Special Report: Bounty Oil & Gas has started technical due diligence on the promising deepwater Block LB-32 offshore Liberia as it works through the proposed acquisition of PetroQuest Liberia Deep Water.
It has agreed commercial terms with seismic provider TGS to licence the LB-32 portion of both the Sunfish 3D survey as well as legacy 2D seismic.
This consists of about 656km2 of 3D seismic and 753km of 2D seismic with deliverables including the pre-stack depth migrated full stack, near, mid and far angle stacks and
the migration velocity model.
Bounty Oil & Gas (ASX:BUY) also has the option to upgrade to TGS’s 2026 Kirchhoff PSDM reprocessed Sunfish 3D seismic product, which is scheduled for release in the second half of 2026 and is designed to improve imaging of Upper Cretaceous targets while preserving AVO fidelity.
It also engaged Molyneux Advisors to conduct the subsurface assessment that will assess multiple play types.
This is expected to produce an internal lead and prospect inventory map for LB-32, ranked by risked recoverable volume, together with a recommended forward work program and the technical content for a farm-out data room.
Liberia oil play
In late September, BUY entered into a binding share sale agreement to acquire PetroQuest Liberia Deep Water, which holds a letter of engagement with the National Oil Company of Liberia (NOCAL).
Under this agreement, NOCAL will negotiate and enter a production sharing contract with the Liberia Petroleum Regulatory Authority in relation to Block LB-32, a deepwater exploration block in the undrilled Harper Basin.
On execution of the PSC, NOCAL has agreed to grant PetroQuest an equity interest in the block.
Initial interpretation of the 2322km2 block indicates that it may host a significant portion of the Jupiter and Zeus deepwater Upper Cretaceous fan prospects, as well as other leads.
The Upper Cretaceous basin floor fan play was opened up in 2015 by ExxonMobil’s Liza-1 discovery in the Stabroek Block, offshore Guyana.
It was followed by more than 30 discoveries with about 11 billion barrels of oil equivalent discovered recoverable resources.
Both Jupiter and Zeus are stratigraphically trapped, sealed by Upper Cretaceous deep-marine shales that have proven effective in every well drilled along the Liberian margin.
They also sit directly above two regionally mature source rocks, the Aptian lacustrine and Cenomanian-Turonian marine shales, with equivalent source-rock systems associated with major discoveries at Jubilee in Ghana, Sangomar in Senegal and across the Guyana-Suriname Basin.
Secondary targets include Upper Cretaceous slope fans and channels, Lower Tertiary basin floor fans and the deeper Aptian-Albian syn-rift play.
Source: stockhead.com.au