Bounty Oil & Gas (ASX: BUY) jumps 17% on kicking off Cooroo NW 7 appraisal program

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Bounty Oil & Gas (ASX: BUY) jumps 17% on kicking off Cooroo NW 7 appraisal program

 Bounty Oil & Gas (ASX: BUY) jumps 17% on kicking off Cooroo NW 7 appraisal program
Image source: © Pichitbo Megapixl.com

Highlights

  • Bounty Oil & Gas has successfully kicked off its 2022 oil appraisal program.
  • The appraisal well was spud on 30 June 2022 and had reached the final depth of 1854 m MDRT on 4 July 2022.
  • Cooroo NW Field is located within PL 36 Naccowlah Block of Queensland.

Shares of Bounty Oil & Gas NL (ASX: BUY) surged 17% on 5th July after the company announced the successful beginning of its 2022 oil appraisal program at its Cooroo Northwest Oilfield.

An independent oil and gas explorer, Bounty owns a 2% stake in the Naccowlah Block and oil production facilities.

The appraisal well was spud on 30 June 2022 and had reached the final depth of 1854m MDRT (measured depth below drill rig rotary table) on 4 July 2022. The well encountered good oil shows at both the Birkhead and the Hutton Formations. As of 6:00 am today, wireline logging was underway.

After wireline logging, casing and suspension of the well would be carried out by the operator for future oil production. The latest drilling activity was designed to appraise and develop producing regions at the oilfield.

The Cooroo NW 7 appraisal well was directionally drilled (deviated) at –

  • Latitude - 27 degrees 41 minutes 42.23” South
  • Longitude - 142 degrees 17 minutes 9.80” East

Bounty closed at AU$0.007 a share on 7 July 2022 with a market capitalisation of AU$9.59 million.

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