HDR Announcement

They think that the well could potential be a oil producing well .

Read the last paragrath of the announcement


Progress Report 32 for Woodada #19 Well

Document date: Tue 28 May 2002 Published: Tue 28 May 2002 12:38:52
Document No: 216949 Document part: A
Market Flag: N
Classification: Progress Report
BOUNTY OIL & GAS NL 2002-05-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Bounty Oil & Gas NL provides the following progress report on the
drilling of the Woodada #19 gas well. All depths are in metres below
the Kelly Bushing on the rig floor.

Period: 24 hours to 6am on 28/05/2002.

Current Depth: 2,841 mKB (Total Depth).

Progress: Nipple up BOP's, pressure test. Make up bit, pick up
3(1/2) inch (88.9mm) drill pipe. Presently running
in hole at 2083m, prior to circulating hole clean
and running Cement Bond Log.

Forward program: 1. Conduct long term flow testing through casing of
the sandstones within the basal Irwin River Coal
Measures and High Cliff Sandstone to determine type
of formation fluid (oil or water) and productivity.
2. Conduct long term flow testing of Carynginia
Limestone to confirm the economic potential for gas
production.

Hydrocarbon
Indications: Please refer to previous announcements.

Primary and
Secondary
Targets: Please refer to previous announcements.


Participants: Hardman Resources Ltd 75%
Bounty Oil & Gas NIL 25%


Bounty Comment:

We have run and cemented 7(1/2) inch casing in the hole to 2,838m. We
are now running back into the hole to circulate it clean and then run
a Cement Bond Log to confirm the integrity of the cement job. After
this the casing will be scraped clean of any residual cement and
perforated at selected intervals in the Irwin River Coal Measures and
High Cliff Sandstone.

Cased Hole Test #1 will then be performed and the perforated sections
swabbed to recover fluids and/or stimulate flow. It will take
approximately 4 days (Saturday) to get to this stage. Note that we
expect to initially recover drilling mud, as a substantial amount was
lost to the formation while drilling. It is only after this mud is
recovered that we will be able to assess the true nature (oil or
water) of the fluid in the formation. If the deeper zones prove to be
oil-bearing, the well will be completed for oil production. If the
zones produce water, the Carynginia Limestone will be tested by Cased
Hole Test #2 to confirm that it is able to flow gas at economic
rates. Wireline logs and DST #1 have indicated that the Carynginia
Limestone should be capable of economic gas production.

T Fontaine
MANAGING DIRECTOR

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.