A pair of Australian junior companies have joined forces in the planned drilling of three shallow-water oil exploration wells in the proven Carnarvon basin near to several well-known discoveries and producing fields.

The pairing of Coastal Oil and Gas and Bounty Oil and Gas has materialised by way of the acquisition by the latter of a 25% interest from Coastal in four exploration licences that were previously owned by Carnarvon Petroleum.

Carnarvon sold the four permits in 2018, but only because it had participated in the large Dorado oil discovery and wanted to focus its attention and funds on the development of Dorado and its Buffalo oilfield.