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AC/P32 Offshore Vulcan Sub-Basin – Territory of Ashmore and Cartier


Offshore 500km NW of Darwin, NT Australia – Ashmore Cartier Territory – Timor Sea


Vulcan Graben


Bounty 100%




Recoverable oil in the range of 20 – 80 MMbo, with significant upside.


AC/P 32 is Bounty’s major growth project. It is the groups largest oil play. Bounty is completing a seismic re-processing project targeting a 20-80 mmbbls recoverable oil Upper Cretaceous age Puffin Formation stratigraphic trap in the permit with a drill decision for 2014.There is at least one other prospect of similar size in the permit. Bounty’s team has had offshore drilling success in this region.

The permit lies in the highly prospective Vulcan Sub-Basin, Timor Sea and is surrounded by oil and gas fields. Bounty acquired 100% interest in the permit when it was renewed in June 2012.  Bounty secured the renewal to pursue three stratigraphic prospects with related seismic anomalies in the Puffin and Plover Formations, both significant producers of hydrocarbons in this region


Azalea prospect

A vast stratigraphic trap has been identified where the Puffin sand pinches out under the top Cretaceous up dip from proven oil discovered in the Birch 1 exploration well ; 10km west of the permit. Two sand bodies representing subsea fans with associated amplitude anomalies have been identified which at their maximum extent cover over 50 km2.


East Swan Prospect

Individual sand bodies associated with strong amplitude and acoustic impedance anomalies are located in depression covering 60 sq. km2. in the NW of the permit.    The sands appear to pinch out in all directions which the current seismic reprocessing, inversion and AVO work is designed to confirm.


Lead A

This Lead is a discrete sand body in the Plover formation, with highly anomalous amplitudes and acoustic impedance, associated with a faulted anticlinal nose. The Plover Formation is source, seal and a significant reservoir in this area and Lead A is a stratigraphic prospect covering 20 km2. It is being assessed as part of the current seismic analysis and reprocessing program.

Future Work

Bounty’s current programme of seismic reprocessing and inversion will be completed by the end of September 2013. Bounty will be seeking a JV partner to participate in drilling one of the prospects.