Bounty Oil & Gas NL is very pleased to announce that Coastal Oil and Gas
Pty Ltd (“Coastal”) the Operator of permits EP 475, EP 90, EP 491 and TP/27 (collectively formerly known as
“Cerberus” but now named “Jacobson”) has executed a binding Heads of Agreement (“HoA”) with a Rig
Contractor that underpins the key commercial terms of a rig contract. The Project has been renamed Jacobson
in honour of the recent passing of industry veteran, successful explorer and the founding Director of Coastal,
Mr Ted Jacobson.
The key terms and conditions are as follows:
• The program will consist of two (2) firm wells and one (1) contingent well of 20 days each with one
optional well of twenty (20) days across the Jacobson Project;
• On the current indicative schedule, the Jacobson program is slated for late 2025 second behind
another Operator subject to availability and timing of approvals;
• Key conditions include:
o All regulatory approvals including tenure on the Jacobson titles;
o Funding by the rig contractor to complete modifications and deployment to Australia from its
current location in Asia;
o Payment of a non-refundable booking fee of US$250,000 within 6 months;
o Inspection of the rig by Coastal’s selected independent 3rd party and their confirmation that
it meets the required standards to drill for Coastal;
• Operating rates and other categories of rates are at an advanced stage of negotiation and are included
in the HoA;
• Coastal on behalf of partners will be responsible for the cost of mobilisation and demobilisation of
the rig.
