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Exploration permit AC/P 32 (click to enlarge)

Australian Bounty Oil & Gas announced 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 covers the 100 million barrels recoverable potential Azalea Stratigraphic prospect.

Bounty has 100 percent equity in AC/P 32 and the Azalea Prospect.

Bounty’s CEO Philip Kelso 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.”