Bounty Strikes Gas with Woodada-19 Well

Gas flows measured at a rate of 3.2 million cubic feet per day have flowed from the Woodada-19 development well located in the Woodada gas field approximately 280 kilometers north of Perth. The well had fulfilled its primary objective to provide additional gas deliverability for the Woodada field. "We're delighted with the results of this well," Mr. Tom Fontaine, Managing Director said. "The gas flow has confirmed our technical predictions that this previously undrilled portion of the field is capable of flowing gas at commercial rates. "We expect to have the well connected into the field's gathering system in about 10 weeks. "The additional gas provided by the well will be sold directly into existing sales contracts and will translate immediately into cash flow for Bounty."

Mr. Fontaine said the well had met all technical expectations. "Not only has this well met its primary objective in flowing gas, but as the first well in the field to be drilled right through to basement, it has established the presence of a deeper reservoir section with oil shows," he said. Participants in this well are Hardman Resources Ltd with 75% and Bounty Oil & Gas NL with the remaining 25%.