New drilling program aims to strike bounty in Queensland

FOLLOWING the completion of 3D seismic surveys, Sydney-based Bounty Oil and Gas has announced the beginning of a two-well drilling program at its Utopia oil field in southwest Queensland.
At 220 square kilometres, Utopia is estimated to contain 8 million barrels of oil, with 3.2mmbbls net to Bounty. The field is 60 per cent owned by operator Bridgeport Energy.
The Utopia-12 development well was drilled at the highest point of the Utopia Central producing field, 440m from the most productive well, Utopia-2.
The targeted Murta reservoir was expected to be 7m higher at Utopia-12than at Utopia-2.
Utopia-14 will test a separate enclosure, Utopia East, 3.7km from Utopia Central.
According to a statement by Bounty, the program’s success could double the company’s share of oil from the field, with potential for a further 1.8 million barrels of recoverable oil from a new testing area.
Bounty chief executive Philip Kelso said the price of oil and the expectedsuccess would add to the company’s value.
“Bounty is excited that at a time of high oil prices with Tapis [crude oil] hovering around US$119 per barrel and a swing back to easily accessed conventional oil we will in 2013 start testing for the potentially large resources of shallow high quality oil in the extensions to Utopia Central,” Mr Kelso said. “Success with this drilling is anticipated to very significantly add
to Bounty’s 1P and 2P reserves with immediate revenue increases from our existing production facilities. “Later in 2013 this will lead to an expanded program.”
Workovers on Utopia Central’s existing production wells are expected to add 20 barrels of oil per day to the company’s total production.
Bounty decided to not participate in the drilling of Utopia-13 but will retain generous buy back in rights. The company has interests in Australia and Tanzania.

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