management personnel who are employees receive a superannuation guarantee contribution required by the
government and do not receive any other retirement benefits. Some individuals, however, may choose to sacrifice
part of their salary to increase payments towards superannuation.

The chief executive officer, Mr Philip F Kelso, is engaged through a 2 year fixed term service agreement with a
personally related entity containing the following material conditions:

•
Management fees of $180,000 per annum commencing from 1 July 2023.
•
Payment of business travel, accommodation and parking.
•
Bonuses at the discretion of the board of directors and there are no retirement or other fixed benefits.
•
The personally related entity is responsible for all statutory entitlements.
•
Services: To include non-exclusive executive management, capital raising, communication, management
strategy, budgets, legal strategy, investment policy and all other duties normally incidental to the position of
chief executive officer.

Other than the directors and the chief executive officer, at the date of this Report all other personnel are permanent
or part time employees of the company and not classified as key management personnel.

Key Management Remuneration

Details of the remuneration of directors and the other key management personnel of the group (as defined in AASB
124 Related Party Disclosures) and the one highest paid executive of Bounty Oil & Gas N.L. are set out in the following
tables.

Key Management Remuneration
2024
$
Key Management Person
Short-term Benefits

Post-
employment
Benefits
Share based
payment
Total
Cash, salary and
commissions
Cash bonus
and Non-
cash
benefits
Consulting
Fees + Other
Super-
annuation
Options

Non-Executive Directors

Mr G. Reveleigh (1)
30,000
-
-
-
-
30,000
Mr C. Ross (1)
35,000
-
-
-
-
35,000
Executive Director

Mr. S. Saraf (1)
130,000
-
-
14,300

144,300
CEO

Mr P.F. Kelso (1)
180,000
-
5,000
-
-
185,000

1.
Paid to a personally related party of the director/executive

Key Management Remuneration
2023
$
Key Management Person
Short-term Benefits

Post-
employment
Benefits
Share based
payment
Total
Cash, salary and
commissions
Cash bonus
and Non-
cash
benefits
Consulting
Fees + Other
Super-
annuation
Options

Non-Executive Directors

Mr G. Reveleigh (1)
40,000
-
-
-
-
40,000
Mr C. Ross (1)
14,848
-
-
-
-
14,848
Mr R. Payne (1)(2)
4,545
-
-
1,432
-
5,977
Executive Director

Mr. S. Saraf
130,000
2,000
-
13,650

145,650
CEO

Bounty Oil & Gas NL

Annual Report – 2024

Key Management Remuneration
2023
$
Key Management Person
Short-term Benefits

Post-
employment
Benefits
Share based
payment
Total
Cash, salary and
commissions
Cash bonus
and Non-
cash
benefits
Consulting
Fees + Other
Super-
annuation
Options

Mr P.F. Kelso (1)
320,000
-
-
-
-
320,000

1.
Paid to a personally related party of the director/executive.
2.
Retired in September 2022
3.
Appointed 19 September 2022

No director or senior management person appointed during the above periods received a payment as part of his
consideration for agreeing to be appointed to that position.

Share–based payments

During the financial year ended 30 June 2024 no share-based payments were made to Key Management Persons.

Fully paid ordinary shares

No fully paid ordinary shares were issued to Key Management Persons during the period.

Share Options

1.
No share options were issued to directors or other key management persons or executives as part of
their remuneration during the year ended 30 June 2024 or since that date.

2.
During the year, no directors or senior management held or exercised options that were granted to
them as part of their compensation in previous periods.

Loan and advance transaction with directors and executives

No loans were made to key management personnel including their personally related entities during the financial year
and no loans were outstanding at the end of the prior period. During the year the Company was advanced $157,000
by a related entity of the CEO. The advance was repaid within 30days along with interest disclosed in note 20(d).

Other Key Management Personnel Disclosures:

Further information on disclosure in connection with Key Management Personnel and Share Base Payments are set
out in the following Notes to the Financial Statements: -

1.
Note 19: Share Based Payments
2.
Note 20: Key Management Personnel Disclosures
3.
Note 22: Related Party Transactions.

Performance income as a proportion of total remuneration

Remuneration paid to directors and key management personnel during the financial year ended 30 June 2024 was not
based on performance.

Employee Share Scheme

Bounty Oil & Gas N.L. does not have a current Employee Share Scheme approved by shareholders.

This concludes the remuneration report, which has been audited.

Bounty Oil & Gas NL

Annual Report – 2024

Indemnity and insurance of Officers and Auditors
During the financial year ended 30 June 2024 the company has not entered indemnity and access deeds with any of
the directors indemnifying them against liabilities incurred as directors, including costs and expenses in successfully
defending legal proceedings.
The Company has not otherwise, during or since the financial year, indemnified or agreed to indemnify the auditor of
the Company or any related entity against a liability incurred by the auditor. During the financial year, the Company
has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.
Legal matters or Proceedings on behalf of Company
No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any
proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all
or any part of those proceedings.
The company was not a party to any such proceedings during the reporting period.
Non-Audit Services
The independent auditor to the company has not provided non-audit services to the company during or after the end
of the financial year.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set
out immediately after this Directors’ report.
This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act
2001.
Auditor
G.C.C Business & Assurance was appointed as Company’s auditor in 2023 and continues in office in accordance with
section 327 of the Corporations Act 2001
Rounding of Amounts

Bounty Oil & Gas N.L. is a type of Company that is referred to in ASIC Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have
been rounded to the nearest dollar.

Forward looking Statements

This Financial Report includes certain forward-looking statements that have been based on current expectations
about future acts, events and circumstances. These forward-looking statements are, however, subject to risks,
uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the
expectations described in such forward-looking statements. These factors include, among other things, commercial
and other risks associated with the meeting of objectives and other investment considerations, as well as other
matters not yet known to the Company or not currently considered material by the Company. This report is made in
accordance with a resolution of Directors, pursuant to section 298(2) (a) of the Corporations Act 2001.

Bounty Oil & Gas NL

Annual Report – 2024

Signed in accordance with a resolution of the Board of Directors made pursuant to s. 298(2) of the Corporations Act
2001.
On behalf of the Directors.

GRAHAM REVELEIGH
Chairman

DATED: 25 SEPTEMBER 2024

Bounty Oil & Gas NL
Annual Report - 2024
Consolidated statement of profit and loss and other comprehensive income
for the year ended 30 June 2024
30-Jun-24
30-Jun-23
Notes
$
$
Petroleum revenue
5
1,612,955

1,768,947

Net Investment income
5
20,821

(18,248)

Other income
5
2,464

2,749

Direct petroleum operating expense
(921,521)

(1,218,736)

Changes in inventory
(12,345)

101,769

Employee benefits and contractor expense
6
(542,073)

(697,969)

Depreciation expense
(128,398)

(103,166)

Amortisation of oil and gas assets
(187,288)

(237,723)

Occupancy expense
(113,168)

(113,120)

Corporate activity costs
(162,260)

(107,710)

Rehabilitation costs
(357,923)

(8,905)

Foreign exchange gain
5
15,471

25,720

Exploration expenses write-off
14( c)
-

(36,411)

Impairment of oil and gas assets
14( c)
-

(2,090,207)

General legal and professional costs
(110,770)

(141,352)

Other expenses
(42,026)

(36,827)

Loss before Tax
(926,061)

(2,911,189)

Income tax expense
7
-

Loss for the period from continuing operations
(926,061)

(2,911,189)

Loss for the year
(926,061)

(2,911,189)

Other comprehensive income for the year, net of income tax
-

Total Comprehensive loss for the period
(926,061)

(2,911,189)

Total comprehensive loss attributable to owners of the parent
(926,061)

(2,911,189)

Loss per share
Basic (cents per share)
(0.07)

(0.24)

Diluted (cents per share)
(0.07)

(0.24)

Year-ended
The above consolidated statement of comprehensive income should to be read in conjunction with the accompanying
notes.
27

Bounty Oil & Gas NL
Annual Report - 2024
Consolidated statement of financial position
as at 30 June 2024
30-Jun-24
30-Jun-23
Notes
$
$
Assets
Current assets
Cash and cash equivalents
9
1,561,266

1,237,761

Trade and other receivables
10
179,705

155,567

Inventories
11
31,291

43,636

Other current financial assets
12
13,895

68,484

Total current assets
1,786,157

1,505,448

Non-current assets
Other receivables
10
310,850

60,850

Exploration and evaluation assets
14 (b)
2,249,326

2,173,261

Production and development assets
14(a)
4,255,126

3,721,980

Property, plant and equipment
13
1,081,320

1,087,122

Total non-current assets
7,896,622

7,043,213

Total assets
9,682,779

8,548,661

Liabilities
Current liabilities
Trade and other payables
15
2,266,192

1,526,508

Provisions
16
615,431

126,706

Total current liabilities
2,881,623

1,653,214

Non-current liabilities
Provisions
16
976,454

1,267,457

Total non-current liabilities
976,454

1,267,457

Total liabilities
3,858,077

2,920,671

Net assets
5,824,702

5,627,990

Equity
Issued capital
17
48,549,530

47,426,757

Reserves
201,600

201,600

Accumulated losses
(42,926,428)

(42,000,367)

Equity attributable to owners of the parent
5,824,702

5,627,990

Total equity
5,824,702

5,627,990

The above consolidated statement of financial position should to be read in conjunction with the accompanying notes.
28

Bounty Oil & Gas NL
Annual Report - 2024
Consolidated statement of changes in equity
for the year ended 30 June 2024
Ordinary share
capital
Option reserve
Retained
earnings/
(Accumulated
losses)
Total
Notes
$
$
$
$
Balance at 1 July 2022
47,426,757

201,600

(39,089,178)

8,539,179

(Loss) for the year
-

(2,911,189)

Other comprehensive income for the year
-

Total comprehensive income for the year
-

(2,911,189)

Shares issued during the year
17
-

Share issue transaction costs
-

Balance at 30 June 2023
47,426,757

201,600

(42,000,367)

5,627,990

Balance at 1 July 2023
47,426,757

201,600

(42,000,367)

5,627,990

(Loss) for the year
-

(926,061)

Other comprehensive income for the year
-

Total comprehensive income for the year
-

(926,061)

Shares issued during the year
17
1,152,100

-
-

1,152,100

Share issue transaction costs
(29,327)

(29,327)

Balance at 30 June 2024
48,549,530

201,600

(42,926,428)

5,824,702

The above consolidated statement of changes in equity should to be read in conjunction with the accompanying notes.
29

