Looks like the West Atlas Rig may be available immediately - I wonder if MEO are ready to take up their 3rd optional drill slot?
Wisteria 1 Well Bounty Oil & Gas NL (“Bounty”) announces that it has been advised by Coogee Resources, the Operator of AC/P 32 in the Timor Sea that the Wisteria 1 exploration well commencement date has been delayed from early August 2008 to the first quarter of 2009. The delay is as a result of the need for Coogee Resources which is also the operator of the nearby Montara Field to carry out operations associated with the installation of the Montara production platform. Contractual arrangements for the rig afford Coogee Resources the right to determine the rig schedule. At this point due to the attractive day rates for the Seadrill “West Atlas” jack up rig it is not at present contemplated that an alternative rig will be substituted. Commenting on the delay Bounty’s CEO; Philip Kelso said: “Although the 20 plus week delay in this well is frustrating the positive is that Wisteria is still going to be on one of the most exciting high impact offshore wells drilled in a long time. Wisteria is a very attractive play targeting mean gross reseves of 200 million barrels of oil in 3 zones and we will now have more time for Bounty shareholders to assess this story. Bounty also has a number of other projects moving forward including tie in at Kiliwani North in Tanzania, PEP 11 Sydney Basin and we have commenced sourcing a rig to undertake development drilling at the Utopia Field in SW Queensland.” Bounty is an Australian ASX listed oil producer and explorer. It is exploring for oil and gas with a number of high impact projects in Australia. In Tanzania it is a participant in the recent Kiliwani North gas discovery and in AC/P 32 Timor Sea. For further information, please contact: Graham Reveleigh Chairman Tel: +617 4033.1805 Email: [email protected] Philip F Kelso Chief Executive Officer Tel:+612 9299 7200 Email: [email protected] Website: www.bountyoil.com
MEO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held