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Bounty Oil & Gas NL (ASX:BUY) Ocean Patriot Under tow to PEP 11

Ocean Patriot Under tow to PEP 11
 
Bounty Oil & Gas NL (“Bounty”) is pleased to announce that farmin partner; Advent Energy Ltd (Advent) has advised that operational handover of the “Ocean Patriot” semi submersible drill rig to Advent was completed last night offshore from east Gippsland, Victoria and it is now under tow north towards the New Seaclem-1 drilling location, located in PEP 11, 55 km due east of Newcastle, NSW.
                         
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 late Tuesday 14th 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 in PEP11; 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.
 
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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