Bounty Oil & Gas NL has informed that petroleum exploration permit AC/P 32 located in the Ashmore Cartier Territory; Timor Sea, has been renewed by the National Offshore Petroleum Authority for a further period of five years from 24 June, 2014.
The renewed area of 342 km2 covers the 100 MMbbls recoverable potential Azalea Stratigraphic prospect.
Bounty has 100% equity in AC/P 32 and the Azalea Prospect which is located in a prolific hydrocarbon province and surrounded by oil fields. Bounty says that the area is one of the largest untested potential oil pools in the Timor Sea. It is located in water depths of around 12 meters, suitable for a jack-up rig.
Philip Kelso Bounty Oil’s CEO – said: “This project is a significant opportunity for Bounty shareholders. Our work to date has substantially de-risked the Azalea Prospect, which has several positive indicators pointing to a hydrocarbon charge. Bounty is actively seeking partners to join with us to drill this prospect in 2015/16, and will be shortly mounting a global marketing campaign. The Australian sector of the Timor Sea is a proven oil province with significant infrastructure and access to Singapore refineries in a very low sovereign risk petroleum title regime. The potential value growth for Bounty’s shareholders with a successful well on this prospect cannot be overestimated.”