Bounty Adds Second Well to Perth Basin Offshore Program

Bounty Oil & Gas reports that the WA-327-P Joint Venture has agreed to include a well at the Flying Foam prospect as part of a multi-well campaign in adjoining Offshore Perth Basin permits WA-325-P and WA-327-P. Drilling is scheduled to commence in January 2005, although the Joint Ventures are reviewing scheduling options that may bring drilling forward as early as December 2004.

The first well to be drilled in the campaign will be Hadda-1, situated in WA-325-P approximately 135 km north west of Geraldton, 70 km off the coast of Western Australia. The prospect is a tilted fault block, defined by good-quality 2003 3D seismic, with an estimated 65 million barrel potential. The well will be targeting the Dongara Sandstone, the prolific producing reservoir at recent Perth Basin oil discoveries such as Hovea and Jingemia.

Flying Foam has 20 to 30 million barrel potential. A well defined tilted fault block, the feature is also covered by good-quality modern 3D seismic and will target the Dongara Sandstone. Flying Foam is approximately 25 km north-northwest of Hadda.

The WA-325-P Joint Venture has also agreed to acquire an additional 120km 2D seismic program (the Fiona Seismic Survey) to further detail the promising Blue Jacket prospect situated in the south-eastern sector of WA-325-P (46 million barrel potential). The seismic will be acquired in the next few months and subject to the results, the Joint Venture may include a well at Blue Jacket in this drilling campaign.

Partners in WA-325-P and WA-327-P are:

Roc Oil (WA) Pty Ltd 37.5% (Operator)
Apache Northwest Pty Ltd 37.5%
Voyager (PB) Limited 10%
Bounty Oil & Gas NL 10%
Wandoo Petroleum Pty Ltd 5%