Bounty Oil and Gas soars on proposed end to PEP 11 litigation without trial

Bounty Oil and Gas NL

03/02/2023 03:41

** Shares of Bounty Oil and Gas NL  BUY.AX  soar as much as
85.7% to A$0.013, hit their highest since March 2022
    ** Oil and gas explorer in a joint announcement with peer
BPH Energy  BPH.AX  says parties proposed consent order in legal
proceedings involving a unit of BPH's investee and Commonwealth
Minister for Resources 
    ** Proposed orders seek to end the ongoing litigation
concerning Petroleum Exploration Permit (PEP) 11 without the
need for a trial
    ** BUY holds a 15% stake in PEP 11 offshore Sydney Basin;
Australia
    ** More than 47 mln shares change hands, compared with the
30-day average volume of about 582,000 shares
    ** Stock has risen 16.7% this year, as of last close
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))