Highlights

  • FY26 petroleum revenue declined amid lower oil output and pricing.
  • The Naccowlah Block remained the company’s producing asset in Queensland.
  • An FY26 capital raising and corporate changes reshaped funding arrangements.
  • PEP 11 remained subject to legal and regulatory uncertainty.
  • Surat Basin interests and other exploration projects remained under assessment.

Bounty Oil & Gas NL (ASX:BUY) explores, develops and produces petroleum through onshore and offshore interests in Australia. Its FY26 reporting period combined production from Queensland’s Naccowlah Block with work on Surat Basin licences, a funding restructure and ongoing uncertainty around the offshore PEP 11 permit. Bounty Oil & Gas NL (ASX:BUY) also reviewed opportunities beyond its established Australian portfolio.

FY26 Revenue and Oil Production

Bounty Oil & Gas NL (ASX:BUY) reported FY26 revenue from continuing operations of $0.86 million, compared with $1.09 million in FY25, a decrease of 21%. The company attributed the fall to lower production and oil prices. The net loss after tax widened to $2.67 million from $1.62 million. Direct petroleum operating expenses totalled $0.89 million, while employee benefits expenses were $0.81 million and corporate costs were $0.39 million.

At Naccowlah in south-western Queensland, Bounty Oil & Gas NL (ASX:BUY) held a 2% interest and reported FY26 net output of 7,294 barrels of oil equivalent, against 8,958 in FY25. The joint venture undertook no new drilling during FY26. The company reported a share of 152,000 bbls of developed 2P and 2C reserves and resources at 31 December 2025, with further development drilling under consideration for 2027–28.

Capital Position and Queensland Projects

At 30 June 2026, the group reported cash and cash equivalents of $2.91 million within net current assets of $2.95 million. During FY26, Bounty Oil & Gas NL (ASX:BUY) announced a two-tranche placement intended to raise $4.5 million. The first tranche raised $4 million before issue expenses; the second was completed after the year-end following shareholder approval in September 2026. The group also converted specified debt and notes into shares during its recapitalisation.

In the Surat Basin, the company consolidated control of the Alton and Fairymount petroleum lease interests. On 30 June 2026, it completed the acquisition of Ranger Energy Pty Ltd for $260,000, obtaining control of an entity holding a 100% interest in the Fairymount field. The transaction did not materially affect the FY26 operating result because it completed on the reporting date. Project partners and development options remained under review.

PEP 11 Court Ruling and Other Exploration Interests

PEP 11 offshore New South Wales remained a material uncertainty. The company’s 15% interest was affected by a Federal Court ruling on 17 June 2026 that dismissed the operator’s application for judicial review. The Joint Authority’s refusal of permit variation, suspension and extension applications therefore remained in place. The company’s FY26 report stated that an appeal had been lodged and that a separate renewal application remained under consideration.

Bounty Oil & Gas NL (ASX:BUY) identified potential recoverability uncertainty relating to the $0.62 million carrying value of its PEP 11 interest. Elsewhere, its FY26 activities included well-integrity and remediation assessment at Rough Range in Western Australia, and monitoring the renewal process for offshore Carnarvon Basin permits. A September 2026 announcement also outlined a new exploration entry in deepwater Liberia, adding another project requiring technical and commercial assessment.

Key Insights

Bounty Oil & Gas NL (ASX:BUY) entered the period after FY26 with lower reported petroleum revenue, reduced output and an enlarged net loss, alongside fresh capital and a wider range of projects. Its reported operating and financing position will depend on developments at producing Queensland assets, project expenditure and the status of relevant exploration licences. The PEP 11 appeal and the company’s ability to progress other acreage remain distinct sources of uncertainty.