Bounty Farms Out Interest in Permit TP/15 Offshore Australia

Bounty Oil & Gas has completed negotiations with Voyager Energy Limited whereby Voyager will fund Bounty's share of costs associated with the drilling of the next two wells in permit TP/15 in the Offshore Perth Basin. The arrangement, which is capped at 20% above Joint Venture approved drilling budgets, includes the cost of completing, coring and testing one of the wells. In consideration for this funding, Voyager will earn a 5% interest in TP/15, with Bounty reducing its interest in the permit from 10% to 5%. Tom Fontaine, Managing Director of Bounty said the deal vindicated Bounty's assessment of the potential value of TP/15.

"TP/15 is highly attractive, with a number of prospects similar to the nearby Cliff Head oil field. The drilling program is scheduled to commence in January next year we will drill one well at the Twin Lions prospect and have a second, contingent, well programmed at the Moondah prospect. "This deal with Voyager will allow Bounty to participate in this drilling at effectively no cost.

"This arrangement rounds off a very successful few weeks for Bounty in the Perth Basin", Mr. Fontaine said. "We have successfully tested our Woodada 19 gas well, brought Apache in as a partner to fund our seismic commitments in our WA-325-P and WA-327-P permits and now Voyager will fund our upcoming drilling commitments in TP/15. This allows Bounty to maintain an interest in these exploration permits at a very low cost."

The farmin is subject to the normal government and joint venture approvals. On completion of the farmin, interests in TP/15 will be: Bounty Oil & Gas NL with 5%; Arc Energy with 5%; AWE with 25%; Hardman Resources with 30%; Roc Oil with 20%; voyager Energy with 5% and Westranch Holdings with 10%.


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