Found this article, makes Bounty look quite good for a medium...

Found this article, makes Bounty look quite good for a medium term investment at these levels.

From proactiveinvestors.au

Investors looking to get set for the drilling of the the Fish Prospect in PEP 11 project in offshore Sydney Basin - Bounty Oil & Gas N.L. (ASX: BUY) a 75% interest - will not have to wait much longer. A drilling rig tender process for the well has commenced. Well design work has been completed to undertake a drill test of in PEP 11, and a tender has begun for the provision of a jackup drilling rig for that drill test.

Bounty has a free carry through 2009 drilling of one well in PEP 11 offshore Sydney Basin where the partners have identified several large targets some with potential for up to 2.5 Tcf gas. MEC Resources Ltd (ASX: MMR) has a 25% interest - earning an additional 55% by funding one well.

The Sydney Basin is believed to hold some of world’s largest coal accumulations, onshore this coal is thermally mature and generates gas, some of which is the target of current coal seam gas exploration and development. Recent work by MEC has confirmed that there is an active gas generation and migration system offshore, with the location of gas seeps, gas chimneys in the seismic and hydrocarbon related diagenetic zones – areas where rising gas has chemically altered the sediments.

Bounty has a full 2009 program with commercialisation of the 17 Bcf recoverable gas pool tapped by Kiliwani North 1 well (Tanzania) and appraisal of a further 50 Bcf of contingent resources in the same pool with new seismic and drilling.

Further, new seismic and drilling will begin on the 4.6 million barrel potential Eluanbrook stratigraphic prospect in the Surat Basin and new seismic and drilling of one oil well in PEL 218 Cooper/Eromanga Basin. In addition, development of up to 2 million barrels of oil in the Utopia Field SW Queensland and evaluation of the Bellbird oil field in the Surat Basin.

MEC Resources believes the Fish prospect has significant prospective recoverable gas resources. Assisting the effort, drilling rig rates have fallen substantially in recent months and a number of potentially suitable rigs are becoming available in the Australasian region.

Bounty CEO, Philip Kelso said that the Fish prospect is a first test of the major structures in the offshore Sydney Basin which appear to be generating gas.

Regards

Pixby