Australia's Bonaparte Basin has attracted 10% of the country's total exploration investment over the last decade, behind the more prolific North Carnarvon and Browse basins. The basin is remote and has limited infrastructure and operators therefore face significant obstacles to monetising gas discoveries. Only a small proportion of the volume discovered between 2005 and 2014 is considered commercial at current prices. The basin includes major petroleum systems of Mesozoic and Palaeozoic age, which can be divided into a number of sub-basins including the Sahul Platform, Vulcan Graben Sub-basin and Petrel Sub-basin. The majority of resources discovered to date lie within the north-eastern Sahul Platform, but given the challenges of monetising gas, we expect operators to focus on exploring the more valuable, oil-prone Vulcan Graben Sub-basin going forward. Future discoveries are expected to be small , however, the liquids-rich nature of the play supports high unit development values.