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

Highlights:

• Bounty Oil & Gas (ASX:BUY) commences its 2023 oil appraisal program.
• The four-well program is focussed on Tequila and the Cooroo Northwest Oilfields, Naccowlah Block, SW Queensland.
• BUY has planned to commence the program with a vertical appraisal well: Tequila 2 with a planned total depth of 1,757 metres (MDRT).

ASX-listed oil producer and explorer Bounty Oil & Gas NL (ASX:BUY) commences 2023 oil appraisal program in the Tequila and the Cooroo Northwest Oilfields, Naccowlah Block, SW Queensland.

The planned program continues the Naccowlah Block’s oil appraisal program, which resumed with the success of the Cooroo Northwest 7 well last year in July.

The program includes four wells and is intended to further appraise and develop the producing zones at the Tequila and the Cooroo Northwest Oilfields. BUY, via its joint venture, had previously achieved excellent appraisal and (near field exploration well) NFE well results in 2019 – 2020.

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.