Bounty Oil & Gas NL
Annual Report - 2024
Consolidated statement of cash flows
for the year ended 30 June 2024
30-Jun-24
30-Jun-23
Notes
$
$
Cash flows from operating activities
Receipts from petroleum operations
1,775,996

1,843,164

Payments to suppliers and employees
(2,106,431)

(2,990,257)

Interest and dividend received
2,464

2,749

Net cash (used in) operating activities
18
(327,971)

(1,144,344)

Cash flows from investing activities
Payments for exploration and evaluation assets
(77,417)

(218,596)

Payments for oil production & development assets
(223,878)

(578,624)

Payments for property plant and equipment
-

(10,293)

Payments towards acquisition of a controlled entity
(250,000)

Proceeds from sale of available-for-sale financial assets
75,410

8,044

Payment for available for sale financial assets
(10,000)

(15,150)

Net cash (used in) investing activities
(485,885)

(814,619)

Cash flows from financing activities
Proceeds from issue of shares
1,152,100

Costs associated with issue of shares
(29,327)

Net cash generated by/(used in) financing activities
1,122,773

Net increase/(decrease) in cash and cash equivalents
308,917

(1,958,963)

Cash and cash equivalents at the beginning of the period
1,237,761

3,162,884

Effects of exchange rate changes on the balance
of cash held in foreign currencies
14,588

33,840

Cash and cash equivalents at the end of the period
9
1,561,266

1,237,761

Year-ended
The above consolidated statement of cash flow should be read in conjunction with the accompanying notes.
30

Bounty Oil & Gas NL
Annual Report - 2024

Contents of the notes to the consolidated ﬁnancial statements
1. Statement of compliance
2. Summary of significant accounting policies
3. Critical accounting estimates and judgments
4. Segment Information
5. Revenue and other income
6. Employee benefit expense
7. Income tax expense
8. Earnings/(loss) per share
9. Cash and cash equivalents
10. Trade and other receivables
11. Inventories
12. Other current financial assets
13. Property, plant and equipment
14. Non current assets
15. Trade and other payables
16. Provisions
17. Issued capital
18. Reconciliation of cash flow from continuing operations
19. Share based payments
20. Key management personnel
21. Commitments
22. Related party transactions
23. Financial instruments
24 . Controlled entities
25. Interest in joint operations
26. Parent entity information
27. Contingent liabilities and contingent assets
28. Events occurring after the reporting period
29. Auditors remuneration
30. Company details
31

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
1. Statement of compliance
2. Summary of significant accounting policies
a. Basis of preparation
b. Adoption of new and amended Accounting Standards
c. Basis of consolidation
(i) Controlled entities
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Bounty Oil & Gas NL at
the end of the reporting period. A controlled entity is any entity over which Bounty Oil & Gas NL has the power to govern the
financial and operating policies so as to obtain benefits from the entity’s activities. Control will generally exist when the parent
owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity. In assessing the power to govern,
the existence and effect of holdings of actual and potential voting rights are also considered.
Where controlled entities have entered or left the Group during the year, the financial performance of those entities are included
only for the period of the year that they were controlled. A list of controlled entities is contained in Note 24 to the financial
statements.
Bounty Oil and Gas N.L. Is a company incorporated in Australia and limited by shares which are publicly traded on the Australian
Securities Exchange.
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting
Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards
Board (AASB), and the Corporations Act 2001 .
Compliance with AASB 101 ensures compliance with International Financial Reporting Standard IAS 1 Presentation of Financial
Statements.
The consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-
current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All
amounts are presented in Australian dollars, unless otherwise noted.
This financial report includes the consolidated financial statements and notes of Bounty Oil & Gas NL (“parent entity”) and
controlled entities (“consolidated group” or “group”) and the Group’s interest in jointly controlled assets for the financial year
ended 30 June 2024. Supplementary financial information about the parent entity is disclosed in Note 26. The Financial
Statements are presented in Australian currency.
The group is a for-profit entity for financial reporting purposes under Australian Accounting Standards.
The financial report was authorised for issue by the directors on 26 September 2024.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting
period. The consolidated entity has adopted all the new, revised or amended Accounting Standards and Interpretations
issued by the AASB that are mandatory for the current reporting period beginning 1 July 2024.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report
containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with
Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting
Standards. Material accounting policies adopted in the preparation of this financial report are presented below. They have been
consistently applied unless otherwise stated.
The Directors have reviewed new accounting standards and interpretations that have been published that are not mandatory for
30 June 2024 reporting periods. As a result of this review, the Directors have determined that there is no material impact of the
new and revised Standards and Interpretations on the Company and, therefore, no material change is likely to company accounting
policies.
The financial report is presented in Australian dollars and under the option available to the Group under ASIC Corporations
(Rounding in Financial/Directors’ Reports) Instrument 2016/191, all values are rounded to the nearest dollar unless otherwise
stated.
32

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
c. Basis of consolidation (continued)
(ii) Joint arrangements
(iii) Business combinations
d. Interests in joint operations
• its assets, including its share of any assets held jointly;
• its liabilities, including its share of any liabilities incurred jointly;
• its share of the revenue from the sale of the output by the joint operation; and
• its expenses, including its share of any expenses incurred jointly.
e. Income tax
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable
income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities (assets) are therefore measured
at the amounts expected to be paid to (recovered from) the relevant taxation authority.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
When a group entity undertakes its activities under joint operations, the Group as a joint operator recognises in relation to its
interest in a joint operation:
The Group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance
with the AASBs applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a
joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the Group is considered to
be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the
transactions are recognised in the Group's consolidated financial statements only to the extent of other parties' interests in
the joint operation.
The income tax expense / (income) for the year comprises current income tax expense / (income) and deferred tax expense
(income).
Under AASB 11 'Joint Arrangements' investments in joint arrangements are classified as either joint operations or joint
ventures depending on the contractual rights and obligations each investor has, rather than the legal structure of the joint
arrangement. Bounty Oil & Gas NL has assessed the nature of its joint arrangements and determined them to be joint
Bounty Oil & Gas NL has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These
have been incorporated in the financial statements under the appropriate headings. Details of the joint operations are set out
in note 25.
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the
Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred,
liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising
from a contingent consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they
have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities
assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair
value of consideration transferred, (b) the recognised amount of any non-controlling interest in the acquire, and (c) acquisition-
date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If
the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e., gain on a bargain purchase)
is recognised in profit or loss immediately.
For the reporting period the only controlled entities that Bounty Oil & Gas NL had were Ausam Resources Pty Ltd.(100%),
Interstate Energy Pty Ltd. (100%), Rough Range Pty Ltd. (100%), and Australian Oil Company No. 3 Pty Ltd. (100%).
In preparing the consolidated financial statements all inter-group balances and transactions between entities in the
consolidated group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with those adopted by the parent entity.
33

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
e. Income tax
f. Fair value measurement
Tax Consolidation - Bounty Oil & Gas NL and its wholly owned Australian subsidiary have not formed an income tax
consolidation group under tax consolidation legislation. Each entity in the Group recognises its own current and deferred tax
assets and liabilities. Such taxes are measured using the ‘stand alone taxpayer’ approach to allocation.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as
well unused tax losses.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully
expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an
asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is
realised or the liability is settled, based on tax rates enacted or substantively enacted at reporting date. Their measurement
also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable
that future taxable profit will be available against which the benefits of deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred
tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and
it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net
settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and
liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended
that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods
in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Current and deferred income tax expense / (income) is charged or credited directly to equity instead of the profit or loss when
the tax relates to items that are credited or charged directly to equity.
The carrying values of financial assets and liabilities recorded in the financial statements approximates their respective fair
values, determined in accordance with the accounting policies described above and adjusted for capitalised transaction costs, if
any.
-level 2: Measurements based on inputs other than quoted prices included in level 1 that are observable for the asset or
liability, either directly or indirectly.
-level 3: Measurements based on unobservable inputs for the asset or liability.
AASB 13 establishes a single source of guidance for determining the fair value of assets and liabilities. AASB 13 does not change
when an entity is required to use fair value, but rather, provides guidance on how to determine fair value when fair value is
required or permitted. Application of this definition may result in different fair values being determined for the relevant assets.
AASB 13 also expands the disclosure requirements for all assets and liabilites carried at fair value. This includes information
about the assumptions made and the qualitative impact of those assumptions on the fair value determined. Consequential
amendments were also made to other standards.
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value
measurements into one of three possible levels based on the lowest level that a significant input to the measurement can be
categorised into as follows:
- level 1: Measurement based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
can access at the measurement date.
34

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
g. Going concern basis
h. Trade and other receivables
Impairment
i. Property, plant and equipment
Plant and equipment are measured on the cost basis.
j. Depreciation
Class of Fixed Asset
Estimated useful life
Plant and equipment
5 years
Computer equipment
4 years
Office furniture and fittings & other
5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Depreciation on assets is calculated over their estimated useful life as follows:
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than
its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are
included in the statement of profit and loss. When re-valued assets are sold, amounts included in the revaluation reserve
relating to that asset are transferred to retained earnings.
The directors’ cash flow forecasts project that the group will continue to be able to meet its liabilities and obligations (including
those exploration commitments as disclosed in Note 21) as and when they fall due for a period of at least 12 months from the
date of signing of this financial report. The cash flow forecasts are dependent upon the generation of sufficient cash flows from
operating activities to meet working capital requirements; contemplating issue of equity by the Group; the ability of the Group
to manage discretionary exploration and evaluation expenditure on non-core assets via farmout or disposal of certain interests
and or a reduction in its future work programmes. The directors are of the opinion that the use of the going concern basis of
accounting is appropriate as they are satisfied as to the ability of the Group to implement the above.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable
amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received
from the asset’s employment and subsequent disposal.
The depreciable amount of all property, plant and equipment including buildings and capitalised lease assets, but excluding
freehold land, is depreciated on a straight-line basis over the asset’s useful life to the Group from the time the asset is held
ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the
estimated useful lives of the improvements.
The cost of fixed assets constructed within the consolidated group includes the cost of materials, direct labour, borrowing costs
and an appropriate proportion of fixed and variable overheads.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance are charged to the statement of profit and loss during the financial period
in which they are incurred.
The directors have prepared the financial report on a going concern basis, which contemplates the continuity of normal
business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.
For the period ended 30 June 2024, the Group realised a net loss after tax of $926,061 (2023: $2,911,189). The net cash spent
on operating activities for the period ended 30 June 2024 was $327,971 (2023: net cash spent $1,144,344). The Group’s net
asset position at 30 June 2024 was $5,824,702 (30 June 2023: $5,627,990) and an excess of current liabilities over current assets
of $1,095,466 (30 June 2023: $147,766) as at 30 June 2024.
Allowances for impairment are recognised using an 'expected credit loss' ('ECL') model. Impairment is measured using a 12-
month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in which
case the lifetime ECL method is adopted.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by
reducing the carrying amount directly.
Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated
depreciation and impairment losses.
Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for doubtful
debts. Trade receivables are due for settlement no more than 30 days. Other receivables are recognised at amortised cost, less
any allowance for expected credit losses.
35

