THE NATIONAL Offshore Petroleum Titles Administrator has extended a petroleum exploration permit held by Bounty Oil & Gas in the Ashmore Cartier Territory for a further five years.

The 34,200 hectare AC/P 32 block covers the Azalea stratigraphic prospect, which Bounty said had a recoverable potential of 100 million barrels.

Bounty chief executive Philip Kelso said the company’s work had substantially de-risked the Azalea Prospect, which he said had several positive indicators pointing to a hydrocarbon charge.

“Bounty is actively seeking partners to join with us to drill this prospect in 2015-2016 and will be shortly mounting a global marketing campaign.”

Bounty said the block, in which it holds 100 per cent equity, was located in one of the largest untested potential oil pools in the Timor Sea.

It is located up dip from proven oil discoveries at the Birch 1 and Swallow oilfields, located 14 kilometres to the west.

“The potential value growth for Bounty’s shareholders with a successful well on this prospect cannot be overestimated,” Mr Kelso said.

The news came after Bounty joint venture partner Asset Energy said it would carry out a 3D seismic survey of its PEP11 permit area in the Sydney basin, offshore New South Wales, later this year.

The survey will be conducted in four to five weeks on over the 22,500 hectare permit area between November 2014 and May 2015.