OBJECTIVES

Bounty is pursuing a two branched business strategy to provide shareholders with opportunities for major capital gains through high impact growth exploration backed by a core business of production and low risk exploration to underpin the value of the company.

Core Development and Exploration

The objective is to make the company self-sustaining through production revenue.

Bounty has interests in 92 active producing wells in 18 fields in the Eromanga and Surat Basins of Queensland and currently produces 70 boepd. Development drilling is ongoing in Naccowlah and Utopia and contingent resources of 40 Bcf gas with potential to add 360 boepd to Bounty’s production are being commercialised at Nyuni in Tanzania.

Ongoing low risk exploration and appraisal in the Surat Basin, Queensland, is addressing near field targets with potential reserves of 400,000 bbls net to Bounty as well as tight oil fields with up to 2 million bbls in place.

Growth through High Impact Exploration

The objective is to provide the potential for major capital growth through exposure to high risk high reward exploration, in general targets which if successful would propel Bounty to the forefront of Junior Exploration companies in Australia.

Bounty has three projects the least of which if successful would add 8 MMboe to Bounty’s contingent resources. Nyuni in Tanzania is targeting over 3 Tcf gas in place in both stratigraphic and structural targets. Following on from this will be the Azalea Prospect in AC/P 32 Vulcan Graben Ashmore and Cartier Territory targeting up to 80 MMbo net to Bounty, and PEP 11 offshore Sydney Basin, NSW where targets up to 600 Bcf net to Bounty are being targeted.