(MENAFN- ProactiveInvestors - Australia) Bounty Oil and Gas (ASX: BUY) has made a further oil discovery with its Utopia 12 development well in Queensland.
Wireline logs indicated the well had intersected 5.8 metres of net oil pay in good sand within the Murta Member.
Production casing has been run to total depth and cemented and the company will now complete the well for oil production through the Utopia facilities.
Utopia-12 completes the 2013 development program that has added an estimated 900,000 barrels to the proved and probable reserves at the Utopia field.
In addition, the Utopia-14 well has proved that the Murta oil reservoirs extend 3 kilometres east southeast of Utopia Central with a thickening of net sand to near 6.85 metres and improved reservoir quality in that direction.
Bounty, which holds a 40%, added the Utopia-14 discovery will lead to an additional field development program to test for further extensions in the south and east section of PL 214.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.