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WOODADA UPDATE

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    Latest BUY announcement:

    FOR IMMEDIATE RELEASE
    ASX ANNOUNCEMENT
    RELEASE DATE: 15 May 2002

    TO: Manager, Company Announcements
    Australian Stock Exchange Limited

    CONTACT: Tom Fontaine (08 9322 3244) PAGES: 2

    RE: PROGRESS REPORT 23 FOR WOODADA #19 WELL

    Dear Sir/Madam,

    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: 24 hours to 6am on 15/5/02.

    Current Depth:
    2,819 mKB (depths are in metres below the Kelly Bushing on the rig floor).

    Progress:
    Drill ahead in 8½ inch (216 mm) hole in Irwin River Coal Measures and into possible High Cliff Sandstone. Complete minor repairs. Presently preparing to drill ahead.

    Hydrocarbon indications:
    High background gas readings with occasional gas shows (up to 2.3% gas in drilling mud) in Irwin River Coal Measures.

    Increased background gas readings and occasional gas shows in High Cliff Sandstone.

    Shows comprise predominantly of C1 and trace C2, which are associated with coal beds.

    Previous Hydrocarbon Indications:

    Background gas in Carynginia Shale Formation

    Significant gas shows in Carynginia Limestone

    Background gas in Irwin River Coal Measures (up to 23% gas in drilling mud)

    Primary and Secondary Targets:
    Please refer to previous announcements.

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

    Yours sincerely,
    BOUNTY OIL & GAS NL
    TOM FONTAINE
    MANAGING DIRECTOR
 
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