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MENAFN - ProactiveInvestors - Australia - 30/01/2013

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(MENAFN - ProactiveInvestors - Australia) Bounty Oil and Gas (ASX BUY) will soon start the first phase of a two well oil development program at its Utopia oil field in southwest Queensland.

Both wells could more than double Bounty's share of oil production and test a new part of the field that could host an additional 1.8 million barrels of recoverable oil.

The well locations were mapped by the Utopia 3D Seismic Survey completed in 2011 and are up dip from existing production wells.

Bounty noted the survey had identified several potential closures that could hold up to 8 million barrels of recoverable oil " 3.2 million barrels net to Boutny's 40% stake in Utopia.

Utopia-12 is expected to spud around 5 February 2013 and is located at the highest point of the field up dip from the most productive well Utopia-2, which is 440 metres to the south.

The target Murta reservoir is expected to be 7 metres higher than the Murta zone in Utopia-2.

This additional section is anticipated to be above the oil water contact with reservoir quality sand and could deliver an additional 25 barrels of oil per day net to Bounty.

Utopia-14 will test a separate closure (Utopia East) to the southeast of the main production area.

Utopia East is located 3.7 kilometres to the east southeast of Utopia Central and could be linked to the central pool as an additional lobe.

In addition, the Murta zone at Utopia East is interpreted as being about 4 metres higher than at Utopia 2 and could be above the anticipated oil water contact.

Success in this could again add another 25bpd of oil to Bounty's production.

Bounty has elected to not participate in the Utopia 13 well to be drilled as part of the program but retains generous buy back in rights under the joint operating agreement.

The company has also completed workovers on existing production wells that could add between 20 barrels and 30 barrels of oil to its daily production.

Unlisted company Bridgeport Energy operates the Utopia oil field.


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