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Under the right conditions, large waves enter the mouth of the Blowhole & compress the air within the inner cavity.
As the retreating water leaves, it is forced upward by the compressed air, as the mouth is still blocked by the receding wave.
The escaping air causes the loud "oomph", which accompanies the water spout.
Over many years the Blowhole will become less vigorous, as the underground cavity erodes due to the pounding waves.