Bounty Oil&Gas NL, an Australian oil and gas company, has entered into a definitive agreement to acquire PetroQuest Liberia Deep Water LLC to develop a deepwater field offshore Liberia. This is reported in the Bounty press release.
As part of the deal, PetroQuest signed a memorandum of intent with the National Oil Company of Liberia (NOCAL), according to which NOCAL will negotiate and conclude a production sharing agreement with the Liberia Petroleum Regulatory Authority for the LB-32 block in the region. Harper Basin.
Bounty has received commitments from Tribeca Investment Partners, L1 Capital Global Opportunities Master Fund, and S3 consortium to raise $3.5 million in a share offering.
The completion of the transaction depends on the fulfillment of a number of conditions, including conducting a comprehensive legal assessment, confirming the possibility of transferring ownership of the site, shareholder approval, raising capital in the amount of at least 3 million, obtaining regulatory approvals and concluding a royalty agreement. The conditions must be fulfilled by December 31, 2026.
Block LB-32, which contains a significant part of the deep-sea prospective structures, is located at a depth of 1.5-4.2 thousand m. m and is adjacent to blocks LB-30 and LB-31. TotalEnergies also operates in the Harper Basin region, with reserves estimated at 800 million barrels, and Petrobras and ExxonMobil in neighboring jurisdictions.
Bounty Oil&Gas NL is an Australian oil and gas company with headquarters in Sydney, Australia.
PetroQuest Liberia Deep Water LLC is an American oil and gas company.
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