Bounty Successful with Recent Share Purchase Plan

Bounty Oil & Gas reports a 93 percent take up of its recent Share Purchase Plan (SPP). The SPP was underwritten by Burdett Buckeridge Young Limited who will take the shortfall at 14.5c per share. The SPP closed on March 19 at 5:00pm WST.

Bounty has raised $1,993,750 as a result of the SPP.

Under the terms and conditions of the SPP, the shares will be issued on 26 March 2004. Quotation of the new shares on the ASX is also expected to commence on that date; an Appendix 3B is attached. Based on the allotment price of 14.5 cents per share, 13,750,000 shares will be issued. After this allotment, Bounty will have a quoted issued capital of approximately 105.6 million shares.

Bounty Managing Director Tom Fontaine said the company was delighted with shareholders' participation in the SPP.

"We understand that the participation rate is exceptionally high, and want to thank our shareholders for their support," he said. "The funds will be used to further our exploration efforts this year, especially in Tanzania, the Offshore Sydney Basin, the New Zealand Great South Basin, and the upcoming drilling in the offshore Perth Basin."