BOP equipment installed on Nyuni-1

Bounty Oil & Gas NL reports blowout prevention equipment is being installed prior to drilling the next section of the Nyuni-1 well off Tanzania. The next casing is to be run to 633 m, immediately above the well's secondary target in the Eocene formation.

Oct 20th, 2003

Bounty Oil & Gas NL reports blowout prevention equipment is being installed prior to drilling the next section of the Nyuni-1 well off Tanzania. The next casing is to be run to 633 m, immediately above the well's secondary target in the Eocene formation.

The primary target comprises Lower Cretaceous Neocomian sands at a depth of 2,350 m. Secondary shallower targets include Tertiary Eocene sandstones and limestones. The well is expected to take 70 days to drill a total depth of 3,018 m.

The Nyuni-1 exploration well spudded on Sept 26. The well is adjacent to the Songo Songo gas field, which is due to produce gas in 2004 through a new, internationally financed, common-user pipeline system, now under construction.

Nyuni-1 is the first of two sequential wells being drilled on the Nyuni offshore license using an F200 land rig owned by Dafora Drilling of Romania and operating from small islands.

The second well, Okuza-1, will test a separate but adjacent structure and will be drilled from Okuza Island.

In early September, Bounty signed an agreement with Aminex Plc that allowed Bounty to participate in Aminex's ongoing Nyuni drilling operation with a 10% working interest, contributing its share in cash.

Aminex subsidiary Ndovu Resources Ltd. operate the 2,600-sq-km Nyuni license with 60% interest.

Partners in the Nyuni Block are Bounty Oil & Gas NL 10% (earning) and Petrom SA with 30%.

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