O & GBounty Oil & Gas NLCEO PresentationCEO Presentation

AGM 2008Philip F Kelso

ASX Code: BUY

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2008- Bounty’s First Exploration Hit !Exploration Hit !

• Reserves: 1.14 million barrels of 2P producing reserves

• New gas discovery: Kiliwani North (Tanzania) adjacent to infrastructure and market; tested 40 jmillion cfg/d, potentially adding 1.7 MMboe to Bounty’s reserves

• New Team: focussed on Bounty alone• New Prospects: PEP 11 Sydney Basin partners• New Prospects: PEP 11 Sydney Basin partners

announce structure with potential to host 9 Tcf gasgasFor

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What’s in Store for 2009

• Nyuni Block (Tanzania):– Expecting to achieve gas sales in late 2009

Possible appraisal drilling at Kiliwani North– Possible appraisal drilling at Kiliwani North– Planning for new seismic surveys in the Block,– leading to 2 new exploration wells in 2009/10 aimed at targets

totalling 1 Tcf gas• Bounty revenue:

– Anticipated to move to + $ 1 million pa by end 2009– Anticipated to move to + $ 1 million pa by end 2009• Oil development Utopia:

– Reservoir studies seismic and drilling to develop this largeReservoir studies, seismic and drilling to develop this large Murta oil pool further

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The TeamBoard• Graham Reveleigh (Chairman) – Geologist 42 years experience in

resources• Chuck Ross (NED) – Businessman - 35 years experience inChuck Ross (NED) Businessman 35 years experience in

resources and corporate finance• Gary Higginbotham (NED) – Accountant 44 years experience

fi i l d t tifinancial and tax accounting• Michael Hutt (Company Secretary) – Accountant 47 years

experience in corporate finance and resources company secretarialp p p y

Management• Philip Kelso (CEO) – Geologist and Lawyer 42 years experience in

upstream petroleum, resources. Track record of building reserves. • Malcolm Lennox (Exploration Manager) – Geologist 39 years

experience in resourcesexperience in resourcesFor

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Projectsj

Nyuni Block 30-50 Bcf commercial gas discovery, 11 Leads and Prospects with 1 Tcf potential11 Leads and Prospects with 1 Tcf potential

AC/P 32 Large Stratigraphic plays

WA 324 P Fishburn ~50 Bcf gas Leads and Prospects tototal 1 Tcf gas potential

Carnarvon Basin Onshore 2 wells 2009, 2-3 Mmbo and 50 Bcf gas targets

Utopia Oil Field 2-3 MMbo recoverableUtopia Oil Field 2-3 MMbo recoverableSignificant development upside

PEP 11 very large leads up to 9 Tcf gas potential.Adjacent to largest gas market

OilGasExploration

Adjacent to largest gas market

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TanzaniaMwanza

A h Nyuni Block BUY – 5% WIShinyanga

ArushaMoshi

Nyuni Block BUY – 5% WI

• Electricity demand growing by 10% pay p

• Gas used for power generation, cement and growing industrial consumer base

Lake Tangan

Dar es Salaam

Morogoro

Dodoma • Nyuni Block has contractual access to gas plant and pipeline

• Kiliwani North 1 and Nyuni anyanika

L. Rukwa

Mbeya

SongoSongo

Nyuni Block

y1 new gas discoveries

Lak Mnazi Bay

QuaternaryTertiary VolcanicsMesozoic Sediments ake M

alawi

MtwaraSongea

Tunduru

Karoo Palaeozoic SedimentsProterozoic Low Grade MetamorphicsProterozoic High Grade MetamorphicsArchaean

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Nyuni Block B W Development: 2009 –

2010NyuniNyuni West N i E t

Bewara West Bewara East

2010Seismic and two wells to develop the following leads:

Nyuni West Nyuni East

Aminag

EUR BcfBawara West 278Nyuni West 172

Songo Songo East

Songo Songo Kiliwani North

To Dar es Salaam

Fanjove South 168Songo Songo East 147Bawarra East 72

Songo Songo South

Songo Songo Kiliwani North

Fanjove North

All Others 317Total 1,184Fanjove South

Gas Accumulation

Deep South

0 5 10

Kilometres

Section Songo Songo to Nyuni (after Isis Petroleum Consultants Pty Ltd)

