Bounty Oil and Gas NLyExcellence in Oil &

GasGasSydney, March 2, 2011

Philip F Kelso – CEO

DISCLAIMER

This presentation contains forward looking statements that are subject to riskf t i t d ith th il d i d t It i b li d th t thfactors associated with the oil and gas industry. It is believed that theexpectations reflected in these statements are reasonable but they may beaffected by a range of variables which could cause actual results or trends todiffer materially, including but not limited to: product price fluctuations, actualdemand, currency fluctuations, geotechnical factors, drilling and productionresults, 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, p y , g , g ydevelopments, 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

2

Bounty – Core growth in 2011y g

• BUY has a strong balance sheet with $ 6 million cash at 31 December 2010

• BUY’s Core Strategy lifted gross revenue to $ 1 million for the Half Year to 31 December 2010

• With Tapis around US$ 100 per bbl oil revenues will help fund further • With Tapis around US$ 100 per bbl oil revenues will help fund further development and near field oil drilling in its oil proven Cooper Blocks planned for 2011

• Utopia 3D Surveys completed with U11 H to drill in April 2011

• 2 more wells in Naccowlah Block

3

BUY growth in 2011

BUY Fundamentals on Upward Pathp

500,0000.14

0.16

0.18

Bounty Closing Price

200,000

250,000

300,000

350,000

400,000

450,000

Bounty Quarterly Revenue

$

0.06

0.08

0.10

0.12

$

‐‐‐

50,000

100,000

150,000

1 Dec 05 1 Jun 06 1 Dec 06 1 Jun 07 1 Dec 07 1 Jun 08 1 Dec 08 1 Jun 09 1 Dec 09 1 Jun 10 1 Dec 10

0.00

0.02

0.04

26 May 06 26 May 07 26 May 08 26 May 09 26 May 10

50

60

70

600

700

800

50

60

70

600

700

800 Bounty Market Capitalisation

• Bounty’s focus on Core and Growth Assets in Australia is providing a platform for future reserve and revenue growth

20

30

40

200

300

400

500

Millionsof

Shares Issued Shares

Market Cap

20

30

40

200

300

400

500

$Millions

Millionsof

Shares Issued Shares

Market Cap

revenue growth 10

‐

10

‐

100

4

BUY Fundamentals Platform

Bounty – Foundations for Reserve Growth beyond 20112011

• BUY’s Growth Strategy this year will start in April 2011 with participation in the Nyuni 2 well in Tanzania targeting 8 MMBOE’s net to BUYBUY

• If successful Nyuni 2 will push the Block along the commercialisation path

• Azalea Prospect – AC 32P offshore Vulcan Graben, major 3D reprocessing project completed and targeting 27 MMbbl oil net to Bounty up dip from oil in the Puffin Field drilling 2012Bounty up dip from oil in the Puffin Field, drilling 2012

5

BUY growth beyond 2011

PEP 11 – Still a Major Growth Asset

• PEP 11 – BUY was free carried through New Seaclem 1 with around $20 ll d b d d

j

million invested by Advent Energy Ltd

• BUY has reduced to a 15 % interest

S ill l d i h SC ll d b i l d d• Still early days with NSC 1 well data being analysed, and

• Multi TCF gas in the Fish - Baleen structures has yet to be tested

Bl k d d f 3 • Block extended for 3 years

• 2D and 3D seismic surveys in 2011-2012

N ll lik l i 2013• Next well likely in 2013

6

PEP 11 Sydney Basin - a Growth Asset

BUY Projects and 2011 Projectsj j

AC/P 32

NyuniTanzania

ATP 789EP 359,412 & 435

Naccowlah

ProductionExploration

UtopiaSuratPEL 218

Naccowlah

pHigh Impact ExplorationOffshore WellExploration WellDevelopment Well

PEP 11

• Wet conditions have curtailed activities in inland eastern Australia

• However still proposed to participate in up to 8 wells in 2011

7

However, still proposed to participate in up to 8 wells in 2011

BUY Projects

Steady growth in oil assetsy g

70

80

90Nacccowlah Purchase

her

Bounty MonthlyAverage Production

d

Oil Production – provides underlying supportfor Bounty’s higher risk operations

Bounty has been pursuing oil development and30

40

50

60

Boe

pd

Dow

nlan

ds C

lose

d Wea

t h

Dow

nlan

ds C

lose

d

appraisal through Utopia oil field development,Naccowlah acquisition and exploration in theSurat basin western oil fairway.

