Bounty Oil & Gas N.L. - Interim Financial Report - 31 December 2015

BOUNTY OIL & GAS NL

(ABN 82 090 625 353)

INTERIM FINANCIAL REPORT

Interim Financial Report for the half-year ended 31 December 2015 (including Appendix 4D Disclosures, Directors' Report and Financial Report)

Contents Page

Appendix 4D 1 - 2

Directors' Report 3 - 6

Auditor's Independence Declaration 7

Interim Financial Report Directors' Declaration 8

Consolidated Statement of Profit or Loss and Comprehensive Income 9

Consolidated Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Financial Report 13 - 19

Independent Auditor's Review Report to the Members 20 -21

Appendix 4D

For the half-year ended 31 December 2015

Previous corresponding period: Half-year ended 31 December 2014

BOUNTY OIL & GAS N.L.

Name of entity

82 090 625 353

ABN

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Key Information

This information is to be read in conjunction with the 2015 Annual Report, the Half-Year Financial Report and Directors' Report for the six months to 31 December 2015.

Dividends

It is not proposed to pay any dividends.

Net Asset Backing

Details of individual and total dividends or distributions and dividends or distribution payments

There were no distributions or dividends payable or paid during the period.

Details of any dividend or distribution reinvestment plans in operation and the last date for the receipt of an election notice for the participation in any dividends or distribution reinvestment plan.

There were no dividend or distribution reinvestment plans in operation. Details of entities over which control has been gained during the period Nil

Material interest in entities which are not controlled entities

There are no material interests in entities which are not controlled entities.

Audit Review

The accounts have been subject to review and are not subject to dispute or qualification.

Commentary on results for the period

This information should be read in conjunction with the Directors' Report and the half yearly financial statements for the period.

Graham Reveleigh

Chairman

Dated: 15 March 2016

Qualified person's statement

1. The petroleum Reserve and Resources estimates used in this report and;

   
   

2. The information in this report that relates to or refers to petroleum or hydrocarbon production, development and exploration;

   
   

3. Is based on information and reports prepared by, reviewed and/or compiled by the CEO of Bounty, Mr Philip F Kelso. Mr Kelso is a Bachelor of Science (Geology) and has practised geology and petroleum geology for in excess of 25 years. He is a member of the Petroleum Exploration Society of Australia and a Member of the Australasian Institute of Mining and Metallurgy;

   
   

4. Mr Kelso is a qualified person as defined in the ASX Listing Rules: Chapter 19 and consents to the reporting of that information in the form and context in which it appears.

DIRECTOR'S REPORT

For the Half Year Ended 31 December 2015

The directors of Bounty Oil & Gas NL ("Bounty" or "the company") submit the interim financial report of Bounty and its subsidiaries ("the Group") for the half year ended 31 December 2015. The attached Bounty Interim Financial Report forms part of this report. In order to comply with the provisions of the Corporations Act 2001, the directors report as follow:

Directors

The following persons were directors of the Company during the whole of the half-year and up to the date of this report:

Graham Charles Reveleigh (Non-Executive Chairman)

Roy Payne (Non-Executive Director)

Charles Ross (Non-Executive Director)

Mr Graham Reveleigh was re-elected as a director of the company at the Annual General Meeting on 27 November 2015.

Review of Operations

For Bounty's schedule of permits, interests and acreages (see Bounty's 2015 Annual Report and Bounty's website: www.bountyoil.com).

1. Highlights

   
   

   Tanzania - Nyuni Block

   
   

   • Milestone gas sales agreement signed by TPDC effective 31 December 2015 and moves Bounty into an African gas producing phase.

   • Tanzania gas sales will to add around $2.5 million pa to revenue from 2016 onwards.

   • Final well preparation underway prior to commencing gas production.

   • Nyuni PSA - new 3D seismic planned to image deep water turbidite gas plays of up to 1.3 TCF potential.

     
     

     Australia

     
     

   • Half Year ended 31 December 2015 revenue totalled $0.681 million on crude oil sales of 10,961 bbls.

   • Acquired Santos QNT interest and operatorship of Eluanbrook oil pool in PL2 Alton, Surat Basin.

   • Continued high impact Oil Business strategy moving Bounty's 100% AC/P 32, Timor Sea project to farmout and drill:-

     
     

     • At Azalea Prospect, where completion of seismic project has outlined a major stratigraphic target with potential 500 MMbbls oil in place and 100 MMbbls recoverable

     • Azalea has direct hydrocarbon indicators

     • AC/P 32 work commitment variation approved by NOPTA and Permit in good standing