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  1. 321 Posts.
    BOUNTY OIL & GAS NL 2002-05-06 ASX-SIGNAL-G

    HOMEX - Perth

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

    Please note that all Bounty ASX releases are now also available at
    www.bountyoil.com

    Period: 72 hours to 6am on 6/5/02.

    Current Depth: 2,260 mKB (depths are in metres below the Kelly
    Bushing on the rig floor).

    Progress: Drill ahead with 8(1/2) inch (216 mm) bit to
    2,260m. Presently running in hole with DST
    testing tool to evaluate gas shows in Carynginia
    Limestone.

    Hydrocarbon
    indications: Significant gas shows in Carynginia Formation.

    Well Location; The well is sited approximately 700 metres west
    of the Woodada #8 gas production well within
    the Woodada Production Licence (PL 5), located
    approximately 260 kilometres north of Perth,
    Western Australia.

    Primary Target: Gas producing zones within the Carynginia
    Limestone at approximately 2,200 metres depth.

    Secondary Targets:

    * Sandstones within the basal Carynginia Formation (between 2,400
    metres and 2,500 metres depth);
    * Sandstones within the Irwin River Coal Measures (between 2,530
    metres and 2,800 metres depth);
    * High Cliff Sandstone (if present) at about 2,820 metres 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 NIL 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.

    T Fontaine
 
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