Bounty Oil & Gas (ASX: BUY) set to drill Watkins North 1 Well in Naccowlah Block

2 min read | August 04, 2023 01:07 PM AEST | By Manisha

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Bounty Oil & Gas (ASX: BUY) set to drill Watkins North 1 Well in Naccowlah Block — Image source: Company Website

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Highlights

Bounty Oil & Gas NL is about to begin its two-well oil appraisal/exploration program with Watkins North 1 well in the Naccowlah Block, SW Queensland.

Watkins North 1 will be a near field exploration/wildcat well with a depth of about 1840m MDRT.

The SLR 188 rig will be used for the drilling of the well.

Independent Australian oil & gas explorer and producer, Bounty Oil & Gas NL (ASX:BUY) is all set to begin its two-well oil appraisal/exploration program with Watkins North 1 well in the Naccowlah Block, Southwest Queensland.

Watkins North 1 will be a near field exploration (NFE)/wildcat well, which will be drilled to a depth of about 1840m MDRT (measured depth below rig rotary table) as per plan to study the Birkhead/Hutton/Poolowanna Formations.

For the drilling of the well, the SLR 188 rig will be used which has been mobilised to the site. The company is expecting to spud the well in a few days after routine rig maintenance is completed. The drilling will be completed in about 8 days of time. Santos Ltd. has been appointed as the operator.

Upon completion of the well, the company will announce the results and mobilise the rig to drill Watkins North 2 well.

BUY shares traded at AU$0.007 on the ASX midday on 04 August 2023, with a market cap of AU$9.59 million.

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