Australia-based Bounty Oil & Gas NL reported Friday that petroleum exploration permit AC/P 32 located in the Ashmore Cartier Territory, Timor Sea, offshore Western Australia has been renewed by the National Offshore Petroleum Authority for a further period of five years from June 24. The renewed area of 132 square miles (342 square kilometers) covers the 100 million barrels recoverable potential Azalea Stratigraphic prospect.
Bounty has 100 percent equity in AC/P 32 and the Azalea Prospect which is:
Commenting Mr 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”
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