Bounty Oil and Gas NL announced that it has signed a binding Farmin Agreement to earn a 25% interest in four permits owned 100% by Coastal Oil and Gas Pty Ltd. ("Coastal") in shallow waters of the Carnarvon Basin, Western Australia. The permits EP 475, EP 490, EP 491 and TP 27 ("Cerberus") lie south of the Jadestone Energy Plc operated Stag Oil Field, north-east of the Chevron Australia Pty Ltd. operated Barrow Island Oilfields and east of Santos Limited operated Oil and Gas Fields on Thevanard Island. The Farmin Agreement binds Bounty Group to fund $6 million, subject to certain milestones, towards the cost of drilling three (3) exploration wells ("Drilling Program") in return for a 25% unencumbered participating interest in Cerberus. Bounty Group has options during the next six (6) months to earn two additional unencumbered in 25% tranches by funding $9 million and $12 million respectively towards the Drilling Program.Bounty and Coastal will co-operate on exercise of these options and any additional entrants to the Drilling Program. Bounty and Coastal will jointly operate the Drilling Program. The decisions on the three prospects to be drilled will be decided by a team that will include the new Chief Operating Officer of Bounty Mr. Kane Marshall; Ted Jacobson Founder of both Discovery Petroleum and Tap Oil as well as a former Director of both Tap Oil and Carnarvon Petroleum plus, Joseph Graham of Skye Energy Ventures Pty Ltd. and Explorationist Dariusz Jablonski. The Cerberus prospects are located in shallow water (25 to 50 metres) and lie directly adjacent to the most prolific hydrocarbon production areas of the Carnarvon Basin operated by majors and independent energy companies. Prospects are mapped at four different geological age levels, being the Lower Cretaceous, Lower-Middle Jis urassic, Lower-Middle Triassic and Permian. The recently discovered Dorado Oil Field, being developed by Carnarvon and Santos Limited is a large Lower-Middle Triassic shallow marine and basin fan accumulation that has significantly upgraded the Cerberus prospectivity. Three of Bounty's preferred Triassic prospects for the Drilling Program are the large Dorado lookalikes Stork, Parrot and Honeybadger which are already identified on 2D and 3D seismic and target Gross Mean Unrisked Prospective Resources of 627 million barrels. Currently producing Cretaceous Oil Fields to the north include both Stag (85 million barrels) and Wandoo (100 million barrels). Operators of both fields have active Programs in 2022 and Bounty and Coastal are assessing the possibility of utilising a jackup from one of these campaigns to minimise mobilisation costs for the Drilling Program. The Gallant prospect, a prospect mapped at the same Cretaceous level as Stag and Wandoo is favoured for drilling by both Coastal and Bounty with a Gross Unrisked Mean Prospective Resource of 44 million barrels.