Oil revenue aimed to reach $2 million in 2011

0

10

20

Feb-

09

Mar

-09

Apr-0

9

May

-09

Jun-

09

Jul-0

9

Aug-

09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Feb-

10

Mar

-10

Apr-1

0

May

-10

Jun-

10

Jul-1

0

Aug-

10

Sep

-10

Oct

-10

Nov

-10

Dec

-10

Oil revenue aimed to reach $2 million in 2011

Interests in 1 MMbo of low risk drilling targetsin Surat Basin western oil fairway, for drilling2011 – 12.2

2.5

Bounty Reserves

2011 12.

1

1.5

2

MMboe

2007 2008 2009 20100

0.5

8

BUY Australian Oil

2011 Drilling - Nyuni Tanzania – Targeting 1.2 TCF Gas

• Proven hydrocarbon systemBewara West

Bewara East

Okuza

• All projects within 20 km of gas plant and pipeline

• Increasing local demand from both power Nyuni West

Bewara West

Nyuni

0.87 Tcf

0.49 Tcf

generators (3 new plants planned) and industrial end users, commercialisation closer

• Kiliwani North proven 40 Bcf gas 3 5 km

To Dar es Salaam Songo Songo East

Nyuni EastAmina

Imbi

• Kiliwani North proven 40 Bcf gas 3.5 km from gas plant

• Drilling Nyuni 2 in March/April 2011 targeting 0.87 Tcf up dip from known gas in

Songo Songo South

Songo SongoKiliwani North

Fanjove North

0.3 Tcf

targeting 0.87 Tcf up dip from known gas in Nyuni 1

• Fanjove North next well subject to successful transition zone seismic

Fanjove South

Deep South

programme defining top of structure

• All targets accessible from Islands0 5 10

Kilometres

Gas AccumulationLeadExploration Block f E

dge

9

Nyuni Block Tanzania

Exploration BlockDevelopment BlockOil SeepGas Pipeline

Shel

f

BUY 5%

Nyuni 2 - Targety g

_-2200

Nyuni 1 Nyuni 2

Albian Aptian

A B

___

-2300

-2400

-2500

Albian AptianNeocomianGas

15 m Gas Column in Albian Aptian Nyuni 1S

L ___

-2600

-2700

-2800

Gas Down to in Nyuni 1

Lowest Closing Contour

Albian Aptian Nyuni 1

met

res

AS

Substantial structure with four __

-2900

-3000

Lowest Closing ContourSubstantial structure, with four way dip closure

• Albian/Aptian age sands proven reservoir in Nyuni 1 and Neocomian age sands tested 40 MMcfg/day in Kiliwani North 1

• Neocomian main reservoir in Songo Songo Gas Field

• 20 km from Songo Songo Gas Plant

10

Success will add 8 MMboe to Bounty’s contingent resources

2011 Drilling - Utopia Developmentg p pWarragon

Kenmore

Black Stump0 5 10

Kilometres Utopia 1Utopia 2

Utopia 3

Utopia 5

Utopia 6Utopia 7

Utopia 8Utopia 9

Finnish 1

Monler North 1

Thunbunnee 1Cranstoun

Endeavour

Glenvale

Monler

KooyongUtopia 11H

Ufouria 1

Utopia 10

Utopia 8

• Utopia 10 successfully intersected the reservoir but the stimulation

Sirius (Qld) 1

Toolerah Creek 1

Nudgee 1

Talgeberry

Minni Ritchi

Tintaburra

Marcoola

Tarbat/Ipundu

Gimboola

Mulberry

Ballera

Utopia 11H

the reservoir but the stimulation caused high water cut.

