WOODADA19,Thurs,23/5/2002 Report

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    Woodada #19: Progress Reports
    Hardman Resources Ltd advises that the Woodada #19 well is being cased and cemented to undertake longer term flow testing of potential hydrocarbon bearing zones. (Please refer to Stock Exchange Announcement dated 22 May 2002). Whilst these operations are being undertaken, Hardman will provide progress reports on Woodada #19 to the Stock Exchange on a weekly basis unless a significant event occurs. The next progress report is scheduled for Wednesday, 29 May 2002.

    Progress Report 29 for Woodada #19 Well

    Document date: Thu 23 May 2002 Published: Thu 23 May 2002 12:23:26
    Document No: 216661 Document part: A
    Market Flag: N
    Classification: Progress Report


    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 23/05/02.

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

    Progress: Pull test string out of hole after DST #3.
    Conduct wiper trip, condition mud. Pull out of
    hole and lay down drill pipe.

    Forward program: 1. Run and cement 7 inch (178 mm) casing to 2,841
    mKB (TD).

    2. 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 and productivity.

    3. Conduct long term flow testing of Carynginia
    Limestone to confirm the economic potential for
    gas production.
    Indications: Please refer to previous announcements.

    Primary and Secondary
    Targets: Please refer to previous announcements.

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

    Bounty Comment:

    It is uncertain whether the Irwin River Coal Measures and/or the High
    Cliff Sandstone contain commercially producible hydrocarbons. A
    considerable amount of drilling mud has been lost into the formations
    during the drilling operations, and this mud dominated the results of
    our DST testing. Casing will be run to the bottom of the hole to
    allow long term testing of these formations. The tests will allow us
    to recover the mud from the formations and determine the nature of
    the formation fluid (oil or water).

    T Fontaine

    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.

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