pep11 drilling location announcement

Bounty Oil & Gas NL (Bounty) is pleased to announce that farm in partner Advent Energy Limited (Advent)
has advised Bounty that, it has now fixed the location for the first petroleum exploration well to be drilled offshore
New South Wales within PEP11.
The well will be named New Seaclem-1 and will be drilled with the semi submersible rig Ocean Patriot. Advent
will be the operator.
The New Seaclem-1 well location is approximately 55 kilometres east of Newcastle (see Fig 3 below). The well
will target natural gas in the Cainozoic age sedimentary sequence.
The primary well objective is to drill to a total depth of 826 metres. The main target sequences will be interpreted
Tertiary age sandstone reservoirs of the Great White and Marlin prospects (see Figure 1). The well will also drill
into the interpreted Permian Triassic age sequences below the Cainozoic unconformity (Fig 1 B).
Semi submersible rig Ocean Patriot courtesy of Diamond Offshore Inc
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Figure 1
A: 3D view of the sedimentary sequence and stratigraphic drill
target zones at Great White and Marlin in PEP11
B Seismic cross section at Great White & Marlin
Figure 2 (see below)
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The Great White prospect (see area marked pink on Figure 2) is at a depth of 390 metres below sea level and
covers an area of up to 574 km2. The seismic geometry indicates slope fans or turbidite sands on lapping the
eastern flanks of a major geological feature - the Offshore Uplift of the Sydney Basin.
The Marlin prospect (see area marked green on Figure 2) is at a depth of 530 metres below sea level. The
seismic geometry indicates this may be incised valley channel fills/sub-marine canyon sands over lying the
Cainozoic/Permo-Triassic age unconformity. The Marlin prospect has been mapped to cover up to 761 km2.
Advents independent geophysical consultants; Tanvinh Resources have reported to Advent potential
undiscovered prospective gas in place resource estimates for Great White of 1.16 Trillion cubic feet (TCF) and for
Marlin of 2.97 TCF at the P50 or best estimate level under the USA Society of Petroleum Engineers (SPE)
guidelines.
Figure 3 New Seaclem 1 Drilling Location
Preparations for drilling are proceeding and are currently estimated for late October, 2010.The Ocean Patriot is
currently drilling for another operator in Bass Strait, offshore Victoria. When the rig is released it will be towed to
the proposed location.