Bounty Restarts Operations at Woodada Prospect

Bounty Oil & Gas NL has recommenced testing operations at the Woodada #19 well. The testing will determine whether the primary fluid in sandstones in the lower part of the well is oil or water. As previously reported, the Woodada #19 well was suspended on June 6, 2002 after recovering trace amounts of oil from sandstones between depths of 2722 and 2793 meters (the “lower zones”) and encountered good gas shows in the producing Carynginia gas zone at a depths of 2200 meters.

The testing program is being undertaken by the Logue Drilling Rig. If the testing shows the lower zones contain commercial oil, the well will be completed for production as a new field oil discovery well, otherwise, they will be cemented and the well will be completed for production and testing over the Carynginia gas zone. Partners in the well are Hardman Resources with 75% and Bounty Oil & Gas with 25%.