Gas AccumulationLeadExploration BlockDevelopment BlockGas Pipeline2008/09 New Seismic Acquisition

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Nyuni Block -Aerial of ProspectsAerial of Prospects and Leads

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Nyuni Block - Summary of Prospect Sizes

Nyuni Structural LeadsP50 mean, unrisked, GIIP

Lead Name Neocomian Structural Leads Only

Structural Leads at all levels

(Neocomian, Aptian-Albian,Top Cretaceous and Base EoceneCretaceous and Base Eocene

Gas BCF (GIIP) Oil Mmboe Total Gas Bcf (GIIP)

Total Oil Mmboe

Songo Songo South 37 6 54 9

Fanjove 275 46 358 60Nyuni West 15 3

830 138Nyuni East 57 10Okuza 320 53Others 69 12 103 18Kili ani North Disco er Under Appraisal Under AppraisalKiliwani North Discovery Under Appraisal Under Appraisal

Total 773 130 1,345 225

Bounty Oil & Gas NL-5% yworking interest 38.65 6.5 67.25 11.25

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Kiliwani North Commercialisation

• 70 metre gas column• GWC at least 35

metres below Songo Songo

• New pool

• South of Songo Songo • Only 6 km from Songas plantSouth of Songo Songo Gas field

• Large Cretaceous Structure

Only 6 km from Songas plant and pipeline to Dar es Salaam

• Growing industrial demand for gas and for electricity from

• Well tested 40 MMcfg/d gold mining industry

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AC/P 32 Vulcan Sub-BasinCassini

ChallisSwan

Puffin AC/L 3

AC/P 21

P 22

AC/P 32AC/L 6

AC 07-3

SkuaTalbot

Puffin

RL 1

P 22

AC/P 32

/P 3

4

AC/L 8

Wisteria 1

Hibiscus

Gardenia

Montara

AC/L 7

AC/

AC 08-5

AC 08-6

Oil FieldGas Field

Camelia

Fuschia

Updip Longleat

CruxAC/P 34 AC/P 41

Structural ProspectStratigraphic Prospect

0 25 50

Kilometres Hibiscus Lead Channel

AC/P 23

Wisteria 1 driiled in September this year failed to find hydrocarbonsfailed to find hydrocarbons

Hibiscus is the remaining large untested lead presenting a 100 MMbo target for explorationpresenting a 100 MMbo target for exploration

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Onshore Carnarvon BasinOnshore Carnarvon Basin

EP 325 (1)

L 9

359

(1)

EP 325 (2) Tubridgi

Rivoli

EP 435 (BUY 10%), EP (412 BUY 65%)

• Along trend from proven hydrocarbons at Rivoli and Rough Range

EP 4

33

EP 444

Rough Range

• Operator scheduled 2 wells for 2009 in two of these three prospects:-

h bill 0 f

434

EP 359 (2)

EP 412EP 435

Rough RangePindan

Thornbill 50 BcfSandalwood South 3‐5 MMboBee Eater 2 ~2 MMbo 

EP

4

EP 434

EP

359

(3)

04-5 LBee Eater Oil Field

Gas FieldProspectGas Pipeline

Pindan

Gearle Siltstone

Bee Easter type prospectSchematic

359 (3)

SandalwoodSouth

Thornbill

Gearle Siltstone

Windalia Radiolarite

Muderong Shale

EP 412

0 10 20Kilometres

Birdrong Sandstone

Trap

Oil migration -

inception post fault

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WA-324-P Bonaparte BasinFishburn BlockFishburn Block

Fishburn Deep

PetrelWA-6-R

WA 376 P

WA-405-P

Fishburn Deep

DolphinLead A

Bottlenose Tern

Fishburn 1

WA-18-P

WA-376-P

WA-375-P W 08-3

TernWA-324-P

WA-27-R

W 08-5

Penguin 1Polkadot 1

WA-318-P

WA-313-P

Gas AccumulationLead

• Seismic acquisition in 2008 following up proven gas at Hyland Bay level in Fishburn.

