Sydney, Aug 26, 2011 (ABN Newswire) - Bounty Oil & Gas NL (
ASX:BUY) (PINK:BYOGF) is pleased to advise progress on the Nyuni-2 well, currently being drilled from Nyuni Island in the Nyuni Block, off the coast of Tanzania in the Indian Ocean.
Nyuni 2 Exploration Well
Nyuni 2 is being drilled from the same lease location on Nyuni Island as the Nyuni 1 well drilled by the joint venture in 2004. Nyuni Island lies approximately 30 kilometres off the mainland of Tanzania, to the south of the Rufiji River delta
Progress
Nyuni-2 was spudded on 17 June 2011 using the Caroil Rig-6, to target Lower Cretaceous age Neocomian (earliest Lower Cretaceous) sandstones, similar to those found in Bounty's nearby Kiliwani North gas field and in the producing Songo-Songo gas field. The well is being drilled at an angle of 30 degrees from vertical, to target a bottom hole location approximately 1,200 metres SE of the surface location. Planned measured total depth is 3,325 metres BRT.
With the exception of a period of several days when the rig was shut down due to a requirement to replace damaged rig equipment, drilling operations have made satisfactory progress to date and 9 5/8" casing is now being run to the current total measured depth of 2,945 metres BRT. Once the well has been safely cased to this point, drilling will resume towards its target. The result of the well will be announced at the earliest opportunity.
Partners in the well are:-
- Ndovu Resources Limited (Aminex PLC) 65% (operator)
- Rakgas Tanzania Ltd 25%
- Bounty Oil& Gas NL 5%
- Key Petroleum Ltd (KEY) 5%
ASX:BUY) (PINK:BYOGF) is pleased to advise progress on the Nyuni-2 well, currently being drilled from Nyuni Island in the Nyuni Block, off the coast of Tanzania in the Indian Ocean.Nyuni 2 Exploration Well
Nyuni 2 is being drilled from the same lease location on Nyuni Island as the Nyuni 1 well drilled by the joint venture in 2004. Nyuni Island lies approximately 30 kilometres off the mainland of Tanzania, to the south of the Rufiji River delta
Progress
Nyuni-2 was spudded on 17 June 2011 using the Caroil Rig-6, to target Lower Cretaceous age Neocomian (earliest Lower Cretaceous) sandstones, similar to those found in Bounty's nearby Kiliwani North gas field and in the producing Songo-Songo gas field. The well is being drilled at an angle of 30 degrees from vertical, to target a bottom hole location approximately 1,200 metres SE of the surface location. Planned measured total depth is 3,325 metres BRT.
With the exception of a period of several days when the rig was shut down due to a requirement to replace damaged rig equipment, drilling operations have made satisfactory progress to date and 9 5/8" casing is now being run to the current total measured depth of 2,945 metres BRT. Once the well has been safely cased to this point, drilling will resume towards its target. The result of the well will be announced at the earliest opportunity.
Partners in the well are:-
- Ndovu Resources Limited (Aminex PLC) 65% (operator)
- Rakgas Tanzania Ltd 25%
- Bounty Oil& Gas NL 5%
- Key Petroleum Ltd (KEY) 5%
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About Bounty Oil and Gas Nl
Bounty Oil and Gas Nl (ASX:BUY) is an independent Australian oil and gas explorer and producer. It was formed in 1999 and listed on the Australian Stock Exchange in February 2002.
From its inception, it has pursued an active programme of land acquisition, exploration and development whilst remaining free of debt. The company has production at Utopia in SW Queensland and two undeveloped gas discoveries offshore Tanzania. Recently the project emphasis has been benn changed slightly from high impact offshore exploration to a greater emphasis on lower risk onshore oil appraisal and development opportunities in Queensland.
The management team and directors are well versed in the oil and gas business and cover all aspects from finance to technical operations management. In addition, Bounty has excellent relations with Australia's best consultants and international consulting firms and can call on a broad spectrum of expertise as required.
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