Plans Firm Up for Perth Basin Drilling

Bounty Perth Basin Blocks
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Bounty Oil & Gas announces that a Letter of Intent has been issued to contract the Encso 56 jackup to drill up to three exploration wells in offshore Perth Basin permits WA-325-P and WA-327-P later this year.

The Letter of Intent, issued by permit operator Roc Oil on behalf of the WA-325-P and WA-327-P Joint Ventures, is designed to secure the rig for one firm and two contingent wells in an exploration program scheduled to commence in October.

The drilling campaign follows a substantive technical program undertaken in both permits since their award in 2002. The Joint Ventures have acquired over 3000 km of 2D seismic, 660 sq km of 3D seismic and over 32,000 line kilometers of aeromagnetic data.

Interpretation of the 3D seismic is being finalized and later this month the Joint Ventures will decide on drilling priorities and whether to convert one of the optional well slots to a firm status.

Bounty Managing Director, Tom Fontaine, said the drilling will be the culmination of the major exploration program the Joint Ventures have undertaken in the area. “We believe these wells have a high chance of success – it’s a region with proven oil accumulations and we will be drilling on state of the art 3D seismic data”.

Partners in WA-325-P and WA-327-P are:

Bounty Oil & Gas NL 10% (earning)
Roc Oil (WA) Pty Ltd 37.5% (Operator)
Apache Northwest Pty Ltd 37.5%
Voyager (PB) Limited 10%
Wandoo Petroleum Pty Ltd 5%
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