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
k. Exploration and evaluation expenditure
PEP 11 - Offshore Newcastle Region, NSW Bounty 15% interest (PEP 11) - Material Uncertainty
Activities in 2024
Accordingly, at the end of the period and at the date of this report the above conditions continue to indicate a material
uncertainty that may affect the ability of Bounty to realise the carrying value of $0.60 million for its interest in the PEP 11
exploration permit in the ordinary course of business – see Note 2(k) Exploration and Evaluation Expenditure in the notes to the
Consolidated Financial Statements comprising the Full-Year Report.
After the end of the period with no decision by the Joint Authority the operator commenced new proceedings in the Federal
Court of Australia seeking orders that NOPTA make a decision on the applications. On 18th September 2024 the Federal
Minister for Industry and Science made a statement that he had carefully considered the PEP-11 Exploration Permit
Applications; formed a preliminary view that the Applications should be refused and gave the parties (including Bounty) 30 days
to make submissions before any final decision. Bounty intends to make submissions and otherwise take such steps as may be
advised to preserve PEP 11 and preserve its rights as on of the registered holders.
Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an exploration and
evaluation asset in the year in which they are incurred where the following conditions are satisfied:
• the rights to tenure of the area of interest are current; and,
• at least one of the following conditions is also met:
i) the exploration and evaluation expenditures are expected to be recouped through successful exploration, development and
commercial exploitation of the area of interest, or alternatively, by its sale; or,
ii) exploration and evaluation activities in the area of interest have not, at the reporting date, reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable petroleum reserves or resources and active
and significant operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, geophysical surveys,
studies, exploratory drilling, sampling and associated activities and an allocation of depreciation and amortisation of assets
used in exploration and evaluation activities. General and administrative costs are only included in the measurement of
exploration and evaluation costs where they are related directly to operational activities in a particular area of interest.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount
of an exploration and evaluation asset may exceed its recoverable amount. The recoverable amount of the exploration and
evaluation asset (or the cash-generating unit(s) to which it has been allocated, being no larger than the relevant area of
interest) is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently
reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent
that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset in previous years. Where a decision is made to proceed with development in respect of a
particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then re-
classified to development.
In 2020, Asset Energy Pty Limited (Asset Energy) as the PEP 11 Joint Venture operator lodged 2 applications for a variation and
suspension of the conditions of PEP 11 (the Applications) and in December 2021 the Federal Government (via the
Commonwealth - New South Wales Offshore Petroleum Joint Authority (Joint Authority) announced that it would refuse the
Applications; that PEP 11 would not be extended and gave formal notice thereof in March 2022. The operator Asset Energy
commenced proceedings in the Federal Court of Australia (Proceedings) (WAD106/2022). The proceedings challenged the
decision to refuse the Applications and to decline a related grant of an extension of term. On 14 February 2023 the Federal
Court of Australia ordered:
• The decision of the Joint Authority to reject Asset’s applications is set aside;
• The decision of the Joint Authority is now to be remade according to law.
The matter then reverted to NOPTA for re-consideration and in 2023; Bounty and Asset Energy filed additional material with
NOPTA in support of the Applications including a commitment to drill an exploration well for natural gas.
36

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
l. Production and development assets
m. Trade and other payables
n. Inventories
o. Leases
When a significant portion of the properties are sold, a gain or loss is recorded and reflected in profit or loss.
The group follows the full cost method of accounting for production and development assets whereby all costs, less any
incentives related to the acquisition, exploration and development of oil and gas reserves are capitalised. These costs include
land acquisition costs, geological and geophysical expenses, the costs of drilling both productive and non productive wells, non
producing lease rentals and directly related general and administrative expenses. Proceeds received from the disposal of
properties are normally credited against accumulated costs.
The estimated costs for developing proved underdeveloped reserves, future decommissioning and abandonments, net of
estimated salvage values, are provided for on the unit of production method included in the provision for depletion and
amortisation.
With respect to production assets, depletion of production and development assets and amortisation of production facilities
and equipment are calculated using the unit of production method based on estimated proven oil and gas reserves. For the
purposes of depletion calculation proved oil and gas reserves before royalties are converted to a common unit measure.
In applying the full cost method of accounting, the capitalised costs less accumulated depletion are restricted from exceeding
an amount equal to the estimated discounted future net revenues, based on year end prices and costs, less the aggregate
estimate future operating and capital costs derived from proven and probable reserves.
When a contract is entered into, the Group assesses whether the contract contains a lease. A contract is, or contains, a lease if
the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group separates the lease and non-lease components of the contract and accounts for these separately.
The Group allocates the consideration in the contract to each component on the basis of their relative stand-alone prices.
Leases as a lessee
Right-of-use assets and lease liabilities are recognised at commencement date of the lease when the asset is available for use.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated using the straight-line method over the shorter of their useful life and the lease term.
Periodic adjustments are made for any re-measurements of the lease liabilities and for impairment losses, assessed in
accordance with the Group’s impairment policies.
Lease liabilities are initially measured at the present value of future lease payments, discounted using the Group’s incremental
borrowing rate if the rate implicit in the lease cannot be readily determined After the commencement date, the amount of
lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. Lease payments are
fixed payments or index-based variable payments incorporating Group’s expectations of extension options and do not include
non-lease components of a contract. A portfolio approach was taken when determining the implicit discount rate for the office
premise and office car bay lease.
The lease liability is remeasured when there are changes in future lease payments arising from a change in rates, index or lease
terms from exercising an extension or termination option. A corresponding adjustment is made to the carrying amount of the
right-of-use assets, with any excess recognised in the consolidated statement of profit and loss.
Short-term leases and lease of low value assets
Short term leases (lease term of 12 month or less) and leases of low value assets are recognised as incurred as an expense in
the consolidated statement of profit and loss.
Changes in factors such as estimates of proved and probable reserves that affect unit of production calculations are dealt with
on a prospective basis.
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year, which
are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the
ordinary course of business less any estimated selling costs. The cost of petroleum products includes direct materials, direct
labour and an appropriate portion of variable and fixed overheads.
Development expenditure is recognised at cost less accumulated amortisation and any impairment losses. Where commercial
production in an area of interest has commenced, the associated costs together with any forecast future capital expenditure
necessary to develop proved and probable reserves are amortised over the estimated economic life of the field on a units-of-
production basis.
37

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
p. Financial instruments
i) Financial assets at fair value through profit or loss
Initial recognition and measurement
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in following categories:
(i) Financial assets at amortised cost (debt instruments):
(ii) Financial assets at fair value through profit or loss:
(iii) Derecognition:
(i) Financial assets at amortised cost (debt instruments)
(ii) Financial assets at fair value through profit or loss
(iii) derecognition (equity instruments)
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition
depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With
the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the
practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for
which the Group has applied the practical expedient are measured at the transaction price determined under AASB 15. In order
for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments
of principal and interest on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed
at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in
order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash
flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time
frame established by regulation or convention in the market place are recognised on the trade date(the date that the Group
commits to purchase or sell the asset).
The Group measures financial assets at amortised cost if both of the following conditions are met:
-The rights to receive cash flows from the asset have expired or
- The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has
transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership.
When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that
reflects the rights and obligations that the Group has retained.
- The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual
cash flows and
- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Group’s financial assets at amortised cost includes other receivables.
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as
effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are
classified and measured at fair value through profit or loss, irrespective of the business model.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net
changes in fair value recognised in the statement of profit or loss.
38

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
p. Financial instruments (continued)
Impairment of financial assets
ii) Financial liabilities
Initial recognition and measurement
The Group’s financial liabilities include trade and other payables.
Derecognition
Offsetting of financial instruments
q. Impairment of assets
r. Foreign currency
Functional and presentation currency
Transactions and balances
The functional currency is measured using the currency of the primary economic environment in which the Group operates (the
“functional” currency). The financial statements are presented in Australian dollars which is the Group’s functional and
presentation currency.
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the
transaction. Foreign currency monetary assets and liabilities are translated at the exchange rate at balance date. Non-monetary
items measured at historical cost continue to be carried at the exchange rate at the date of the transaction.
Exchange differences arising on the translation of monetary items are recognised in the statement of profit and loss, except
where deferred in equity as a qualifying cash flow or net investment hedge.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement
of profit or loss.
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial
position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a
net basis, to realise the assets and settle the liabilities simultaneously.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss will be recognised through an
allowance. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The
expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-
months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial
recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the
timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on
lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the
Group may also consider a financial asset to be in default when internal or external information indicates that the Group is
unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the
Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purpose of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than
goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
39

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
s. Employee benefits
Wages, salaries, and other entitlements
Share based payments – employee share plan
t. Provisions
u. Cash and cash equivalents
v. Rehabilitation obligations
The unwinding of the effect of discounting on the provision is recognised as a finance cost.
w. Revenue and other income
All revenue is stated net of the amount of goods and services tax (GST).
x. Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not
recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of
the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing
activities, which are disclosed as operating cash flows.
Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate
inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.
Provisions for future environmental restoration are recognised where there is a present obligation as a result of exploration,
development, production or storage activities having been undertaken and it is probable that an outflow of economic benefits
will be required to settle the obligation. The estimated future obligations include the costs of removing facilities, abandoning
wells and restoring the affected areas.
The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the
restoration obligation at the reporting date. Future restoration costs are reviewed annually and any changes in the estimate
are reflected in the present value of the restoration provision at reporting date, with a corresponding charge in the cost of the
associated asset.
The amount of the provision for future restoration costs relating to exploration, development and production facilities is
capitalised and depleted as a component of the cost of those activities.
Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts
and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of
interest that is generally accepted in the market for similar arrangements. The difference between the amount initially
recognised and the amount ultimately received is interest revenue.
Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and
rewards of ownership of the goods and the cessation of all involvement in those goods.
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments
with original maturities of three months or less, and bank overdrafts.
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is
probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are determined
by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time
value of money and, where appropriate, the risks specific to the liability.
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to balance date.
Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid
when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the
estimated future cash outflows to be made for those benefits. Those cash flows are discounted using market yields on national
government bonds with terms to maturity that match the expected timing of cash flows. Employee benefits payable later than
one year include Statutory Long Service Leave only.
Share based compensation has from time to time been provided to eligible persons via the Bounty Oil & Gas N.L. Employee
Share Plan (“Plan”). Under AASB 2 “Share-based Payments”, the Employee Share Plan shares are deemed to be equity-settled
share-based remuneration.
Equity-settled share-based payments with employees and others providing similar services are measured at the fair value of the
equity instrument at the grant date. Fair value is measured by use of the quoted market price or binomial pricing model. The
fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the
vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase in
equity.
40

