Bounty Reports Successful Oil Drill

  • Dec 10, 2018 AEDT
  • Team Kalkine
Bounty Reports Successful Oil Drill

The company has reported that in the Naccowlah Block; SW Queensland Wallis 1 NFE well-intersected oil in the Adori, Birkhead and Birkhead/Hutton zones and after completion of logging operations have been suspended and cased as a potentially dual zone oil producer or a potential Birkhead. Total depth of 1913 meters MDRT was drilled in the well.

In the 2018 Naccowlah Block Drilling Campaign Wallis 1 was the final well, and the Ensign 950 rig has been released. Bounty Oil & Gas NL reports that in the Naccowlah Block, SW Queensland Wallis 1 NFE well was spudded late on 2 December 2018. The well was at 6 am as at December 3, 2018, at 522 meters MDRT and preparing to cement surface casing.

Southwest of Jarrar Oil Field in ATP1189P Wallis 1 NFE has located 6.3 km, 24 km Southwest of Jackson Oil Facility. On a target defined by 3D seismic surveys, Wallis 1 will be drilled to 1931 meters MDRT. It is designed to appraise the Poolowanna and Birkhead zones. In the successful Jarrar 4 and five wells, the Birkhead zone produces oil in the nearby Jarrar Field where Bounty recently participated. In Naccowlah Block, Bounty has a 2% interest.

To test a structure 6.6 km West of the producing Jarrar Oil Field in Naccowlah Block, SW Queensland Bounty Oil & Gas NL reports that Wenda 1 NFE well was drilled to a total depth of 1960 meters MDRT. In the Westbourne and Birkhead zones, the well encountered reasonable oil shows in several grains of sand. The well is being plugged and abandoned, after completion of electric logging and formation dynamics testing. The Ensign 950 Rig will be moved on completion of operations to drill the Wallis 1 NFE well which is 6.2 km south-west of the producing Jarrar Oilfield. Bounty has a 2% interest in the Naccowlah Block.

Bounty Oil & Gas NL (ASX: BUY) has traded flat as at December 10, 2018, to $0.004 which is at its 52-week low. The stock open, high and low has been the same for the day. Throughout past 12 months, the stock has seen a performance change of -42.86%.


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