The TSX-listed company is trying to transform its fortunes and is moving to list on the ASX.
It has interests in the Canning Basin permits EP129, EP104, EP371, EP390, EP391, EP428 and EP431.
An initial drilling program will focus on the Boundary SE-1 and 1a wells, and the re-entry of the Pictor-1 and 2 bores, Golden Dynasty said.
"This enables our team to move to an exciting operational phase, and see the company take another step towards its exploration and development of the Canning Basin,” chairman Paul Ray said.
The company will earns into the existing production of the Blina Field in conjunction with an agreement with Kimberley Oil, he said.
The blocks are being acquired from Kimberley Oil and lie along the northern edge of the Canning Basin, 130 kilometres east of Broome.
Five fields that pump about 70 barrels per day are in the group, and there are other targets that could be linked to existing production facilities.
Last week, the company said it had signed an agreement with Nanokat GmbH of Germany to test the KDV500 Catalytic Depolymerisation process that could enable production of diesel near the remote fields' wellheads for regional sale.
