Bounty Led Group Win Exploration Rights For Perth Basin

Bounty Oil & Gas NL, and co-venturers Roc Oil (WA) Pty Limited and Voyager Energy Limited, have successfully bid for two exploration permits in the highly prospective offshore Perth Basin. The permits, awarded by joint Commonwealth and State government authorities, are designated W01-22 and W01-24 and together cover an area of more than 12,500 sq km off the coast from Geraldton, WA. Bounty Managing Director Tom Fontaine said the successful application for the permits fulfilled a key aspect of the company's strategy to develop a strong portfolio of highly rated exploration acreage. "Winning the bids is exciting for Bounty," Mr. Fontaine said. "We consider these two permits to be extremely prospective – they have geology similar to that at the Cliff Head and Hovea fields where oil was discovered late last year. "Combined with our existing interests in TP/15 and the Woodada gas field, the permits consolidate Bounty's position as a significant Perth Basin explorer and producer." Mr. Fontaine said planning would commence immediately for the acquisition of 2D and 3D seismic in W01-24. "Both seismic surveys will take place within the first permit year, with one exploration well planned in each of the following two years," he said.

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