The shares closed at 20.5c after hitting an intra-day high of 23c.
The free one-for-one options closed at 6c, giving investors a 30 per cent premium for the combined package.
The $5 million float was heavily oversubscribed with directors sending back more than $5 million in subscriptions.
Bounty plans to spend about $3.5 million in the next 12 months as its share of at least four wells. The company has a portfolio of assets in the Perth Basin, North West Shelf, Surat Basin, Sydney Basin as well as offshore New Zealand.
