Bounty Oil and Gas NL was seeking a farm-in partner in its 100% owned and operated AC/P32 exploration permit, located in the Vulcan Sub-basin, Bonaparte Basin. However, the permit was cancelled by the National Offshore Petroleum Titles Administrator (NOPTA) on 5 November 2019 for non-compliance with Condition 1 of the permit. Bounty failed to meet the minimum Years 1-3 work commitments.  The cancelled permit area contains the Azalea Prospect, which has been successfully delineated and de-risked. Bounty hoped to drill Azalea 1 by 2019. In mid-2019 Bounty reported that it had been in discussion with several possible interested parties, but no deals were finalised.  Bounty was looking for a partner to fund a one + one well programme in return for acquisition of interest in the permit. Bounty reported it would farm-out 50% interest, with operatorship available, in return for well funding of Azalea 1 and one appraisal well (upon success).  The Azalea Prospect was first mapped on the Onnia 3D seismic survey in 1997 and remapped on reprocessed data in 2010/11. The primary target lies in the Puffin Formation containing high porosity/permeability in deepwater sands, which forms the reservoir at a number of nearby fields in the basin, including the Puffin, Skua and Swift/Swallow fields. The source (with direct indications of hydrocarbon charge) and strike/up-dip seal are within the Plover Formation   Bounty estimates Azalea to contain in-place Prospective Resources of 511 MMbo with recoverable resources of around 113 MMbo (at ~43Â° API). The target reservoir lies at around 1,800 m depth and is thought to be in high quality sands, with 24% porosity and excellent permeability expected. The location lies up-dip from the Birch 1 well which produced oil and gas shows in 1990.Drilling would be in water depths of approximately 100Â m, suitable for a jack up rig to undertake operations.   Bounty entered the well planning and approvals phase in June 2014 with the first exploration well initially due in the permit by 23 June 2016. Bounty altered the work commitment conditions of the permit in August 2015 by combining the first three years into one term (1-3), which was to be completed by 23 June 2017. A subsequent work commitments change was granted in July 2017, which move the well commitment to 2019. A well was expected to cost around AUD 25 million.   After the initial new three-year work programme in AC/P32, permit terms four and five would follow with the work requirements to be completed on a year-by-year basis. The first exploration well (Azalea 1) had been scheduled to be drilled within the first term (years 1-3). The commitment to drill the well had already been entered into as Bounty commenced the farm-out process. The commitment to drill a second well (Azalea appraisal) in the permit was not due until 24 June 2020.   By combining the first term, the first well commitment was effectively suspended by 12 months allowing other structural and stratigraphic leads to be studied at multiple levels within the permit. Bounty has reported that the structural leads have a potential of between 10 and 40 MMbo of recoverable resources.  AC/P32, which covered an area of 333Â sqÂ km, was awarded on 28 February 2001. The permit was renewed for a further five-year period on 24 June 2014 and, subsequent work commitment changes, was due to expire on 23 June 2021.    Bounty held 100% interest and operatorship in AC/P32 and was seeking a farm-in partner to drill the Azalea Prospect.  Companies interested in pursuing this opportunity were asked to contact:  Phillip F Kelso, CEO    Tel: +61 2 9299 7200    Email: geo@bountyoil.com    Malcolm Lennox, Exploration Manager    Tel: +61 439 777 743    Email: malcolm@bountyoil.com
Australia, AC/P32