wisteria spudding soon, page-14

5 August 2008
Wisteria 1 Well
Bounty Oil & Gas NL (“Bounty”) announces that it has been advised by Coogee
Resources, the Operator of AC/P 32 in the Timor Sea that the Wisteria 1 exploration
well commencement date has been delayed from early August 2008 to the first
quarter of 2009.
The delay is as a result of the need for Coogee Resources which is also the operator
of the nearby Montara Field to carry out operations associated with the installation of
the Montara production platform. Contractual arrangements for the rig afford Coogee
Resources the right to determine the rig schedule. At this point due to the attractive
day rates for the Seadrill “West Atlas” jack up rig it is not at present contemplated
that an alternative rig will be substituted.
Commenting on the delay Bounty’s CEO; Philip Kelso said:
“Although the 20 plus week delay in this well is frustrating the positive is that
Wisteria is still going to be on one of the most exciting high impact offshore wells
drilled in a long time.
Wisteria is a very attractive play targeting mean gross reseves of 200 million barrels
of oil in 3 zones and we will now have more time for Bounty shareholders to assess
this story.