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
y. Earnings per share
z. Comparative figures
aa. Contributed equity
3. Critical accounting estimates and judgments

Going concern basis:
Refer note 2(g) for the Directors assessment of the Group's going concern status.
Business combination
Exploration and evaluation assets
Estimate of reserve quantities
Provision for rehabilitation and decommissioning
The group estimates the future removal and decommissioning costs of oil and gas production facilities, wells, pipelines and
related assets at the time of installation of the assets. In most instances the removal of these assets will occur many years in
the future. The estimates of future removal costs therefore requires management to make adjustments regarding the removal
date, future environmental legislation, the extent of decommissioning activities and future removal technologies.
In the application of the group’s accounting policies, which are described in Note 1, the directors are required to make
judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical and industry experience and other factors
that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future
periods if the revision affects both current and future periods.
The following are the critical judgments that management has made in the process of applying the group’s accounting policies
and that have the most significant effect on the amounts recognised in the financial statements:
The group’s policy is discussed in Note 2(k). The application of these policies requires management to make certain estimates
and assumptions as to future events and circumstances. Any such estimates and assumptions may change as new information
becomes available. If after having capitalised exploration and evaluation expenditure, management concludes that the
capitalised expenditure is unlikely to be recovered by future sale or exploitation, then the relevant capitalised amount will be
written off through profit or loss.
The estimated quantities of proven and probably hydrocarbon reserves and resources reported by the group are integral to the
calculation of amortisation (depletion) and depreciation expense and to assessments of possible impairment of assets.
Estimated reserve quantities are based upon data from exploration and development drilling, interpretations of geological and
geophysical models and assessment of the technical feasibility and commercial viability of producing the reserves.
Management prepares reserve estimates which conform to guidelines prepared by the Society of Petroleum Engineers, USA.
Where appropriate these estimates are then verified by independent technical experts.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown
in equity as a deduction from the proceeds.
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the
current financial year.
The Group presents basic and diluted earnings per share (“EPS”) for its ordinary shares. Basic EPS is calculated by dividing the
profit attributable to equity holders of the Company by the weighted number of shares outstanding during the period. Diluted
EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of
ordinary shares outstanding for the effects of all potential ordinary shares, which comprises any share options issued.
Management uses valuation techniques in determining the fair values of the various elements of a business combination. See
Note 2(c)(iii).
These assessments require assumptions to be made regarding future development and production costs, commodity prices,
exchange rates and fiscal regimes. The estimates of reserves may change from period to period as the economic assumptions
used to estimate the reserves can change from period to period, and as additional geological or reservoir data is generated
during the course of operations.
41

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
Impairment of production and development assets
4. Segment Information
Core Petroleum Segment - Oil and gas exploration, development and production
Secondary Segment - Investment in listed shares and securities.
Segment revenue and results
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
Core Oil & Gas Segment
$
$
$
$
Production projects
1,612,955

1,768,947

47,332

(1,743,064)

Exploration projects
-

(28,000)

(36,411)

Secondary Segment
Listed securities
20,821

(18,248)

20,821

(18,248)

Total from continuing operations
1,633,776

1,750,699

40,153

(1,797,723)

Other revenue
17,935

28,469

Corporate admin costs and directors remuneration
(984,149)

(1,141,935)

Loss before tax
(926,061)

(2,911,189)

Segment revenue
Accounting policies of reportable segments
Information about major customers
Other segment information
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
Core Oil & Gas Segment
$
$
$
$
Production projects
273,833

326,864

595,191

656,792

Development projects
-

246,462

117,234

Exploration projects
28,000

76,065

190,596

Other
13,853

14,025

1,377

10,293

Total
315,686

340,889

919,095

974,915

Segment revenue
Segment profit/(loss)
Amortisation, depreciation &
depletion
Additions to non-current
assets
The group assesses whether oil and gas assets are tested for impairment on a semi-annual basis. This requires an estimation of
the recoverable amount from the cash generating unit to which each asset belongs. The recoverable amount is assessed on the
basis of the expected net cash flows that will be received from the asset’s employment and or subsequent disposal. The
expected net cash flows are discounted to their present values in determining the recoverable amount. Its policy for
production and development assets is discussed in Note 2(l).
Information reported to the Chief Operating Decision Maker, being the CEO, for the purposes of resource allocation and
assessment of the performance is more specifically focused on the category of business units. The Group’s reportable segments
under AASB 8 Operating Segments are therefore as follows:
The accounting policies of the reportable segments are the same as the group’s accounting policies described in Note 1.
Segment profit/(loss) in this Note represents the profit/(loss) earned by each segment without allocation of central
administration costs and directors remuneration, other investment revenue such as interest earned, finance costs and income
tax expense. This is the measure reported to the Chief Operating Decision Maker for the purpose of resource allocation and
assessment of segment performance.
Included in the revenue arising from direct sales of oil and gas of $1.61 million (2023: $1.77 million) are revenues of
approximately $1.07 million (2023: $1.18 million) which arose from sales to the Group’s largest customer. The revenue from
the Group’s second largest customer was approximately $0.54 million (2023: $0.59 million). No other single customer
contributed 10% or more to the Groups revenue for both 2024 and 2023.
Revenue reported above represents revenue/income generated from external sources. There were no intersegment sales
during the period (2023: nil).
42

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
4. Segment Information (continued)
30-Jun-24
30-Jun-23
Core Oil & Gas Segment
$
$
Production projects
-

2,090,207

Exploration projects
-

36,411

Total
-

2,126,618

The unallocated items include items that are not considered part of the core operations of any segment.
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
Core Oil & Gas Segment
$
$
$
$
Production projects
3,276,408

2,928,300

2,826,294

2,160,223

Development projects
2,242,781

1,996,319

71,171

Exploration projects
2,249,326

2,173,261

38,836

Secondary Segment
Listed securities
13,895

68,484

Unallocated
1,900,369

1,382,297

921,776

650,441

Total
9,682,779

8,548,661

3,858,077

2,920,671

Geographical Segment information
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
$
$
$
$
Australia
1,651,711

1,779,168

7,896,622

7,043,213

Total
1,651,711

1,779,168

7,896,622

7,043,213

5. Revenue and other income
30-Jun-24
30-Jun-23
Sales revenue:
$
$
Oil and gas sales
1,588,985

1,741,774

Revenue from tariffs
23,970

27,173

Total sales revenue
1,612,955

1,768,947

Investment income:
Investment income from financial assets at fair value through
Profit and loss (held for trading listed shares)
Realised gain/(loss)
23,927

2,953

Unrealised gain/(loss)
(3,106)

(21,201)

Total investment income
20,821

(18,248)

Other income:
Interest and dividend income
2,464

2,749

Other
-

Total other income
2,464

2,749

Gains/(losses) on foreign currency
15,471

25,720

Total revenue
1,651,711

1,779,168

Segment liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the
operations of the segment. Segment liabilities include trade and other payables and provisions.
Segment liabilities
Segment assets
The following table details the group’s geographical segment reporting of revenue and carrying amount of assets in each
geographical region where operations are conducted.
Revenue
Carrying amounts of non
current assets
Segment assets are measured in the same way as in the financial statements. These assets are allocated based on the
operations of the segment and the physical location of the asset.
Impairment losses/
Write-Off expenses
43

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
6. Employee benefit expense
30-Jun-24
30-Jun-23
$
$
Directors fees
209,300

204,475

Consultancy fees - Internal
180,000

320,000

Wages & salaries
107,474

131,286

Other employee benefit expenses
45,299

42,208

Total Employee benefit expense
542,073

697,969

Recharge and recoveries
7. Income tax expense
$
$
Consolidated group
(231,515)

(727,797)

Add: tax effect of non deductible expenses
150,986

616,471

Less: tax effect of expenditure claimed as deduction
(105,869)

(483,016)

Tax effect of Unused tax losses not recognised as deferred tax asset:
(186,398)

(594,342)

Income tax expense attributable to loss from ordinary activities :
-

Total available income tax losses:
28,920,346

28,733,948

8. Earnings/(loss) per share
Basic earnings/(loss) per share (cents per share)
(0.07)

(0.24)

Diluted earnings/(loss) per share (cents per share)
(0.07)

(0.24)

Net (loss)/profit used in the calculation of basic and diluted earnings/(loss) per share
(926,061)

(2,911,189)

No. of Shares
No. of Shares
Weighted average number of ordinary shares for the purposes of
basic and diluted EPS
1,498,500,982

1,370,500,982

9. Cash and cash equivalents
$
$
Deposits on call
55,835

67,337

Cash at bank
1,505,431

1,170,424

Total Cash and cash equivalents
1,561,266

1,237,761

The potential future income tax benefit will be obtained if:
3) no changes in tax legislation adversely affect the Company and/or the group in realizing the benefit.
Bounty Oil and Gas NL and its wholly-owned subsidiaries have not formed a tax consolidation group.
1) the relevant company derives future assessable income of a nature and an amount sufficient to enable the benefit to be
realised, or the benefit can be realised by another company in the Group in accordance with Division 170 of the Income Tax
Assessment Act 1997;
2) the relevant company and/or group continues to comply with the conditions for deductibility imposed by the Act; and
The Group has the policy to allocate a portion of employee benefit expense to production, development, exploration and
evaluation assets based on employee time committed to various projects.
The prima facie tax on profit from ordinary activities before income tax is
reconciled to the income tax as follows:
Prima facie tax payable on profit/(income tax benefit) from continuing
operations before income tax at 25% (2023 25%)
The potential future income tax benefit arising from tax losses and timing differences has not been recognised as an asset
because recovery of tax losses is not probable and recovery of timing differences is not assured beyond reasonable doubt.
44

