Bounty Oil and Gas NL (ASX:BUY) Announce New Seaclem-1 Well Updated Rig Schedule

Sydney, Dec 3, 2010 AEST (ABN Newswire) - Bounty Oil & Gas NL (ASX:BUY) is pleased to update progress on timing for the New Seaclem 1 well in PEP 11, offshore Sydney Basin.

Farmin partner Advent Energy Limited ("Advent") has advised a revised provisional date of Friday 10 December 2010 for the commencement of the operational handover of the "Ocean Patriot" semi-submersible rig contracted for the drilling of New Seaclem 1. This will occur at the location currently being drilled by another operator offshore from east Gippsland, Victoria.

It is expected the move to well site and positioning will take a further 6 days.

Advent and Bounty will release further detail on the precise schedule as soon as this information is available.

The major shareholders of Advent are:
- MEC Resources (ASX:MMR) (PINK:MECSF),
- BPH Corporate (ASX:BPH),
- Grandbridge Limited (ASX:GBA); and
- Talbot Group Investments.

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 and Gas NL announcement including location map, please view the following link:
http://www.abnnewswire.net/media/en/docs/64344-ASX-BUY-616090.pdf

Contact

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