• Utopia 11H is a short leg horizontal from Ufouria 1 to Utopia 1. Drilling

PL 214ATP 560P

U

Ufouria 1

Seagoon 1

g y

Toobunyah

Kooroopa

Kooroopa North

Takyah Utopia

Ballera

MoombaJackson

Utopia 10delayed by wet weather – April 2011

• Completed 3D to give framework for further development wells later

Minedella 1 Utopia 4

Hakheem 1

Currawinya 1 Muginanullah 1

ZenoniOil FieldLeadGas PipelineOil Pi li

Utopia 11H

11

for further development wells later in 2011

Targeting wells with 100 – 150 bopd production

Aros 1 & 2

Oil Pipeline

2011 Drilling Naccowlahg

259P N PL 87PL 182

82

• Two successful wells drilled in 2010, Watson West 1 and Irtalie East 1.

• One exploration and one development PitcheryPL 25

PL 62

79 105PL 109PL 175

181

PL 189

107149 ATP 259P N

well planned for 2012

• Two new completions and three new connections will ensure production (weather permitting) at a substantially

Bogala

GunnaJackson

KarriNaccowlah West

Pitchery

TinpillaWilson

Naccowlah South

PL 23PL 26

ATP 259P N (weather permitting) at a substantially higher rate than in 2010

• Naccowlah will provide revenue in excess of $1 million per annum

Cooroo North

C ll

Jackson South Koora

Nockatunga

Thungo

Wallawanny NorthWinna

Kihee

JarrarDilkera

PL 24

PL 76

77

ATP 259P N

PL 36

I t li E t 1 excess of $1 million per annumCorella

Echuburra

Maxwell

0 10 20

Kilometres

78133

Irtalie East 1

Wandilo

G N th

Minos

TennaperraTennaperra

Watson

Kilometres

PL 35Watson West 1

12

Naccowlah acquisition adds oil reserves

Genoa

Genoa NorthWatson South

2011 Drilling - Surat Basin QLD Oil Fairway

• Developing seriatim of oil

g Q yGas FieldOil FieldGas Prospect/LeadOil Prospect/LeadBoxvale Prospect/LeadP d ti Li

p gprospects in the southern Surat Basin

• Ewokk and Eluanbrook are up

SuratProduction LicenceGas PipelineOil PipelineWell with Oil ShowWell With Oil and Gas Show

dip from hydrocarbons in the Showgrounds Sandstone

• Mardi is migration focus in Boxvale Sandstone up dip from WaggambaMardi 0.33 MMbo

Bellbird Oil FieldTwo wells oil to surfacepossibly 2 MMbOIP

Ungabilla 1

Boxvale Sandstone up dip from Showgrounds zero edge, surrounded by oil fields

• Acquiring 3D seismic over

Oil Fairway

Waggamba

Alton

Mardi 0.33 MMbo

Bellbird

Acquiring 3D seismic over Ewokk to define drilling target for later 2011

• Bellbird Oil Field, two wells

Eluanbrook 0.3 MMboEwokk 0.36 MMbo

Cockatoo 1Fairymount

flowed oil to surface, unconventional reservoir

ATP754P

13

Over 1 MMbblo recoverable in targets identified to date

2011 Drilling – Bee Eaterg

Gearle Siltstone

R diolarite

Bee Easter ProspectSchematic

RivoliWindalia Radiolarite

Muderong Shale

Trap

tion -lt Birdrong SandstoneOil migration

inception post fault

pre Rough Range Anticline

Rough RangeBee Eater

EP 435 - 10%EP 359 - 10%

• Drilling Bee Eater 1 in 2011 ? ?

• 5MMbbl oil target with structure timed for oil chargeOil Field

Gas Field

Rough Range

PL L16 - 10%

• Success would mean early production through granted production licence

• Possible shale gas play in Patterson Trough

Lead

EP 412 - 65%EP 359 - 10%

west of Rough Range

0 10 20

14

Carnarvon Basin onshore targeting 5 MMbblo

Kilometres

BUY will see Ongoing Growth and Core Developmentp

2012

AC/P 322011

ATP 789

NyuniTanzania

EP 359,412 & 435

2011

2011/12

2012

ATP 789

ProductionExplorationHigh Impact Exploration

PEP 11

412 & 435

UtopiaSurat

PEL 218Naccowlah

2011

Ongoing

2012/13

• Growth Project high impact drilling will continue through to 2013, each with company making targets

PEP 11Ongoing

• Core oil development, appraisal and near field exploration will continue with steady revenue increases and drilling through and to 2012-13

• Basics will drive BUY Share Price Growth

15

BUY looking to Price Growth