Bounty Early gas shows

Bounty is now drilling ahead and has background gas shows. Early next week should be interesting.

Regards M.

BOUNTY OIL & GAS NL 2002-04-26 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Bounty Oil & Gas NL provides the following progress report on the
drilling of the Woodada #19 gas well.

PERIOD: 48 hours to 6am on 26/4/02.

CURRENT DEPTH: 1513 mKB (depths are in metres below the Kelly Bushing
on the rig floor).

PROGRESS: Replace choke manifold. Drill out casing cement. Presently
runningin hole with new 8(1/2) inch (216 mm) bit. Preparing to drill
ahead.

HYDROCARBON INDICATIONS: Background gas shows in Kockatea Formation.

WELL LOCATION: The well is sited approximately 700 m west of the
Woodada #8 gas production well within the Woodada Production Licence
(PL 5), located approximately 260 km north of Perth, Western
Australia.

PRIMARY TARGET: Gas producing zones within the Carynginia Limestone
at approximately 2,200 m depth.

SECONDARY TARGETS:
* Sandstones within the basal Carynginia Formation (between 2,400 m
and 2,500 m depth);

* Sandstones within the Irwin River Goal Measures (between 2,530 m
and 2,800 m depth);

* High Cliff Sandstone (if present) at about 2,820 m depth.

Note: The secondary objectives are below the producing gas reservoir
in the Woodada Gas Field and have not previously been tested.

PARTICIPANTS: Hardman Resources Ltd 75%
Bounty Oil & Gas NL 25%

Drilling of Woodada #19 commenced on 11 April 2002. A period of 25
days has been estimated for the completion of drilling and testing
operations to an approximate total depth of 2,900 metres.

L Roe
EXPLORATION MANAGER

NOTE: In accordance with ASX listing requirements, the geological
information supplied in this report has been based on information
provided by geologists who have had in excess of five years
experience in their field of activity.