The permit, designated WOO-24, has been awarded by joint Commonwealth and State government authorities to Daytona Energy and will be assigned to Bounty following an agreement previously executed between the two companies.
WOO-24 covers over 2,500 sq km and is approximately 25 km north-west of the Santos-operated Tern gas field.
Bounty managing director Tom Fontaine said that the acquisition of this permit will provide Bounty with a low-cost entry into a highly prospective province.
"Our technical assessment of WOO-24 has identified a potentially large prospect in the permit," Mr Fontaine said. "The presence of substantive hydrocarbon accumulations, including the recent Blacktip discovery, attest to the prospectivity of the region.
"Between our recent purchase of interests from Daytona Energy and our successful applications in the offshore Perth Basin, Bounty has more than doubled its net acreage position from 10,000 square kilometres to nearly 25,000 sq.km since listing in February."
Bounty said in a statement to the market it will pay Daytona 1,200,000 Bounty shares at an issue price of 20 cents for the permit.
