Bounty Oil & Gas NL (ASX:BUY) New Seaclem 1 - Provisional Drilling Schedule

Sydney, Nov 25, 2010 AEST (ABN Newswire) - Bounty Oil & Gas NL (ASX:BUY) (PINK:BYOGF) announces that farmin partner; Advent Energy Ltd (Advent) has received a provisional date of Tuesday 7 December 2010 for the commencement of the operational handover of the semi submersible rig "Ocean Patriot" in preparation for drilling of the New Seaclem 1 exploration well in PEP 11 offshore Sydney Basin. The rig has been drilling in Bass Strait, offshore eastern Victoria.

The provisional rig schedule for the "Ocean Patriot" issued by the owner Diamond Offshore Inc is set out in the attached Schedule.

Bounty will release further updates on the schedule as soon as information is available.

New Seaclem-1 Well Summary

The New Seaclem 1 well will be drilled 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 in PEP11.

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%.

For the complete Bounty Oil & Gas Limited announcement, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/64275-ASX-BUY-614976.pdf

Contact

Philip F Kelso Chief Executive Officer Tel: +61-2-9299-7200 Email: geo@bountyoil.com http://www.bountyoil.com