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
10. Trade and other receivables
30-Jun-24
30-Jun-23
Current
$
$
Trade and other receivables
175,779

106,641

Prepayments
3,926

28,926

Other receivables
-

20,000

Total current receivables
179,705

155,567

Non-current
Prepayments(i)
250,000

Other receivables
60,850

60,850

Total non-current receivables
310,850

60,850

11. Inventories
$
$
Oil and other inventory
31,291

43,636

31,291

43,636

12. Other current financial assets
Note
$
$
Financial assets at fair value through profit and loss - shares in
listed corporations
23(d)
13,895

68,484

Total current financial assets
13,895

68,484

13. Property, plant and equipment
Plant and Equipment
$
$
Plant and equipment – at cost
1,920,530

1,797,934

Less accumulated depreciation
(839,210)

(710,812)

Total Property, plant and equipment
1,081,320

1,087,122

Movement in carrying amounts:
$
$
Opening Balance
1,087,122

798,937

Additions
122,596

391,351

Depreciation
(128,398)

(103,166)

Carrying amount at the end of the year
1,081,320

1,087,122

Movements in the carrying amounts for each class of property, plant and
equipment between the beginning and end of the financial year.
(i) Include $250,000 paid towards acquistion of Ranger Energy Pty Ltd. Which holds petroleum permit PL 46.
45

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
14. Non current assets
30-Jun-24
30-Jun-23
(a): Production and development assets
$
$
SW Queensland
Joint operation interest in ATP1189 Naccowlah Block – at cost
4,368,129

3,850,977

Less: Amortisation
(2,912,368)

(2,758,398)

East Queensland - PL 441 (ex-PL119) Downlands – at cost
4,657,434

4,700,614

Less: Depletion and amortisation
(2,518,608)

(2,518,608)

Less: Impairment
(2,082,006)

(2,082,006)

Rehabilitation costs – all petroleum properties
499,764

533,082

All other development assets
2,242,781

1,996,319

Total production and development assets
4,255,126

3,721,980

Movement in carrying amounts of production & development assets:
$
$
Opening balance at the beginning of the year
3,721,980

5,656,942

Additions
720,434

392,968

Movement in rehabilitation
(33,318)

(33,317)

Impairment of production and development assets (see i below)
-

(2,090,207)

Amortisation of production assets
(153,970)

(204,406)

Carrying amount at the end of the year
4,255,126

3,721,980

Key assumptions used:
Crude oil price (US$)
Average AUD:USD exchange rate
CPI (%)
Post-tax real discount rate (%)
(b): Exploration and evaluation assets
$
$
Exploration assets
2,249,326

2,173,261

Total exploration and evaluation assets
2,249,326

2,173,261

Movement in carrying amounts of exploration and evaluation assets:
$
$
Opening balance at the beginning of the year
2,173,261

2,019,076

Additions
76,065

190,596

Write-off of Exploration and evaluation asset (see i above)
-

(36,411)

Carrying amount at the end of the year
2,249,326

2,173,261

(c): Impairment and write-off of oil and gas properties
$
$
PL 441 Downlands
-

2,082,006

Other
-

8,201

2,090,207

15. Trade and other payables
$
$
Current
Trade payables
1,054,257

1,001,724

Amounts owing to Joint Operations
1,158,693

480,155

GST, FBT, PAYG & superannuation liability
53,242

44,629

Total trade and other payables
2,266,192

1,526,508

7.0%
(i) In accordance with the Group's accounting policies and procedures, the Group performs its impairment testing at the end of
each reporting period. A number of factors represented indicators of impairment. Further commentary on impairment is
included in the Directors' Report. No other impairments were recognised for this reporting period.
2024-25
$80.00
$0.660
4.0%
2026+
$80.00
$0.68
3.5%
6.0%
46

Bounty Oil & Gas NL
Annual Report - 2024
Notes to the consolidated financial statements
for the year ended 30 June 2024
30-Jun-24
30-Jun-23
16. Provisions
$
$
Current - Provision for employee entitlement
107,753

126,706

Current - Rehabilitation costs – petroleum properties
507,678

615,431

126,706

Non-current - Provision for employee entitlement
-

22,607

Non-current - Rehabilitation costs – petroleum properties
976,454

1,244,850

976,454

1,267,457

Movement in provisions
Opening balance
1,267,457

1,326,310

Unwinding of discount on provision
7,923

8,905

Net provisions recognised/(expensed)
(298,926)

(67,758)

Balance at the end of the period
976,454

1,267,457

17. Issued capital
$
$
1,498,500,982 fully paid ordinary shares (2023: 1,370,500,982)
48,549,530

47,426,757

Nil options transferred to share option reserve on expiry (2023: Nil)
201,600

201,600

48,751,130

47,628,357

(a) Movement in fully paid ordinary shares
No. of Shares
No. of Shares
Balance at beginning of year
1,370,500,982

1,370,500,982

Shares issued during the year
128,000,000

Balance at end of year
1,498,500,982

1,370,500,982

(b) Movement in listed options
No. of options
No. of options
Balance at beginning of year
290,565,681

290,565,681

Issued/(expired) during the year
138,000,000

Excercised during the year
-

Balance at end of year
428,565,681

290,565,681

18. Reconciliation of cash flow from continuing operations
$
$
Loss from continuing operations after income tax
(926,061)

(2,911,189)

Non-cash flows in profit/(loss) from continuing operations:
Depreciation and amortisation
315,686

331,984

Fair value movement in marketable financial assets
3,107

21,201

Foreign exchange differences
(15,471)

(25,720)

Movement in employee benefit obligation
(41,560)

(35,312)

Write-off of oil and gas assets
-

36,411

Impairment of oil and gas assets
-

2,090,207

Accrued interest expense
(1,827)

Change in trade and other receivables
1,745

(157,678)

Change in trade & other payables
(9,930)

(511,349)

Loss on sale of marketable financial assets
(23,928)

(2,953)

Change in inventory
12,345

11,149

Change in rehabilitation obligation
357,923

8,905

Net Cash from continuing operations
(327,971)

(1,144,344)

A reconciliation of the movement in capital for the Company can be found in
the Consolidated Statement of Changes in Equity
The provision for rehabilitation costs represents the present value of best estimate of the future sacrifice of economic
benefits that will be required to remove the facilities and restore the affected areas at the Group’s operation sites. The
rehabilitation of the petroleum properties is expected to be undertaken between 1 to 20 years. The discount rate used in the
calculation of the provision as at 30 June 2024 was 4%, broadly equivalent to the Australian Government 10 year bond rate.
Long service leave is measured at the present value of benefits accumulated at the end of financial year. The liability is
discounted using an appropriate discount rate. The measurement requires judgement to determine key assumptions used in
the calculation including futures pay increases and settlement dates of employee's departure.
Reconciliation of Cash Flow from continuing operations with
profit/(loss) after income tax.
47

Bounty Oil & Gas NL
Annual Report - 2024
19. Share based payments
20. Key management personnel
a) Key Management Personnel Compensation
30-Jun-24
30-Jun-23
$
$
Short term employee benefits
394,300

524,475

Share based payments
-

Total
394,300

524,475

b) Equity Instrument Disclosures Relating to Key Management Personnel
i) Options provided as remuneration and shares issued on exercise of such options: Nil
ii) Share holdings
2024
Security
Non- Executive Directors
Type
Graham Reveleigh
Shares
22,377,928
- - - - 22,377,928
Options
2,637,792
2,637,792
Charles Ross
Shares
3,200,000
- - - - 3,200,000
Options
- - - - - -
Executive Director
Sachin Saraf
Shares
- - - - - -
Options
- - - - - -
CEO
Philip Kelso
Shares
36,187,492
-
- 36,187,492
Options
3,542,747
- -
- 3,542,747
2023
Non- Executive Directors
Graham Reveleigh
Shares
22,377,928
- - - - 22,377,928
Options
2,637,792
2,637,792
Charles Ross
Shares
3,200,000
- - - - 3,200,000
- -
-
Executive Director
Sachin Saraf
Shares
- - - - - -
Options
- - - - - -
CEO
Philip Kelso(a)
Shares
36,187,492
- -
- 36,187,492
Options
3,542,747
- -
- 3,542,747
No shares or options were granted to key management personnel during the financial year or during the previous financial
year.Listed options have exercise price of $0.025 expiring 30 November 2025.
No share based payment compensation was granted to directors or senior management during the financial year ended 30th
June 2024 and there was Nil expensed (2023: Nil). During the year, no directors or senior management exercised options that
were granted to them as part of their compensation in prior periods.
Notes to the consolidated financial statements
for the year ended 30 June 2024
Apart from the details disclosed in this note, no director or key management person has entered into a material contract with the
consolidated entity since the end of the previous financial year and there were no material contracts involving directors’ or
executives’ interests existing at year-end.
The aggregate remuneration made to Key Management Personnel of
the group is set out below:
Information regarding individual directors' and executives' compensation and some equity instrument disclosures as permitted
by the Corporations Regulations 2M.3.03 is provided in the Remuneration Report section of the Directors' Report.
(a) In 2023 , 1,900,000 shares purchased was disclosed by error, now reflected correctly.
The movement during the reporting period in the number of ordinary shares and options in Bounty Oil and Gas N.L. held, directly,
indirectly or beneficially, by each key management person, including related parties, are as follows:
Balance at
Start of the
Year
Purchases
Received on
exercise of
Options
Received
other
Sales
Held at the end
of Year
48

Bounty Oil & Gas NL
Annual Report - 2024
20. Key management personnel (continued)
c) Key Management Personnel - other loans and advances
d) Other transactions with key management personnel
30-Jun-24
30-Jun-23
$
$
Secretarial services fee
64,000

Interest on short term advances
1,044

Rent of office
81,500

81,500

146,544

91,400

21. Commitments
The following capital expenditure requirements have not been provided for in the accounts:
Payable
$
$
Not longer than 1 year
1,600,000

