Bounty (ASX:BUY) to commence four well appraisal program at Tequila 2 Naccowlah Block

January 13, 2023 01:33 PM AEDT | By Ankur Jaiswal

Bounty (ASX:BUY) to commence four well appraisal program at Tequila 2 Naccowlah Block — Image source: Robig | Megapixl.com

Program to commence with Tequila 2

BUY is commencing the program with Tequila 2 well, which is located in PL 23 Naccowlah Block, about 8 km northwest of the Jackson Oil Facility. The company holds a 2% interest in the Naccowlah Block and oil production facilities.

The location of the well is as follows:

Latitude – 28⁰2’42.23” South
Longitude - 141⁰57’11.75” East

As per the company, the well will be a vertical appraisal well with a planned total depth of 1,757 metres measured depth below the rig rotary table (MDRT). The well is targeted to further test multiple zones in the Murta/Birkhead formations.

Status:

BUY has highlighted that the company currently rigging up the Ensign 967 Rig in preparation to spud surface hole in the next 24 hours, with the results generally being reported at the conclusion of the well.

About the company:

BUY’s Australian acreage includes a 15% direct interest in PEP 11 offshore Sydney Basin and potentially high-impact oil exploration interests in Western Australia. Its gross oil revenue stood at AU$1.9 million pa.

The company’s shares are trading at AU$0.007, and its market capitalisation stood at AU$9.59 million, as on 13 January 2023.

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