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Bounty Oil & Gas NL (ASX:BUY) New Seaclem 1 – Spudding today

New Seaclem 1 – Spudding today
 
Bounty Oil & Gas NL (“Bounty”) is pleased to announce that the “Ocean Patriot” semi submersible drill rig has been positioned at the New Seaclem 1 location, fixed with 8 anchors and has ballasted down. All operations have proceeded smoothly aided by calm seas.
 
The well will be spudded later today; 2 days ahead of schedule.
 
Bounty will release further details as soon as this information is available.
 
The well operator is Asset Energy Pty Limited a wholly owned subsidiary of Advent Energy Limited.
 
The major shareholders of Advent are:
? MEC Resources (ASX: MMR),
? BPH Energy Limited (ASX:BPH),
? Grandbridge Limited (ASX: GBA);and
? Talbot Group Investments.
 
New Seaclem-1 Well Summary

Brief well details:
Name: New Seaclem 1
Position: Latitude: 32o55”49.7’’ Longitude: 152o22’25.07’’
Planned Total Depth 866 metres approx.
Target: Post Palaeozoic section
Current Operations: Picking up and racking back drill pipe and BHA. Preparing to drill 9 7/8” pilot hole.
 
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 Energy Limited 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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