Ann: Utopia 16 Development Well , page-9

Interesting that Bounty's Phil Kelso has been in Brisbane for the last three days. Now that is where New Hope has its headquarters. And New Hope owns Bridgeport Energy based in Sydney that has 60% of the Utopia Field which it bought in 2009. Bridgeport did all the right things immediately shooting seismic over the field. It a nice little operation oil trucked from the field to Eromanga Refinery some 40 kms away. (Didn't know there was a refinery in Eromanga!!)

There are seven wells on the field producing 100 bopd from the shallow Murta but the full extent of the accumulation has yet to be determined. That's the objective of the current drilling program.

Utopia #16 should have been at total depth earlier this week so its a bit curious as to why there has been no followup report since last Friday.

Could it be that the well has been a rip snorting success and nmow NEw Hope does want to increase its equity and buy Bounty out.

Well nice thought anyway. Kelso back in the Sydney office on Monday AGM then next wednesday. We can't be far away from the next announcement.