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Bounty Oil & Gas NL (ASX:BUY) PEP 11 Sydney Basin – Update

PEP 11 Sydney Basin-Update
 
Bounty Oil & Gas NL (“Bounty”) announces an update regarding the present status of PEP11, offshore Sydney Basin.
 
Advent Energy Limited (“Advent”) has advised that the joint authority has approved a variation to the PEP11 Year 6 work program commitment obligations. The variation includes geological and geophysical reviews as well as planning for new 2D/3D seismic. Year 6 of the first term of PEP 11 remains unchanged and will conclude on 3 January 2012. Advent and Bounty intend to apply for renewal of PEP11 at an appropriate time prior to the conclusion of this first work program commitment term. Given the major exploration effort on PEP 11 so far the partners are confident that renewal will be granted.
 
Investigative work on aspects of data from the New Seaclem 1 well continue. Drill cutting samples are being subjected to palynological and petrographical studies, and the joint venture expects to have results of this work in coming months. Following receipt of this data a reinterpretation of the existing seismic database will be undertaken then moving through to planning for new 2D/3D seismic.
 
Advent and Bounty will continue to plan the future exploration program in PEP11 with the excellent foundation of information obtained from New Seaclem-1. Details of future work will be advised in due course and will include, as a minimum, the work program commitment obligations as described above.
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