Australia's Bounty Closes Deal with Bridgeport for Surat Basin Assets
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Advent Pushes Ahead with Seismic Campaign in PEP 11 in Sydney Basin (Jul 19)
- Australia's Bounty Closes Deal with Bridgeport for Surat Basin Assets (Jun 13)
- MEC Updates on PEP11 Planned Seismic Program in Offshore Sydney Basin (May 19)