FOR IMMEDIATE RELEASE ASX ANNOUNCEMENT RELEASE DATE: 4 September 2003 TO: Manager, Company Announcements Australian Stock Exchange Limited CONTACT: Tom Fontaine (08 9322 3244) PAGES: 1 RE: LEAFCUTTER-1 WELL - PROGRESS REPORT #2 Dear Sir/Madam, All reported depths are in metres below the Kelly Bushing on the rig floor. Reports will be made on a weekly basis (Thursday) or in the case of a material occurrence. Period: 72 hours to 6am on 4/9/03. Current Depth: 417 mKB Progress: Drill ahead in 12.25” (311mm) hole from 51mKB to 417mKB. Forward program: Drill ahead in 12.25” (311mm) hole. Hydrocarbon Indications: Hydrocarbon shows will only be reported after wireline logs have been run and evaluated at the Total Depth of the well. Primary and Secondary Targets: The primary target is the Permian High Cliff Sandstone at a depth of approximately 1,315 metres. Secondary targets include sandstones within the Irwin River Coal Measures and a sandstone and/or limestone within the Carynginia Formation. Participants: Bounty Oil & Gas NL 25% Hardman Resources Ltd 75% Yours sincerely, BOUNTY OIL & GAS NL Tom Fontaine Managing Director
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