Utopia 14 Well Oil Discovery
The well reached TD at about 0600 today 13 February 2013 and was conducting a wiper trip in preparation to run electric logs.
Bounty is participating at its 40% interest in the well and in the next well - Utopia 12.
Commenting; Bounty's CEO Philip Kelso said:
"Bounty is very excited that U14 has proved oil near the top of the Utopia East closure 3 kilometres ESE of the main Utopia pool as this opens up a significant part of the 200 square kilometre Utopia lease for additional oil resources at the Murta zone above the oil water contact. Bounty will issue a more detailed release at completion of logging"
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About Bounty Oil and Gas Nl
Bounty is an Australian ASX listed oil producer and explorer (ASX:BUY). Its core petroleum production and exploration assets are located onshore 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; offshore it holds AC/P 32 Timor Sea and is a participant in PEP 11, Sydney Basin.
Bounty has interests in other permits including Tanzania where it is a participant in the Kiliwani North Gas Field development and is exploring for additional gas pools with up to 1 TCF potential.
Bounty has reserves and resources approaching 4 million barrels of oil equivalent.
Bounty Oil and Gas Nl