Bounty Oil to Spud Hadda-1 Well in March

Bounty Oil reports that drilling at Hadda-1 in WA-325-P is expected to commence on or around March 16th.

Hadda-1 will be drilled with the Ensco 56 drilling rig and will take approximately 10 days. The primary target is the Late Permian Dongara Sandstone, with secondary targets in sandstones within the underlying Irwin River Coal Measures. Planned total depth of the well is 1800 meters.

Estimates of potential recoverable oil reserves at the Hadda prospect range up to 65 million barrels.

The WA-327-P exploration well, Flying Foam-1, is presently scheduled to be drilled immediately after Hadda-1, however possible conflict with local fishing activities is likely to delay the well until later in the year.

Estimates of potential recoverable oil reserves at the Flying Foam prospect range up to 30 million barrels.

Drilling at a third location (Blue Jacket) remains under discussion by the WA-325-P Joint Venture, but is also likely to be delayed until later in the year.

Partners in WA-325-P and WA-327-P are Bounty Oil & Gas NL 7.5%; Roc Oil (WA) Pty Ltd 37.5% (Operator); Apache Northwest Pty Ltd 37.5%; Voyager (PB) Limited 12.5%*; Wandoo Petroleum Pty Ltd 5%