Bounty Oil and Gas NL (Bounty) is pleased to announce a further oil discovery with the Utopia 12 Development well at Utopia Oil Field SW Queensland. Over the weekend Utopia 12 drilled in 8 ½' hole to TD at 1047 metres MDRT.

The well encountered good oil shows and elevated gas in good sands of the Murta Member over a gross 9.4 metre interval. The top of the Murta 2 reservoir came in at 1023 metres MDRT based on fluorescence in samples and a recorded gas increase; with up to 100% fluorescence from around 1023 metres to the OWC around 1032 metres MDRT.

A suite of electric logs was run and initial analysis indicates a net 5.8 metres of oil pay in good sand within that interval in the Murta zone. Following logging; 7' production casing has been run to TD and cemented. The Ensign 948 rig will be released today.

Further operations will involve completion of the well for oil production through the Utopia facilities in the next two months.

Tags: Bounty Oil & Gas