1,488,000

Longer than 1 year and not longer than 5 years
3,520,000

3,720,000

5,120,000

5,208,000

There are no lease commitments at the balance date.
22. Related party transactions
a. The Group’s main related parties are as follows:
Key Management Personnel
Disclosures relating to key management personnel are set out in Note 20 and in the Directors Report.
Controlled entities
Details of the percentage of ordinary shares held in controlled entities are disclosed in Note 24.
All inter-company loans and receivables are eliminated on consolidation and are interest free with no set repayment terms.
b. Transactions with other related parties:
There were no transactions with related parties other than as disclosed in Note 20 and this Note 22.
23. Financial instruments
a) Capital management:
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising
the return to stakeholders. The Group’s overall strategy remains unchanged from last financial year.The Group's capital structure
consists of equity (comprising issued capital, reserves and retained earnings as detailed in Consolidated Statement of Changes in
Equity) and no debt. The Group is not subject to any externally imposed capital requirements.
Any person(s) having authority or responsibility for planning, directing and controlling the activities of the Group, directly or
indirectly, including any director (whether executive or otherwise) of the Group are considered as key management personnel.
The Group has a related party relationship with its joint ventures/joint operations (note 25) and with its key management
personnel. The Company and its controlled entities engage in a variety of related party transactions in the ordinary course of
business. These transactions are generally conducted on normal terms and conditions.
In order to maintain current rights of tenure to its licences and permits, the company has certain obligations to perform work in
accordance with the work programmes, as approved by the relevant statutory body, when the permits are granted. These work
programs form the capital commitment which may be renegotiated, varied between permits, or reduced due to farm-out, sale,
reduction of permit/licence area and/or relinquishment of non-prospective permits. Work in excess of the work programs may
also be undertaken.
Other than the transactions disclosed in the Remuneration Report contained in the Directors’ Report, during the financial year
$81,500 was paid for office rent to a related entity of the CEO.
Aggregate amounts of each of the above types of other transactions with entities associated with key management personnel of
Bounty Oil & Gas NL:
Notes to the consolidated financial statements
for the year ended 30 June 2024
No loans were made to key management personnel including their personally related entities during the financial year and no
loans were outstanding at the end of the prior period. During the year the Company was advanced $157,000 by a related entity of
the CEO. The advance was repaid within 30 days along with interest disclosed in note 20(d).
During the financial year $64,000 was paid for secretarial and administrative services to spouse of Director Mr. Sachin Saraf. Such
services were obtained in ordinary course of business and at a market hourly rate for similar services.
49

Bounty Oil & Gas NL
Annual Report - 2024
23. Financial instruments (continued)
a) Capital management (continued):
The gearing ratio at the end of the reporting period was nil (2023: nil).
b) Categories of financial instruments:
Note
30-Jun-24
30-Jun-23
Financial assets
$
$
Cash and cash equivalents
1,561,266

1,237,761

Loans deposits and receivables
179,705

216,417

Available for sale financial assets designated as at FVTPL
12
13,895

68,484

Total financial assets
1,754,866

1,522,662

Financial liabilities
Other amortised cost - trade creditors
(2,266,192)

(1,526,508)

Total financial liabilities
(2,266,192)

(1,526,508)

c) Financial risk management objectives:
Foreign currency risk:
Liquidity risk:
Credit risk:
30-Jun-24
30-Jun-23
Carrying amount:
$
$
Cash and cash equivalents
1,561,266

1,237,761

Trade and other receivables
179,705

216,417

1,740,971

1,454,178

Gross $
Impairment $
Gross $
Impairment $
Past due
- - -
-

Not past due
175,064 - 155,567
-

Commodity risk:
d) Fair value of financial instruments:
The Board reviews the capital structure of the Group on an on-going basis. As part of this review, the Board considers the cost of
capital and associated risks.
30-Jun-24
The sales revenue of the company is derived from sales of oil at the prevailing $US TAPIS or Dated Brent oil price on the Singapore
market. The Group does not trade in derivative contracts to manage price and exchange risk.
Some of the Group's financial assets and financial liabilities are measured at fair value at the end of each reporting period. The
following table gives information about how the fair values of these financial assets and financial liabilities are determined (in
particular, the valuation technique(s) and inputs used).
The main risks the company is exposed to through its financial instruments are interest rate risk, foreign currency risk, liquidity
risk, credit risk and price risk.
Foreign currency risk is managed by retaining majority of its cash and payables in Australian currency. Petroleum sales are
received in USD with short term credit terms. The Group does not currently use derivative financial instruments to hedge foreign
currency risk and therefore is exposed to daily movements in exchange rates. However, the Group intends to maintain sufficient
USD cash balances to meet its USD obligations.
The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and
actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in a financial loss to the Group
and arises principally from the Group’s receivables from customers and cash deposits. The Group’s 2024 trade receivables are
deposits and amounts due from State government departments and major Oil & Gas companies in Australia. The Group exited
the joint operations during the year and these receivables have now been adjusted against related payables, and balance fully
impaired.
The Company does not have any material credit risk exposure to any single debtor or company of debtors under financial
instruments or collateral securities entered into by the Company.
Notes to the consolidated financial statements
for the year ended 30 June 2024
All cash held by the Group is deposited with investment grade banks and any expected credit loss is immaterial.
Exposure to credit risk is monitored on an ongoing basis. The maximum exposure to credit risk is represented by the carrying
amount of each financial asset in the statement of financial position.
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s maximum exposure to
credit risk at the reporting date was:
The aging of the Group’s trade receivables at reporting date was:
30-Jun-23
50

Bounty Oil & Gas NL
Annual Report - 2024
d) Fair value of financial instruments (continued):
Consolidated
30-Jun-24
30-Jun-23
$
$
13,895

68,484

e) Sensitivity analysis
24 . Controlled entities
30-Jun-24
30-Jun-23
Name of entity
Country of Incorporation
Ausam Resources Pty Ltd.
Australia
100
100
Interstate Energy Pty Ltd.
Australia
100
100
Rough Range Oil Pty Ltd.
Australia
100
100
Australian Oil Company No. 3 Pty Ltd.
Australia
100
-
(1) The proportion of ownership interest is equal to the proportion of voting power held.
25. Interest in joint operations
Name of the joint
arrangement
Principal
activity
Measurement
Method
ATP 1189P Naccowlah block
Production
Proportionate
Adelaide, Australia
2%
2%
PEP11
Exploration
Proportionate
Perth, Australia
15%
15%
30-Jun-24
30-Jun-23
$
$
Revenue from petroleum
1,612,955

1,768,947

Petroleum and all other expenses
(1,212,809)

(1,421,804)

Net Profit/(Loss) from joint operations
400,146

347,143

Current assets
Trade receivables
175,064

126,641

Inventories
31,290

43,635

Non current assets
Property, plant & equipment (net of accumulated depreciation)
893,687

856,200

Other non-current assets
1,955,525

1,625,661

Total assets in joint operations
3,055,566

2,652,137

Current liabilities - Trade and other payables
1,158,693

480,155

Non current liabilities - Provisions
976,454

983,349

Total liabilities in joint operations
2,135,147

1,463,504

Net interest in joint operations
920,419

1,188,633

Details of the total revenue and expenses derived from or incurred in ATP 1189P joint operations and the company’s
share of the assets and liabilities employed in these joint operations are as follows:
Equity holding % (1)
The company holds 2% interest in various Petroleum Leases and part of ATP 1189P, Queensland and associated oil
production tangibles and pipelines referred to as the Naccowlah Block.
The consolidated financial statements incorporate the assets, liabilities and results of the following controlled
entities in accordance with the accounting policy described in note 2 (c)(i).
Ordinary
Class of shares
Ordinary
Ordinary
Ordinary
As not material, the Group does not perform sensitivity analysis with respect to interest rate risk, foreign currency risk,
liquidity risk, credit risk or price risk.
Financial assets at fair value
through profit or loss (see
note 12)
Principal place of
business
Ownership interest (%)
Set out below are the joint arrangements of the Group as at 30 June 2024, which in the opinion of the directors are
material to the Group:
Notes to the consolidated financial statements
for the year ended 30 June 2024
Level 1
Quoted bid prices
in an active market
Except as detailed in the following table, the directors consider that the carrying amounts of financial assets and financial
liabilities recognised in the consolidated financial statements approximate their fair values.
The fair values of financial assets and liabilities with standard terms and conditions and traded on active liquid markets
are determined with reference to quoted market prices. The fair values of other financial assets and financial liabilities
are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.
Fair value hierarchy
51

Bounty Oil & Gas NL
Annual Report - 2024
25. Interest in joint operations (continued)
The accounting policies adopted for the group’s joint operations are consistent with those in previous financial year.
Interests in other joint operation entities
26. Parent entity information
The individual financial statements for the parent entity Bounty Oil & Gas NL show the following aggregate amounts:
Statement of Financial Position
30-Jun-24
30-Jun-23
Assets
$
$
Current assets
1,727,868

1,452,337

Non-current assets
12,796,932

11,746,232

Total Assets
14,524,800

13,198,569

Liabilities
Current liabilities
1,689,142

915,790

Non-current liabilities
976,454

1,005,956

Total Liabilities
2,665,596

1,921,746

Net Assets
11,859,204

11,276,823

Equity
Issued capital
48,549,530

47,426,757

Reserves
201,600

201,600

Retained earnings/Accumulated losses
(36,891,926)

(36,351,533)

Total Equity
11,859,204

11,276,824

Statement of Profit and Loss and other Comprehensive Income
Loss for the year
(540,393)

(784,490)

Other comprehensive income/(loss)
-

Total Comprehensive loss for the year
(540,393)

(784,490)

Commitments for Capital Expenditure
No longer than 1 year
660,000

975,000

Longer than 1 year and not longer than 5 years
1,452,000

2,437,500

Total
2,112,000

3,412,500

There are no operating lease commitments at the balance date.
Also included in the Consolidated Financial Statements as at 30 June 2024, the group held interests in joint operations whose
principal activities were exploration, evaluation and development of oil and gas but not accruing material revenue.
The company contributes funds to the joint operations for its share of total expenditure. Other than the ATP1189P Naccowlah
Block production Joint Operations none of the joint operations hold any material assets and accordingly the Company’s share of
exploration, evaluation and development expenditure is accounted for in accordance with the policy set out in Note 1.
Notes to the consolidated financial statements
for the year ended 30 June 2024
The company’s share of revenue and expenses from joint operations are included in the Consolidated Statement of Profit and
Loss. The company’s share of the assets and liabilities held in joint operations are included in the Consolidated Statement of
Financial Position.
The Group’s joint operations agreements require majority consent from all parties for all relevant activities. The joint
participants own the assets of the joint operations as tenants in common and are jointly and severally liable for the liabilities
incurred by the joint operations. These entities are therefore classified as joint operations and the group recognises its direct
right to the jointly held assets, liabilities, revenues and expenses as described in note 2(c)(ii) & 2(d).
The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are
same as those applied in the consolidated financial statements. Refer to Note 1 for a summary of the significant accounting
policies relating to the Group. After review of policies, the Board resolved to reclassify the intercompany loans to controlled
entities as non current assets.
52

