Bounty Oil and Gas NL is seeking a farm-in partner in its 100% owned and operated AC/P32 exploration permit, located in the Vulcan Sub-basin, Bonaparte Basin.Â  The permit contains the Azalea Prospect, which has been successfully delineated and de-risked. Bounty hopes to drill Azalea 1 by 2019.Â  In mid-2018 Bounty reported that it had been in discussion with several possible interested parties.  Bounty is looking for a partner to fund a one + one well programme in return for acquisition of interest in the permit. Bounty reports it will farm-out 50% interest, with operatorship available, in return for well funding of Azalea 1 and one appraisal well (upon success).Â    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).Â  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.Â  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 must be completed by 23 June 2017.Â  A subsequent work commitments change was granted in July 2017, which sees the requirement for the well to be drilled extended to 2019.Â  The well is expected to cost around AUD 25 million and is likely to target the Azalea Prospect.   After the initial new three-year work programme in AC/P32, permit terms four and five will follow with the work requirements to be completed on a year-by-year basis. Once a permit term has commenced, the work specified must be completed. The first exploration well (Azalea 1) has been scheduled to be drilled within the first term (years 1-3) at an estimated cost of AUD 25 million. The commitment to drill the well has already been entered into. The commitment to drill a second well (Azalea appraisal) in the permit in term five must be made prior to the commencement of that term, now on 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 covers an area of 333Â sqÂ km, was awarded on 28 February 2001.Â  The permit was renewed for a further five year period on 24 June 2014 and after the subsequent work commitment changes will now expire on, or be eligible for renewal by, 23 June 2021.     Bounty holds 100% interest and operatorship in AC/P32 and is seeking a farm-in partner to drill the Azalea Prospect.  Companies interested in pursuing this opportunity should contact:  Phillip F Kelso, CEO    Phone: +61 2 9299 7200    Email: geo@bountyoil.com    Malcolm Lennox, Exploration Manager    Phone: +61 439 777 743    Email: malcolm@bountyoil.com
Bounty Oil and Gas NL is seeking a farm-in partner in its 100% owned and operated AC/P32 exploration permit, located in the Vulcan Sub-basin, Bonaparte Basin.  The permit contains the Azalea Prospect, which has been successfully delineated and de-risked. 