Bounty Completes Farmout of Offshore Perth Basin Acreage

The participants in WA-325-P and WA-327-P exploration areas in the northern part of the offshore Perth Basin have agreed to farmout a combined 37.5% interest to Apache Northwest Pty Ltd in consideration for Apache funding 56.25% of the Year One Work Program up to a maximum cost of A$7.5 million.

The percentage interest of the participants in each permit after the farmout will be: Roc Oil as operator with 37.5%; Apache with 37.5%; Voyager Energy with 15% and Bounty Oil with the remaining 10%. WA-325-P and WA-327-P are adjacent areas; the former lies immediately to the north of WA-286-P, which contains the Cliff Head Oil Field, while the latter is immediately east of WA-226-P where the Morangie-1 exploration well is currently drilling.

Commenting on the Apache farm-in, Bounty Managing Director Tom Fontaine commented: "Bounty is very pleased that Apache will be participating in this acreage with us. Apache has technical and operational experience that we believe will make them a valuable joint venture participant. We are also pleased as this farm-in will significantly reduce Bounty's costs for the extensive seismic program planned in year 1. In fact, if the seismic program goes smoothly, with no down-time, Bounty's cost for the program will be zero."