Bounty Oil & Gas NL
Annual Report - 2024
27. Contingent liabilities and contingent assets
28. Events occurring after the reporting period
29. Auditors remuneration
30-Jun-24
30-Jun-23
Remuneration of the auditors of the Company for:
$
$
- Auditing or reviewing the financial reports for year
36,220

36,000

Total
36,220

36,000

The auditor to Bounty Oil & Gas NL is GCC Business and Assurance Pty Ltd., Suite 807, 109 Pitt Street, Sydney NSW 2000.
30. Company details
Bounty Oil & Gas NL’s registered office and its principal place of business are as follows:
Registered Office
Principal place of business
Level 7, 283 George Street
Level 7, 283 George Street
Sydney, NSW, 2000, Australia
Sydney, NSW, 2000, Australia
Tel: (02) 9299 7200
Tel: (02) 9299 7200
As at the date of this report, there were no contingent assets or liabilities.
There was no litigation against or involving the parent entity Bounty Oil & Gas N.L.
No other matters or circumstances have arisen since the end of the financial year which have significantly affected or may
significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future
financial years.
Notes to the consolidated financial statements
for the year ended 30 June 2024
53

Bounty Oil & Gas NL
Annual Report - 2024
Graham Reveleigh
Chairman - Board of Directors
Dated: 25 September 2024
DIRECTORS’ DECLARATION
a) The directors of Bounty Oil and Gas NL (“the Company”) declare that the financial statements and notes, as set out on pages 17
to 43 are in accordance with the Corporations Act 2001:
(i) comply with Accounting Standards and the Corporations Regulations 2001; and
(ii) give a true and fair view of the financial position as at 30th June 2024 and of the performance for the year ended on that date
of the Company;
b) The Chief Executive Officer and the Chief Financial Officer have each declared that:
(i) The financial records of the company for the financial year have been properly maintained in accordance with Section 286 of
the Corporations Act 2001.
(ii) The financial statements and notes for the financial year comply in all material respects with the Accounting Standards;
(iii) The financial statements and notes give a true and fair view.
c) In the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as when they
become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
54

G.C.C BUSINESS & ASSURANCE PTY LTD
GPO Box 4566 Sydney NSW 2001
Telephone:
(02) 9231 6166
ABN 61 105 044 862
Website
gccbusiness.com.au
Email :
gmga@gccbusiness.com.au
Suite 807, 109 Pitt Street, Sydney
Liability limited by a scheme approved under Professional Standards Legislation
55
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF BOUNTY OIL & GAS NL
Report on the Audit of Consolidated Financial Statements
Opinion
We have audited the financial report of BOUNTY OIL & GAS NL and its controlled entities (“the Group”) which
comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit
or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended, and notes to the financial statements, including a summary of material
accounting policies information and the directors’ declaration.
In our opinion, the accompanying financial report of BOUNTY OIL & GAS NL and its controlled entities is in
accordance with the Corporations Act 2001, including:
(a)
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance
for the year ended on that date; and
(b)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis of Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the
directors of the Group, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report for the year ended 30 June, 2024. These matters were addressed in the context of our audit of
the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
financial report. The results of our audit procedures, including the procedures performed to address the matters
below, provide the basis of our audit opinion on the accompanying financial report.

G.C.C BUSINESS & ASSURANCE PTY LTD
Liability limited by a scheme approved under Professional Standards Legislation
56
Key Audit Matters
We have determined the matters described below to be the key audit matters to be communicated in our report.
Description of Key Audit Matter
How Our Audit Addressed the Key Audit Matter
1. The basis of going concern is a key audit matter
(refer to Note 2(g))
We performed the following audit procedures, amongst others:
•
We assessed whether events or conditions cast significant
doubt over the ability of the Group to continue as a going
concern.
•
We obtained Directors and management’s assessment on the
going concern assumption.
•
We obtained and assessed the reasonableness of the Group’s
cash flows forecasts for its operations and plans over the
coming year.
•
We reviewed for the Group’s commitments, creditors,
obligations and contingent liabilities to assess whether
reasonably considered in the cash flows forecasts.
•
We considered appropriateness of the disclosure of assets and
liabilities between current and non-current classifications.
•
We discussed with Directors and management the plan for
additional capital or borrowings to be raised.
•
We reviewed the Group’s going concern disclosures in the
financial report to access whether a fair picture of the current
going concern status was presented and to determine the
reasonableness of the Directors opinion that the use of going
concern basis of accounting remained appropriate.
Description of Key Audit Matter
How Our Audit Addressed the Key Audit Matter
2.
Impairment of carrying value of Exploration
and Evaluation (E&E); Production and
Development assets (P&D) - (refer to Note
2(k)).
Carrying value
2024
$
2023
$
E&E
2,249,326
2,173,261
P&D
4,255,126
3,721,980
The assessment of the existence of impairment indicators
and testing for impairment of PPE is a key audit matter
given the significant proportion of PPE relative to total
assets (82%). Additionally, the assessment of indicators of
impairment is complex and involve management
judgements including range of assumptions and
estimation about the expected market conditions and
economic activity.
Australian Accounting Standards require the Group to
assess throughout the reporting period whether there is
any indication that an asset may either be impaired, or a
previous impairment reversed. If any indication exists, the
Group must estimate the recoverable amount of the asset.
The Directors & CEO have performed impairment review
each half-year. No impairment or write-off of any
Exploration and Evaluation or Production and
Development assets was made during the year.
Our procedures included, but were not limited to the following:
•
We noted the Group’s view of the impairment indicators
through Impairment Memorandum prepared by the CEO.
•
We assessed the validity of all the Group’s tenements and
licenses, verifying the status of holdings, and reviewed
supporting documentation for the renewal of any expired
licenses.
•
We evaluated the valuation methodology and other factors
used to determine the recoverable amount, assessing the
appropriateness of the impairment level and the relevant
impairment indicators.
•
We reviewed the assumptions and criteria applied by
management in evaluating asset valuations, critically
challenging the directors’ assumptions supporting the
assessment of impairment indicators.
•
We assessed the level of amortisation applied to production
and development assets to assess reasonableness.
•
We also assessed the reasonableness and completeness of the
Group's disclosures against the accounting policy AASB 6
Exploration for and Evaluation of Mineral Resources and
AASB 136 Impairment of Assets.

G.C.C BUSINESS & ASSURANCE PTY LTD
Liability limited by a scheme approved under Professional Standards Legislation
57
Information Other than the Financial Report and the Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 30 June 2024, but does not include the financial report and our
auditor’s report. Our opinion on the financial report does not cover the other information and accordingly we do
not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our
responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this regard.
Emphasis of matter – Material uncertainty related to the carrying value of the interest in the PEP 11
exploration permit included in Exploration and Evaluation assets
We draw attention to Note 2(k) in the financial report, which indicates that a material uncertainty exists in relation
to the Consolidated Group’s ability to realise the carrying value of the company’s interest in the PEP 11
exploration permit in the ordinary course of business. Our conclusion is not modified in respect of this matter.
Responsibilities of the Directors for the Financial Report
The directors of the Group are responsible for the preparation of the financial report that gives a true and fair view
in accordance with Australian Accounting Standards and the Corporations Act 2001. The directors' responsibility
also includes such internal control as the directors determine is necessary to enable the preparation of a financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s Responsibility for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.

G.C.C BUSINESS & ASSURANCE PTY LTD
Liability limited by a scheme approved under Professional Standards Legislation
58
Auditor’s Responsibility for the Audit of the Financial Report (cont)
•
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in page 12 to 15 of the directors’ report for the year ended 30
June 2024. In our opinion, the remuneration report of Bounty Oil & Gas NL, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Group are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
GCC Business and Assurance Pty Ltd
Authorised Audit Company
Graeme Green
Director
Sydney
Dated: 25 September 2024

Bounty Oil & Gas NL Annual Report - 2024
60

2.
Substantial Shareholders

As at 13 September 2024 there were no substantial shareholders as disclosed in substantial
shareholders notices given to the company.

3.
Issued Shares and Distribution

a)
The total number of fully paid ordinary shares on issue on 13 September 2024 was 1,498,500,982.

b)
There were 2,866 holders of less than a marketable parcel of ordinary shares, totalling
110,993,186 shares being 7.41% of number of fully paid ordinary shares on issue.

c)
The percentage of the total holding of the 20 largest shareholders of ordinary shares was
28.97% of issued capital.

4.
Stock Exchange Listing

Quotation has been granted for all the ordinary shares of the company under the code BUY, and for
quoted options under the code BUYO on the Australian Securities Exchange (ASX).

5.
Income Tax

The company is taxed as a public company.

6.
Voting Rights

The voting rights attaching to ordinary shares are governed by the Constitution. At a meeting of
members every person present who is a member or representative of a member shall on a show of
hands have one vote and on a poll, every member present in person or by proxy or by attorney or duly
authorised representative shall have one vote for each share held. No options have any voting rights.

7.
Additional Information

Information in these financial statements (or in the annual report) that relates to or refers to
petroleum exploration and prospectivity or petroleum or hydrocarbon reserves or resources is based
on information compiled and/or written by Mr Philip F Kelso the CEO of Bounty Oil & Gas NL. Mr Kelso
is a Bachelor of Science (Geology) and has practised geology and petroleum geology for in excess of 45
years. He is a member of the Petroleum Exploration Society of Australia and a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Kelso is a qualified person as defined in the ASX
Listing Rules: Chapter 19 and consents to the reporting of that information in the form and context in
which it appears in this report.

The company continues to comply with the ASX Listing Rules disclosure requirements. The company
reports to ASX which makes available all reports to those who wish to access them. All ASX releases
and other background information are posted regularly on the company’s website. The company
intends to post on its website its annual report and all other required notices to its shareholders.

The board reviews and receives advice on areas of operational and financial risks. Business risk
management strategies are developed as appropriate to mitigate all identified risks of the business.
The directors are aware of the guidelines for the content of a code of conduct to guide compliance
with legal and other obligations to shareholders but have not formally established such a code. Where
applicable to its activities, the directors ensure that the company is responsible to its shareholders,
employees, contractors, advisers, individuals and the community.

