BUY 0.00% 0.7¢ bounty oil & gas nl

hardman underwrites bounty share issue e

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    HOMEX - Perth

    The Company is pleased to announce the lodgement of an Offer
    Information Statement at the ASIC for a non-renounceable entitlement
    issue to shareholders on the basis of 1 ordinary share for every 3
    ordinary shares at a price of 7.7 cents each and being approximately
    20,697,666 ordinary shares to raise approximately $1,593,720.

    The capital raising is partially underwritten by Hardman Resources
    Ltd and provides an opportunity for Bounty shareholders to benefit
    from our next phase of activities. Drilling is now imminent in the
    offshore Perth Basin, where Bounty has a 5% interest in the TP/15
    permit and will be free carried through the drilling of up to two
    wells in the permit. The first well will be testing the Twin Lions
    prospect and is currently scheduled for drilling in January 2003.
    This prospect has the potential to contain 166 million barrels of

    The funds raised will be used to:

    1. Secure cash flow from Woodada;
    2. Maintain our strong position in the Perth Basin;
    3. Continue technical work to improve the prospectivity of the
    Company's permit areas; and
    4. Progress work in other areas to ensure a diverse prospect
    opportunity portfolio.

    G Steinepreis
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