re: Ann: Chairmans Address and CEO Report to ... Possible short...

re: Ann: Chairmans Address and CEO Report to ... Possible short term earner? in early 2013?

Exploration:
Southern Surat Basin Onshore Queensland
ATP 552P – Bellbird - Bounty 33.33%, ATP 754P – Bounty 50%, PL 2A/B – Bounty 24.25%, PL 2C – Bounty 36.5%
Location: 40 km northeast of St. George, SE Queensland.
Significant Activities during the Quarter
ATP 745P:
The Farrawell 3D survey was completed during the
quarter. It is designed to delineate a structure up
dip from oil discovered in the Showgrounds
Sandstone by the Farrawell 1 well. Processing is
underway and should be ready for interpretation
within the next quarter.
Subject to confirmation by the 3D seismic survey
drilling of Farawell Updip as a multi-zone test for oil
and gas/condensate is planned for 2012-13. In this
part of the Surat Basin conventional gas often
contains around 80 – 100 bbls of condensate per
MMcf gas.
ATP 754P is also considered to have significant
unconventional gas potential which will be tested
by the planned well.
Bounty is awaiting renewal of ATP 552P. It is
commencing engineering reviews in preparation for
a program of re-entries into 2 wells which produced
oil.
PEL 218 Eromanga Basin, NE South Australia – Bounty 23.28% in section above the Permian