Porky and Bugs go to Goony Goony island in the middle of the Pacific Ocean to pick up a package of diamonds. The job is complicated by the fact the island submerges and re-emerges on a regular basis and the diamonds are in an underwater cave guarded by sharks.
Ollie gives Henery a bag of pennies to not chase the chickens. Foghorn overhears Henery call the pennies "chicken feed," and thinks he's swiped some of the chickens' corn. Foghorn tails Henery as he tries to find a good place to hide the bag of pennies.
A storekeeper accidentally sells Elmer explosive oil instead of stove oil for his houseboat. Porky and Cicero try to track Elmer to warn him of the danger, but get mixed up with a motorcycle bandit and get delayed by backwoods characters.