Bounty Oil to Spud Leafcutter-1 Well in August

Bounty Oil & Gas has begun site preparation work for the Leafcutter-1 oil exploration well after receiving approvals from relevant government authorities. Drilling is expected to commence in early August 2003. Leafcutter-1 will test the upthrown (high) block of the Beagle Ridge west of the Woodada Gas Field.

The primary target is the Permian High Cliff Sandstone at a depth of approximately 1,315 meters. Secondary targets include sandstones within the Irwin River Coal Measures and a sandstone and/or limestone within the Carynginia Formation.

These objectives have not previously been tested by drilling on the Beagle Ridge within the onshore Woodada license area. The well will be located approximately 8 kilometers west of the Woodada-19 gas production well within the Woodada Production License (L4), approximately 260 kilometers north of Perth, Western Australia. A period of sixteen (16) days has been estimated for the completion of drilling and testing operations at Leafcutter-1 to an approximate total depth of 1,400 meters.

Participants in the Leafcutter-1 well are: Hardman Resources as operator with 75% and Bounty Oil & Gas with 25%.