Bounty Oil and Gas Acquires PetroQuest to Enter Deepwater Liberia Block LB-32

22 September 2026
Edited By: Haley McQueen

Bounty Oil & Gas NL has entered a binding share sale agreement to acquire 100 percent of PetroQuest Liberia Deep Water LLC, gaining a pathway into Block LB-32, a deepwater exploration block in the Harper Basin offshore Liberia. The acquisition is paired with firm commitments to raise approximately $3,547,500 through a placement cornerstoned by Tribeca Investment Partners, L1 Capital Global Opportunities Master Fund, and S3 Consortium.

Offshore West Africa Transform Margin, showing current license holders. (Image credit: NOCAL/LPRA licensing data)

PetroQuest holds a letter of engagement with the National Oil Company of Liberia (NOCAL), under which NOCAL will negotiate a production sharing contract (PSC) with the Liberia Petroleum Regulatory Authority over Block LB-32, a 2,322 km² block in water depths of approximately 1,500–4,200 m. Bounty says initial interpretation points to the Jupiter and Zeus deepwater fan prospects within the block, alongside other leads, and that the acreage was the last unlicensed block in the Harper Basin. The company intends to license existing TGS Sunfish 3D and 2D seismic covering the block to complete due diligence and identify drill-ready prospects for farm-out.

The move follows a marked increase in major-company activity along the wider West African Transform Margin, where TotalEnergies, Atlas Oranto Petroleum, Petrobras, and ExxonMobil have all signed or expanded acreage positions over the past year, and comes as recent hostilities in the Middle East have sharpened industry focus on oil supply security amid rising energy demand tied to AI and data center growth.

In a statement, the Bounty board said: “The proposed acquisition of PetroQuest Liberia Deep Water LLC represents a significant opportunity for Bounty to secure exposure to a deepwater exploration block in the Harper Basin, offshore Liberia, while maintaining a disciplined structure that links material vendor upside to independent technical validation and farm-out delivery. Our immediate focus will be on completing due diligence, progressing the Production Sharing Contract pathway and obtaining the approvals required to move the transaction to completion. This transaction comes at a time when there have been significant movements by majors in the same play fairway in Liberia, including TotalEnergies, and in the adjoining jurisdictions, including Petrobras and ExxonMobil.”

Consideration for the acquisition includes $1,500,000 in cash, Consideration Shares, and 1,000,000,000 performance shares vesting in two tranches tied to an independent competent person’s report confirming a P50 prospective resource of at least 800 million recoverable barrels, and to execution of a farm-out agreement, both within five years. Completion is subject to conditions precedent, including shareholder and regulatory approvals, due diligence, and the capital raising, targeted to be satisfied by December 31, 2026.

Bounty has appointed Dave Wall of GBA Capital Pty Ltd as strategic advisor. Wall previously led 88 Energy for seven years, during which the company’s market capitalization grew from under A$10 million to more than A$1 billion. Bounty expects the PSC negotiation and Liberian parliamentary approval to conclude around January 2027.