The permits are PEP-11 in offshore Sydney Basin, NSW; EP-412 onshore Carnarvon Basin; AC/P 25, AC/P 27 and AC/P 32 offshore Vulcan Sub-Basin on the North West Shelf and WA-324P in the Bonaparte Basin.

An independent valuation puts the value of Bounty's interests in these permits at between $9.7 million and $17 million. Bounty paid out $1.64 million in stock for the deal.

Apart from being very promising, Bounty said two of the permits have third party expenditure commitments that will enhance the understanding of the areas.

Bounty said that since the deal was announced in May, progress has been made on all of the permits. In addition the company continues to seek farm-in partners to assist it to progress work in permits where its now larger interests give it a strategic stake.