Further 2013 Utopia Oil Development DrillingBounty Oil and Gas...

Further 2013 Utopia Oil Development Drilling
Bounty Oil and Gas NL (Bounty) is pleased to announce that it will shortly commence the next phase of the continued oil development drilling programme at its 40% owned Utopia Oilfield, PL 214, SW Queensland. Oil Wells Inc of Kentucky a wholly owned subsidiary of Bridgeport Energy Limited is the operator.

Drilling planned to extend on Utopia 14 Success:
This drilling has been planned to extend on the successful development program completed in February 2013.
The new program will follow up on the oil discovery in the Utopia 14 well and using the Utopia 3D Seismic Survey completed in 2011.

Development Wells

Bounty will participate in up to two development wells – Utopia 16 and contingent on results from that well it will then participate in Utopia 15 to be drilled after U16.
Utopia 16 will be located approximately 900 metres east of Utopia 14 and Utopia 15 will be located approximately 800 metres north of Utopia 16. Utopia 14 encountered very good oil shows in sandstones at the target Murta Zone in the 12 metre interval from 1006 metres MDRT to 1018 metres MDRT and is now in production.

Bounty has elected to go non consent in the Utopia 17 well to be drilled to basement at Utopia South as the first well in the program but retains generous buy back in rights under the joint operating agreement. Utopia 17 will spud tomorrow to be followed by U16 and U15.
Success from these wells is anticipated to again grow Bounty’s share of oil production from the Field and reserves.

Commenting; Bounty’s CEO Philip Kelso said:
“With continued strong oil prices and after three recent successes in Naccowlah Block Bounty’s appraisal and development drilling program in SW Queensland has this year lifted oil revenue towards $2.8 million per annum.
If U15 and U16 are successful this new Utopia program will continue to develop easily accessed high quality shallow oil by conventional wells and again add to Bounty’s 1P and 2P proven oil reserves.

This will lead to early revenue increases from our existing production facilities and likely additional drilling in 2014.”



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