This is the latest in a string of delays, which has seen some of the companies, including Norwest and Bounty Oil & Gas, predict drilling dates ranging from October until the last week of this month.

This further delay is due to extensions to drilling at ConocoPhillips’ Firebird-1, the well currently being drilled by the Ocean Bounty rig.

Upon completion of Firebird-1, the rig will be moved about 250km south-west to the Magnolia-1 location.

"The drilling slot has been firmly scheduled with the Ocean Bounty rig since early in the year,” Norwest managing director, Joe Salomon said,

“A series of delays to the Magnolia start date have been experienced as all the earlier drilling slot options were exercised, and a number of the scheduled wells have run over their expected drilling times.”

Magnolia-1 will be drilled in about 100 metres of water to a planned depth of 3,240 metres.

The well is expected to reach its primary objective, the Montara Sands, at a 2,700-metre depth within two weeks of spudding.

The secondary objective, the Lower Vulcan and Plover sandstones, will be intersected at about 3,100-metre depth.

The AC/P32 Permit, in the Vulcan sub-basin off the coast of Western Australia, is surrounded by existing oil and gas production and discoveries including Jabiru, Challis, Cassini, Skua, Puffin and Montara.

The Magnolia prospect is well defined by 3D seismic and has the potential to hold 60 to 100 million barrels of recoverable oil, say the partners.

Norwest and Bounty are both being free carried to a cap of US$8 million, while Coogee Resources/Ashmore Cartier Pty Ltd will be drilling operator.

Partners in AC/P 32 (subject to the completion of earning phases) are: Coogee Resources (Ashmore Cartier) Pty Ltd (farmin operator, 20%); Westranch Holding (a wholly-owned subsidiary of Norwest and permit operator, 19.6%); OPIC Australia Pty Ltd (25%); Adelphi Energy Limited (15%); Bounty Oil & Gas NL (10.4%); and Australian Worldwide Exploration (10%).