Blacktip

Lesueur 1

Marina (WA) 1

279-P

WA-33-L

0 25 50

Kilometres

Seismic acquisition in 2008 following up proven gas at Hyland Bay level in Fishburn. Deeper Keyling (Blacktip) and Kuriyippi (Marina) reservoirs untested

• Adjacent to and along trend from ENI’s Blacktip and ExxonMobil’s 2007 Marina gas condensate discovery.y

• Aim to achieve farmout to major and drill commitment well

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PEP 11:PEL 452

PEL 456 PSPAPP 31

PSPAPP 32

Offshore Sydney Basin - Gas playPEL 285

PEL 4

PSPA 20

Newcastle

PEL 267

PEP 11

PELA 98

Lithgow

PEL 5

PEP 11

PELA 97

New Leads9 Tcf Gas Potential

Sydney2

5

100

Wilton

Wollongong

n ey1

442

444

4454

5

8

BUY 75% and free carried for commitment well. Partner is seeking rig to drill very large leads adjacent to Australia’s largest gas market

PSPA 21

0 25 50Kilometres

Lead

largest gas market

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Utopia SW QueenslandpMurta Depth Structure

ATP 950P

BUY 40%

ATP 269PPL 57

ATP 560P

PL 95

PL 169ATP 959P

PL 29

PL 38PL 39

PL 52

PL 170 PL 214

ATP 560P UATP 959P

UtopiaUntested Leads

ATP 959P

• Large Reserves of 2.4 Mmbo recoverable

• Comparatively low production ofComparatively low production of 40 bopd

• Difference is the opportunity• Shallow target at ~1000 metres

S f d l t f fi ld d• Scope for development of field and Near Field Exploration Targets using cheaper drilling methods

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Utopia Fieldp200

GR_normalized0.00 200

GR_normalized0.00 200

GR_normalized0.00 200

GR_normalized0.00 200

Utopia 2 Utopia 6 Utopia 1 Utopia 5 Utopia 3520 m 587 m 607 m 810 m

1

GR_normalized0.00

000 1000

M1

10

es

M2

M2.1

05

Met

re

M2cU1 OWC

M2a

M2b M2M2a

M2

M2

Oil

M3 M2c

M3

Room for up to 10 development wells in existing pools and closures within the oil water contact offer untested upside

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Take Home Message !!g

• KN-1 increases Bounty’s enterprise value to around $25 million.

• Exploration to target gas and oil plays in Nyuni Block

• PEP 11 – partners identify potential 9 TCF of gas resource and are pursuing rig contract andgas resource and are pursuing rig contract and finance/farmout

• 2009 – onshore to reduce costs - Cooper Basin• 2009 – onshore to reduce costs - Cooper Basin focusSubstantial undeveloped reserve base• Substantial undeveloped reserve base

• New Management

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Disclaimer and Important Noticep

This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables whichthese statements are reasonable but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: product price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, oil and gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.

All references to dollars, cents or $ in this document are Australian currency, unless otherwise stated.

"The information in this report that relates to or refers to petroleum or hydrocarbon reserves, is based on information and reports prepared and/or compiled by the CEO of and an employee of Bounty Oil & Gas NL ( “Bounty”) Mr Philip F Kelso. Mr Kelso is a Bachelor of Science (Geology) and Bachelor of Laws and has practised geology and petroleum geology for in excess of 20 years He is a member of the Petroleum Exploration Society of Australia and a Member of the Australasianexcess of 20 years. He is a member of the Petroleum Exploration Society of Australia and a Member of the Australasian Institute of Mining and Metallurgy. Mr Kelso consents to the statements by Bounty in this report"

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Bounty Oil & Gas NLBounty Oil & Gas NL

For further information go to:www bountyoil comwww.bountyoil.com

Or contact: Philip F Kelso, CEOgeo@bountyoil.com

+612 9299 7200

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