Bounty targets early December for Magnolia-1 drilling

Bounty reports that drilling operations at Magnolia-1 in AC/P 32 offshore Australia are now expected to begin in the second week of December.

Offshore staff

(Asia-Pacific) - Bounty reports that drilling operations at Magnolia-1 in AC/P 32 offshore Australia are now expected to begin in the second week of December.

This is a consequence of an extension of the program for the current well being drilled by the rig,Ocean Bounty, at the Firebird 1 well. On completion of operations at Firebird, the rig will be moved to the Magnolia location.

Magnolia has the potential to hold 85 MMbbl of recoverable oil.

Bounty has a 10.4% interest in the permit and will be virtually free-carried through the drilling Bounty will fund approximately 0.6 % of the costs to a cap of $8 million.

Partners in AC/P 32 (subject to the completion of earning phases) are Bounty Oil & Gas NL 10.4%; Westranch Holding Pty Ltd. 19.6% (permit operator); OPIC Australia Pty Ltd 25.0%; Adelphi Energy Ltd. 15.0%; Australian Worldwide Exploration 10.0%; Coogee Resources (Ashmore Cartier) Pty Ltd 20.0% (farm-in oOperator).
11/16/05

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