Bounty Oil & Gas has signed a binding agreement to acquire 100% of PetroQuest Liberia Deep Water, a transaction that would give the Australian company exclusive rights to negotiate a production sharing contract (PSC) for Block LB-32 offshore Liberia.
LB-32 covers 2,322 square kilometres in the Harper Basin, with water depths ranging from 1,500 to 4,200 m. The transaction remains subject to due diligence and the approvals required for completion.
PetroQuest Liberia Deep Water has a legally binding letter of engagement with the National Oil Company of Liberia (NOCAL). PSC negotiations and parliamentary approval are expected to conclude by January 2027 or shortly thereafter.
Under Liberia’s executive allocation petroleum licensing framework, legal title to LB-32 has been allocated to NOCAL. NOCAL has agreed to grant PetroQuest Liberia Deep Water an equity interest in the block once the PSC is executed.
The block has approximately 656 square kilometres of 3D seismic coverage forming part of the eastern portion of the TGS Sunfish survey, together with 753 line-kilometres of 2D seismic. The data will support due diligence and resource quantification.
The primary exploration target is the Upper Cretaceous basin floor fan play, including the Jupiter and Zeus fan prospects. Secondary targets include Upper Cretaceous slope fans and channels, Lower Tertiary basin floor fans and deeper Aptian-Albian syn-rift plays.
Previous drilling along the Liberian margin includes Narina-1, which recovered 38° API oil. The outboard basin floor fans targeted by Bounty Oil & Gas remain undrilled.
LB-32 adjoins blocks LB-30 and LB-31 to the west. Its southeastern boundary is formed by the Cape Palmas transform, which separates Liberia’s Harper Basin from the Ivorian basins of Côte d’Ivoire. LB-32 was the last unlicensed block in the Harper Basin when PetroQuest Liberia Deep Water secured rights over it.
In January 2026, TotalEnergies entered a joint study and application agreement with BluEnergies under RL-003 and took a 65% interest in three Harper Basin blocks immediately west of LB-32.
Separately, Bounty Oil & Gas has secured $3,547,500 in firm commitments through a placement involving Tribeca Investment Partners, L1 Capital Global Opportunities Master Fund and S3 Consortium (Stocks Digital).
The company’s immediate work will cover due diligence, progress on the PSC process and the approvals needed to complete the proposed acquisition.
