BUY 0.00% 1.4¢ bounty oil & gas nl

this is a company maker

  1. 1,747 Posts.
    Drilling of the Nyuni well has commenced.

    10 % of 260mbls @ $10 pbl is $260m. divided by 90m issued shares in Bounty gives a possible upside to $3.00 per share for success.

    Regards M.

    RELEASE DATE: 01 October 2003
    TO: Manager, Company Announcements
    Australian Stock Exchange Limited
    CONTACT: Tom Fontaine (08 9322 3244) PAGES: 2

    RE: Drilling commences in Bounty Oil & Gas’ East Africa Exploration Program

    Dear Sir/Madam,
    Bounty Oil & Gas NL advises that drilling has commenced at the Nyuni-1 petroleum exploration
    well, offshore Tanzania.
    The well will test a 37 sq km structural feature
    approximately 30 km off the coast of Tanzania
    within the Nyuni Block. No exploration drilling
    has taken place in the block to date.
    The primary target at Nyuni comprises Lower
    Cretaceous (Neocomian) sands at a depth of
    approximately 2400m.

    These sands form the
    main reservoir at the nearby Songo Songo gas
    field, located approximately 18 km to the
    Additional targets include Tertiary (Eocene)
    sandstones and limestones.

    The Nyuni prospect may hold recoverable
    reserves of up to 260 million barrels of oil
    (mmbo) or if gas is present, 870 billion cubic
    feet (bcf).

    A period of approximately 70 days has been
    estimated for the well to reached its
    programmed total depth of approximately 3018
    metres. After Nyuni-1, the rig will mobilise approximately 10km north to commence a test of the
    Okuza prospect.

    Partners in Nyuni block are:
    Bounty Oil & Gas NL 10% (earning)
    Ndovu Resources Ltd* 60% (Operator)
    Petrom SA 30%
    *Ndovu Resources is a wholly owned subsidiary of Aminex PLC.
    Yours sincerely,
    Tom Fontaine
    Managing Director
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