The transaction is subject to joint venture and statutory approvals.
Bounty Managing Director, Tom Fontaine said "This modest dilution of our interests in these permits is consistent with Bounty's risk management strategy. We are reducing our cash outlay for these wells while retaining enough interest to give us, we believe, the best leverage into this program. The expenditure savings will ensure we are well positioned to take advantage of other drilling opportunities that are emerging through our relationship with White Sands Petroleum."
Partners in WA-325-P and WA-327-P are Bounty Oil & Gas NL 7.5%*; Roc Oil (WA) Pty Ltd 37.5% (Operator); Apache Northwest Pty Ltd 37.5%; Voyager (PB) Limited 12.5%*; Wandoo Petroleum Pty Ltd 5%; *On completion of this transaction
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