8.
Secretary

The name of the Secretary of the company is Mr. Sachin Saraf.

9.
Share Buy Back

There is no current on market share buy-back.

Bounty Oil & Gas NL Annual Report - 2024
61

Schedule of Petroleum Tenements – September 2024

Permit
Operator
Basin
Expires
Status
Interest
Gross
Km2
Net Km2
Offshore Australia (NSW)
PEP-11
Asset2
Sydney
12/02/2021
Suspended
15%
4576.4
686.5
Offshore Western Australia
EP 475
Coastal6
Carnarvon
27/05/2024
Suspended
25% FI5
562.3
140.6
EP 490
Coastal6
Carnarvon
27/05/2026
Granted
25% FI5
1411.2
352.8
EP 491
Coastal6
Carnarvon
27/05/2026
Granted
25% FI5
1447.2
361.8
TP/27
Coastal6
Carnarvon
27/05/2026
Granted
25% FI5
338.1
84.5
Onshore Western Australia
L 16
Rough
Range3
Carnarvon
23/09/2031
Granted
100%
79.5
79.5
Onshore SW Queensland

ATP 1189 N
Santos4
Eromanga
31/12/2022
Renewing
2%
314.3
6.3
PL 1026
Santos4
Cooper
8/07/2024
Granted
2%
18.3
0.4
PL 1047
Santos4
Eromanga

Under
Application
2%
31.8
0.6
PL 1060
Santos4
Eromanga

Under
Application
2%
127.8
2.6
PL 1093
Santos4
Eromanga

Under
Application
2%
45.8
0.9
PL 133/PL
1085
Santos4
Eromanga
15/12/2019
Renewing
2%
12.2
0.2
PL 149
Santos4
Eromanga
23/06/2049
Granted
2%
12.2
0.2
PL 175
Santos4
Eromanga
19/04/2025
Granted
2%
27.5
0.6
PL 181
Santos4
Eromanga
12/09/2024
Granted
2%
18.3
0.4
PL 182
Santos4
Eromanga
12/09/2024
Granted
2%
27.5
0.6
PL 23
Santos4
Eromanga
31/08/2028
Granted
2%
234.6
4.7
PL 24
Santos4
Eromanga
31/08/2028
Granted
2%
200.9
4.0
PL 25
Santos4
Eromanga
28/02/2030
Granted
2%
256
5.1
PL 26
Santos4
Eromanga
28/02/2030
Granted
2%
256
5.1
PL 287
Santos4
Eromanga
11/10/2027
Granted
2%
12.2
0.2
PL 302
Santos4
Eromanga
31/07/2031
Granted
2%
12.2
0.2
PL 35
Santos4
Eromanga
10/07/2028
Granted
2%
136.5
2.7
PL 36/PL 1124
Santos4
Eromanga
7/04/2023
Renewing
2%
60.9
1.2
PL 495
Santos4
Eromanga
29/09/2024
Granted
2%
9.2
0.2
PL 496
Santos4
Eromanga
29/09/2024
Granted
2%
12.2
0.2
PL 62/PL 1118
Santos4
Eromanga
15/04/2022
Renewing
2%
64.7
1.3
PL 76/PL 1122
Santos4
Eromanga
23/11/2022
Renewing
2%
39.5
0.8
PL 77
Santos4
Eromanga
23/11/2028
Granted
2%
12.2
0.2
PL 78/PL 1121
Santos4
Eromanga
23/11/2022
Renewing
2%
12.1
0.2
PL 79/PL 1078
Santos4
Eromanga
6/09/2020
Renewing
2%
6.5
0.1
PL 82/PL 1079
Santos4
Eromanga
6/09/2020
Renewing
2%
10.4
0.2
PL 87/PL 1080
Santos4
Eromanga
6/09/2020
Renewing
2%
27.5
0.6

Bounty Oil & Gas NL Annual Report - 2024
62

Onshore Surat Basin SE Queensland
PL 2
Bounty1
Surat
31/12/2032
Granted
100%
9.4
9.4
PL 2A
Bounty1
Surat
31/12/2032
Granted
81.75%
42.5
34.7
PL 2 B
Bounty1
Surat
31/12/2032
Granted
81.75%
45.6
37.3
PL 2 C
Bounty1
Surat
31/12/2032
Granted
100%
36.1
36.1
PPL 587
Ausam9
Surat
12/07/2039
Granted
100%
9
9
Total
10,342.2
1,859.1

Operators / Notes
1. Bounty Oil & Gas NL
2. Asset Energy Pty Ltd - a wholly owned subsidiary of Advent Energy Ltd.
3. Rough Range Oil Pty Ltd. - a wholly owned subsidiary of Bounty Oil & Gas NL
4. Santos Limited group companies
5. Bounty Oil & Gas NL + Interstate Energy Pty Ltd. (a wholly owned subsidiary of Bounty Oil & Gas NL) farm
in to earn 25% with option to earn up to 50%
6. Coastal Oil & Gas Pty Ltd
7. Petroleum Pipeline Licence 58 (Queensland)
8. NOPTA Currently considering JV’s applications for variation of work program and extension of Permit term.
9. Ausam Resources Pty Ltd - a wholly owned subsidiary of Bounty Oil & Gas NL.

Bounty Oil & Gas NL Annual Report - 2024
63

ABBREVIATIONS

The following definitions are provided for readers who are unfamiliar with industry terminology:

AVO
Specialised analysis of seismic data comparing amplitude of sound waves versus
collection point offsets
Barrel (bbl/BBL)
A unit of volume of oil production, one barrel equals 42 US gallons, 35 imperial gallons
or approximately 159 litres
Basin
A segment of the earth’s crust which has down warped and in which sediments have
accumulated, such areas may contain hydrocarbons
BCF/Bcf
Billion cubic feet, i.e. 1,000 million cubic feet (equivalent to approximately 28.3 million
cubic metres) of gas
BOPD/BPD
Barrels of oil per day; barrels per day
Contingent Resources
Discovered resources, not yet fully commercial
CSG
Coal seam gas
GIIP
Gas initially in place
Lead
A structural or stratigraphic feature which has the potential to contain hydrocarbons
License
An agreement in which a national or state government gives an oil Company the rights
to explore for and produce oil and/or gas in a designated area
MCF/Mcf
Thousand cubic feet – the standard measure for natural gas
MDRT
Measured depth below Rotary Table
MMB/mmb,
MMBO/mmbo
Million barrels, million barrels of oil
MMCF/mmcf,
MMCFG/mmcfg,
MMCFGPD/mmcfgpd
Million cubic feet, million cubic feet of gas, million cubic feet of gas per day

NFE
Near field exploration well (for oil)
NOPTA
National Offshore Petroleum Title Authority (Australia)

P10
10% probability of occurrence
P90
90% probability of occurrence
PCA
Potential Commercial Area (State of Queensland)
Permeability
The degree to which fluids such as oil, gas and water can move through the pore spaces
of a reservoir rock
Permit
A petroleum tenement, lease, licence or block
Play
A geological concept which, if proved correct, could result in the discovery of
hydrocarbons

Plug and Abandon
(P&A)
The process of terminating operations in a well. Cement plugs are set in the borehole
and the rig moves off the location. The borehole is thus left in a safe condition. In some
cases, where the Operator considers it possible that the well may be re-entered at a
later date, the well may be only temporarily plugged and abandoned
Pmean
The average (mean) probability of occurrence
Porosity
The void space in a rock created by cavities between the constituent mineral grains.
Liquids are contained in the void space
Prospect (petroleum)
A geological or geophysical anomaly that has been surveyed and defined, usually by
seismic data, to the degree that its configuration is fairly well established and on which
further exploration such as drilling can be recommended
Prospective Resources
Undisclosed resources
PRL
Petroleum Retention Lease (South Australia)
Reserves
Quantities of economically recoverable hydrocarbons estimated to be present within a
trap, classified as prove, probably or possible
Reservoir
A subsurface volume of rock of sufficient porosity and permeability to permit the
accumulation of crude oil and natural gas under adequate trap conditions

Bounty Oil & Gas NL Annual Report - 2024
64

Seal, Sealing Formation
A geological formation that does not permit the passage of fluids. Refer also to Cap
Rock
Seismic Survey
A type of geophysical survey where the travel times of artificially created seismic waves
are measured as they are reflected in a near vertical sense back to the surface from
subsurface boundaries. This data is typically used to determine the depths to the tops
of stratigraphic units and in making subsurface structural contour maps and ultimately
in delineating prospective structures
Spud
To start the actual drilling of a well
Stratigraphic Trap
A type of petroleum trap which results from variations in the lithology of the reservoir
rock, which cause a termination of the reservoir, usually on the up dip extension
Structure
A discrete area of deformed sedimentary rocks, in which the resultant bed configuration
is such as to form a potential trap for migrating hydrocarbons
Sub-basin
A localised depression within a basin
TCF/Tcf
Trillion cubic feet (of gas)
TVDS
Total vertical depth below Sea Level
Up-dip
At a structurally higher elevation within dipping strata

Bounty Oil & Gas NL Annual Report - 2024
65

CORPORATE DIRECTORY

Board of Directors

Graham C. Reveleigh (Independent Chairman)
Charles Ross (Non-Executive Director)
Sachin Saraf (Executive Director)

Chief Executive Officer

Philip F. Kelso

Company Secretary

Sachin Saraf

Registered and Principal Office

Level 7, 283 George Street
Sydney NSW 2000
Australia

Telephone: +61 2 9299 2007
Facsimile: +61 2 9299 7300
Email:
corporate@bountyoil.com
Website:
www.bountyoil.com

Auditors

G.C.C Business & Assurance Pty Ltd.
Suite 807
109 Pitt Street
Sydney NSW 2000

Telephone:
+61 2 9231 6166
Facsimile:
+61 2 9231 6155
Email: gmga@gccbusiness.com.au

Share Registry

Automic
Level 5, 126 Philip Street
Sydney NSW 2000
Telephone:
+61 2 9698 5414
Email:
hello@automic.com.au

Bankers

BankWest, Perth
Commonwealth Bank of Australia, Sydney

Legal Counsel

Mizen & Mizen
69 Mount Street
West Perth WA 6005

Independent Consulting Petroleum Engineers

Apex Energy Consultants Inc.
906 12th Ave SW Ste 820,
Calgary, Alberta, T2R 1K7,
Canada

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