r.i.p. R.I.P._________________________________________Sydney...

r.i.p. R.I.P.

_________________________________________


Sydney Office:
Level 4
34 Hunter Street
Sydney, NSW, 2000

Telephone: (02) 9221.2811
Facsimile: (02) 9221.3299




27th June, 2006



The Manager
Companies Announcements Office
Australian Stock Exchange
2 The Esplanade
PERTH WA 6000



Dear Sir/Madam,


Re: PEP.38215 - New Zealand


Bounty Oil & Gas NL ("Bounty") announces that its two (2) appeals against
revocation of New Zealand permit, PEP.38215, located offshore in the Great South
Basin, New Zealand, have been dismissed by the High Court of New Zealand in
Wellington.

Bounty is currently consulting with its lawyers as to what further steps may be taken
in connection with PEP.38215 but at this stage Bounty is unlikely to pursue the
matter further and the project will be written off in its financial statements for the year
ended 30th June, 2006.


Yours faithfully,
BOUNTY OIL & GAS N.L.




MICHAEL L. HUTT
COMPANY SECRETARY