Australia's junior oil explorer and producer Bounty Oil & Gas NL reported Friday that it has closed the May 18 agreement with two subsidiaries of the Bridgeport Energy Ltd. group to acquire additional oil development and exploration interests in Petroleum Lease 2 (Alton) in the southern Surat Basin, East Queensland and to exit the PL 214 Utopia Joint Venture (PL214) which is operated by one of those Bridgeport subsidiaries.
Following the completion of the agreement, Bounty will be operator and hold 100 percent interest of the 2P proven oil reserves, the production facilities and the surrounding exploration acreage in Petroleum Lease 2 (Alton Oilfield and Alton Block).
In addition, the company will own 81.75 percent stake in PL2A and PL2B (Kooroon Block) located within Petroleum Lease 2.
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