Bounty Oil and Gas Strikes Oil in Queensland

Bounty Oil and Gas revealed Wednesday that its Utopia 14 development well at the onshore Utopia oil field southwest Queensland encountered "very good oil shows" in sandstones at the target Murta zone in the 39-foot (12-meter) interval from 3,300 to 3,340 feet (1,006 to 1,018 meters) measured depth below drill rig rotary table.

The well reached its total depth at around 6:00 local time Wednesday. Bounty noted that it was preparing to conduct a wiper trip in preparation to run electric logs.

Bounty has a 40 percent participating interest in the well, and in the next well – Utopia 12.

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Barry Graham | Feb. 15, 2013
Nice income for Aussie firm and it is only a tip of the iceberg.


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