(MENAFN- ProactiveInvestors - Australia) Bounty Oil and Gas (ASX:BUY) has encountered very good oil shows in good sands at the Utopia 14 well, with up to 7 metres of net sand oil pay within the target Murta zone.
Bounty has just completed the logging of the Utopia 14 development well at Utopia oil fields SW Queensland and has cased the well. Cementing operations are likely to be completed today and the well will be completed for production in the next two months.
The Utopia 14 well has mapped new 3D seismic survey and its current best estimate is that U14 has added conservatively new 2P reserves of gross 1.892 millionon barrels with 756,000 barrels net to Bounty.
Bounty believes that the Utopia 14 well will contribute around $800.000 to its gross revenue.
Bounty has a participating interest of 40% in the U14 well and the U12 well which is about to start.
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