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Bounty Oil & Gas NL (ASX:BUY) New Seaclem 1 – Spud - Progress Report

New Seaclem 1 – Spud - Progress Report
 
Bounty Oil & Gas NL (“Bounty”) is pleased to announce progress report on the New Seaclem 1 well in PEP 11.
 
The well was spudded at 00.00 hours AEDST 15 December 2010 and has drilled the 9 7/8” pilot hole to 310.5 metres BRT.
 
Current operations: Preparing to open hole to 36” before running the 30” conductor casing. This conductor will be cemented into the well in preparation for installation of the BOPs.
 
Forward operations: On current schedule, BOPs are expected to be installed on 19 December 2010 and the well is anticipated to reach the primary objective target zone during the period, 25-26 December 2010.
 
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.
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