The Perth-based company will earn its 5% interest in the permit by funding 10% of the Dune-1 drilling costs.
“This is a good strategic farm-in for Bounty,” managing director Tom Fontaine said.
“If Dune-1 is successful, there is a lot of additional oil exploration potential along this trend.”
With a planned total depth of 1350m, the well – originally meant to spud in January – will primarily target the Birdrong Sandstone, which is productive 3km north-west in the Rough Range oil field.
Interpretation suggests the seismically defined Dune structure has the potential to contain 2 million barrels of oil. If successful, the structure could prove up a new oil trend – the Bullara Trend.
Empire has identified two additional structures along this trend: Pindan with potential recoverable reserves of 3.3mmbbls of oil, and Parrot Hill East with potential recoverable reserves of 4.7mmbbls.
Bounty also has 65% interest in the adjacent permit EP 412 that is along this trend.
Cyclone activity in the region has forced Empire to reschedule the spudding date of Dune-1 several times over the past few months.
Partners and their relevant interests in EP 435 are Rough Range Oil, a wholly owned subsidiary of Empire (operator with a 70% stake), farminee Australian Oil (25%) and Bounty (5%).
