Bounty Oil & Gas NL announced that the Pavo-1 discovery has significantly upgraded the prospectivity of several directly analogous drilling targets within Cerberus. The Pavo and Dorado discoveries contain oil and gas within Lower to Middle Triassic geological targets sealed by the Dorado channel, a claystone that provides lateral and vertical seal to the hydrocarbon accumulation. As announced on 8th March, the same characteristic can be seen within the south-western area around the Cerberus Stork and Amos prospects with preliminary AVO (amplitude v offset) seismic data analysis.

Seismic section over Cerberus showing Stork A with brighter intervals possibly associated with hydrocarbon sands below the claystone canyon (white edge) and Amos, a series of bright intervals also potentially hydrocarbon sands sealed against the same canyon, analogous to the Dorado canyon and other canyons sealing the Dorado and Pavo discoveries. Further seismic analysis of Cerberus prospects indicates that Fluid Escape Features ("FEF's) have been observed over the Amos area similar to Pavo and Dorado. This is indicative of fluids escaping from geological structures therefore creating a seismic anomaly.

These are possibly a sign that hydrocarbons are, or were, present in the vicinity. One such interpretation of these features is that they are positive indications of an `over-supplied' petroleum system, with partial leakage of migrating hydrocarbons. Bounty and Operator Coastal are now analysing the recently reprocessed 3D seismic over its current drill target inventory for any other FEF's. The Request for Proposal ("RFP") to the rig market which was announced on 8th March has now also been issued for long lead items related to indicative timing of drilling in Q4, 2022.

As part of this process, Bounty has learnt that a well will be drilled on the border of Cerberus called Yoorn-1 by Santos Ltd. in Fourth Quarter 2022 which will target two reservoirs. This well will be drilled on trend from a number of prospects identified by the Coastal and Bounty consortium which include Ulysses and Lincoln. Although preliminary evaluation indicates the prospects to be more modest in size they are considered to be lower risk due to their proximity to existing proved fields.

The prospective resources announced on 8th March will now be widened to include both these prospects and all prospect risking in light of the results of Pavo-1.