BUY Another well to be Drilled

Always pleasing to see further activity happening for the Bounty supporters.

Regards M.

BOUNTY OIL & GAS NL 2002-05-17 ASX-SIGNAL-G

HOMEX - Perth

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Bounty Oil and Gas NL (Bounty) plans to drill an oil development well
in the Thomby Creek Oil Field in Queensland's Surat Basin, the first
to be drilled in the field since 1981.

Bounty is exercising an option to drill within the PL 18 production
license.

The Thomby Creek Oil Field has produced less than three per cent of
an estimated 2.5 million barrels of original oil in place. An
independent evaluation has estimated that up to 300,000 barrels of
oil may be recovered by this well.

Bounty intends to use horizontal drilling technology, in which the
well bore penetrates the oil reservoir laterally, to optimise oil
recovery.

Under the terms of the option agreement with production license
operator Brisbane Petroleum, Bounty will receive 85 per cent of
production revenue from thewell until payout of costs, earning 50
per cent of all production revenue thereafter.

Bounty can earn additional interest in PL 18, which also includes the
Yellowbank Creek Oil Field, by drilling a further two wells within
the production license.


T Fontaine
MANAGING DIRECTOR