Antrim Energy (fka ATGYF)

[kraftdinner]

The rig for Tanzania is available if they want to drill that also, even though they have the funds for this my guess is they will wait.

ASX ANNOUNCEMENT
RELEASE DATE: 11 May 2004
TO: Manager, Company Announcements
Australian Stock Exchange Limited

CONTACT: Tom Fontaine (08 9322 3244) PAGES: 2

RE: Nyuni-1A – Well Suspended with Oil & Gas Shows

Dear Sir/Madam,
Bounty Oil & Gas NL announces that drilling operations on its Nyuni-1A well, offshore Tanzania, have been completed, oil shows established and the well suspended while further study is carried out on the feasibility of a full testing program.

Both the target Lower Cretaceous (“Neocomian”) and Upper Jurassic formations revealed consistent shows of gas and oil. However, the results from the testing program, which used an MDT tool (Modular Formation Dynamics Tester) to provide down-hole well test information, have to date been inconclusive and subject to recurring mechanical failures of the tool. The MDT program was designed to take pressure data and fluid samples to a depth of 3886m, but no fluid samples have been obtained below a depth of 3406m. Given the uncertainty of being able to undertake satisfactory repairs to the tool in the near future, the testing program was terminated (with a substantial portion remaining incomplete), the tool stood down and the well suspended
with a wellhead in place.

The establishment of oil from an Upper Jurassic source rock in this region is a considerable achievement and a landmark for its hydrocarbon potential. Coupled with geochemical and other analyses of regional surface oil seeps, which precisely match oil shows analysed from Nyuni-1A, the well provides the first indication to date of a new oil province in East Africa, previously considered to be a purely gas-prone area.

Prior to any further drilling, the Joint Venture will conduct a detailed review of the licence area, integrating the information from the Nyuni-1/1A well. It is likely that existing seismic will be reprocessed in light of the well results and possible that further seismic acquisition carried out. A decision will be made on a full well test of the suspended Nyuni-1 and on the next drilling location as soon as this review has been concluded.

Bounty Managing Director Tom Fontaine said the drilling at Nyuni-1 had been an exciting project for the company.

“While we are clearly disappointed that we were unable to obtain definitive results at Nyuni-1, we believe that the well has confirmed the prospectivity of the region and has substantially upgraded the potential of the permit,” he said.

“Despite the well taking longer than anticipated to drill, Bounty will not be exposed to any additional expenditure, as our agreement with Aminex provides a cap to Bounty’s drilling costs for the Nyuni and Okuza wells. At such time as the costs meet or exceed an agreed level, Bounty will be provided with an opportunity to either continue to fund its 10% share or to proportionately dilute its interest to a minimum of 5%.

“We are enthusiastic about the region and are looking forward to the next round of drilling.”

Partners in the Nyuni Block are:
Bounty Oil & Gas NL 10% (earning)
Ndovu Resources Ltd* 60% (Operator)
Petrom SA 30%
*Ndovu Resources is a wholly owned subsidiary of Aminex Plc.

Yours sincerely,
BOUNTY OIL & GAS NL
Tom Fontaine
Managing Director

NOTE: In accordance with ASX listing requirements, the geological information supplied in this report has been based
on information provided by geologists who have had in excess of five years experience in their field of activity.