This is a large crescent-shaped bay on the Southern Ocean, that stretches along the rim of an ancient volcano. I was standing along Bridgewater Road at approximately 38°22′05.84″S, 141°24′29.24″E (Google Maps) and looking eastward.
If you have a 4WD vehicle, I would recommend taking Telegraph Road off of Portland Nelson Road to make your way first to Swan Lake (38°12′38.84″S, 141°18′42.50″E) (Google Maps). Other routes are accessible to non-4WD vehicles, so consult a map. From there make your way to Bridgewater Lakes (38°19′11.42″S, 141°24′16.20″E) (Google Maps) and the Tarragal Caves (38°19′07.87″S, 141°24′29.37″E) (Google Maps). Non-4WD vehicles might need to get back to Portland Nelson Road and come in via Heath Road. From Bridgewater Lakes you can continue along Bridgewater Lakes Road down to Bridgewater Road and to the small town of Cape Bridgewater.
From here I followed Blowholes Road to the Petrified Forest and The Blowholes.