Spud Date for Magnolia-1 Pushed Back

Australia ACP / 32
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Bounty reports that the commencement date for drilling operations at Magnolia-1 in AC/P 32 offshore Australia has been revised and that drilling at Magnolia is now expected to commence in the second week of December.

This is a consequence of an extension of the program for the current well being drilled by the Ocean Bounty (Firebird-1). On completion of operations at Firebird, the rig will be mobilized to the Magnolia location.

Magnolia has the potential to hold 85 million barrels of recoverable oil. Bounty has a 10.4% interest in the permit and will be virtually free-carried through the drilling (Bounty will fund approximately 0.6 percent of the costs to a cap of US$8MM).

Partners in AC/P 32 (subject to the completion of earning phases) are Bounty Oil & Gas NL 10.4%; Westranch Holding Pty Ltd* 19.6% (Permit Operator); OPIC Australia Pty Ltd 25.0%; Adelphi Energy Limited 15.0%; Australian Worldwide Exploration 10.0%; Coogee Resources (Ashmore Cartier) Pty Ltd 20.0% (Farmin Operator); *Westranch is a wholly-owned subsidiary of Norwest Energy NL.

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