BPH ENERGY LTD — Capital/Financing Update 2010

Jun 16, 2010

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17 June 2010

ASX/MEDIA RELEASE

PEP11 Drilling Preparation Update

Bounty Oil & Gas NL (“Bounty”) announces an update on drilling preparations for PEP 11 offshore Sydney Basin, New South Wales.

Farm in partner Advent Energy Limited (“Advent”) has reported the following preparations for the drilling of an exploration well, scheduled for the third quarter 2010. Advent Energy Ltd is an unlisted oil and gas exploration company, held by major shareholders MEC Resources (ASX: MMR), BPH Corporate (ASX: BPH) and Talbot Group Holdings.

Site Survey

The site survey data acquisition concluded at the end of May, 2010 as planned despite considerable delays to the survey due to poor weather. The site surveys were conducted over 5 areas in PEP 11 using the site survey vessel MV Limitless

The processing of the digital data acquired from the surveys is nearly complete. A processing report and site survey report is now being prepared.

Site surveys are a necessary pre requisite for offshore drilling.

Logistics

Advent has established a supply base in Newcastle, New South Wales and has commenced receipt of long lead items including casing. Contracts to source long lead items were previously announced by Advent.

Other major services contracts awarded include:

• Mud logging

• Remotely Operated Vehicles (ROV)

• Fishing and P&A

• Liner Hanger

• Cementation Products

• Drilling Tools

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• Casing and Tubing Running

• Rig positioning

• Vessels and Helicopters

The exploration well will be drilled with the semi-submersible drilling rig Ocean Patriot owned by Diamond Offshore.

Commenting; Bounty’s CEO Philip Kelso said:

“Advent is continuing solid preparations for the “Ocean Patriot” to drill the first well to test for natural gas in the offshore Sydney Basin and is on track for drilling in the third quarter

Bounty shareholders are free carried through this first well in the 8,200 sq km PEP 11.

PEP 11 contains multiple gas prospects and some potentially very major plays.

We will further update Bounty shareholders on preparations in coming weeks”

For further information, please contact:

Graham Reveleigh Philip F Kelso Chairman Chief Executive Officer Tel: +617 4033.1805 Tel:+612 9299 7200 Email: mining@cairns.net.au Email: geo@bountyoil.com Website: www.bountyoil.com

Bounty is an Australian ASX listed oil producer and explorer. Its core petroleum production and exploration assets are located in the Cooper/Eromanga Basins and in the Surat Basin in Queensland and South Australia. Its growth assets are spread over a number of high impact projects in Australia and Tanzania where it is exploring for oil and gas. In Australia it is a participant in PEP 11, Sydney Basin with up to 16 trillion cubic feet (TCF) gas potential and in other permits. In Tanzania it is a participant in the Kiliwani North gas discovery and is exploring additional gas pools with up to 1TCF potential.

Bounty has reserves and resources approaching 4 million barrels of oil equivalent.

[Information in this release that relates to or refers to petroleum or hydrocarbon reserves or resources is based on information compiled by Mr Philip F Kelso the CEO of Bounty Oil & Gas NL. Mr Kelso is a Bachelor of Science (Geology) 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 Australasian Institute of Mining and Metallurgy. He has consented to the reporting of that information in the form and context in which it appears in this release.]

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