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Bounty Oil & Gas (ASX:BUY) Ocean Patriot Move to PEP 11

Ocean Patriot Move to PEP 11
 
Bounty Oil & Gas NL (“Bounty”) is pleased to announce that farmin partner; Advent Energy Ltd (Advent) has advised that it anticipates that operational handover of the “Ocean Patriot” semi submersible drill rig to Advent will occur tomorrow Wednesday 8th December 2010.
 
The “Ocean Patriot” has been contracted by Advent to drill the New Seaclem 1 exploration well in PEP 11, offshore Sydney Basin.
 
The “Ocean Patriot” is expected to leave from its current location offshore east Gippsland, Victoria late on 8th December and be towed by tugs (workboats) north along the New South Wales coast to the New Seaclem 1 location.
 
The tow to location will take approximately four days.
 
Upon arriving at the New Seaclem 1 location, the rig’s anchors will be run before the rig ballasts down.
 
The well is anticipated to spud between Tuesday 14th and Wednesday 15th December, 2010.
 
Bounty will release further details as soon as this information is available.
 
New Seaclem-1 Well Summary
 
The New Seaclem 1 well will be drilled 55km east of Newcastle within Commonwealth Waters.
 
The well will be the first exploration well to be drilled offshore New South Wales.
 
New Seaclem-1 will target natural gas in the Great White and Marlin stratigraphic prospects contained within the Cainozoic age sedimentary sequence. The specific gas targets are within interpreted Tertiary age sandstone reservoirs in that sequence and on the basis of seismic interpretation and site surveys the Great White/Marlin prospects have prospective gas in place resources of 7 TCF in PEP11.
 
Bounty is free carried for all costs of the New Seaclem 1 well. Upon completion of the well Advent will increase its working interest in PEP11 from 25% to 85%. Bounty will thereby reduce its interest from 75% to 15%.
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