Yes Utopia 14 exceeded expectations and then some. Utopia 12 next off the mark and again will be positive especially in this region and this tit bit of news out 3 days ago on Utopia 13?
Sydney-based Bridgeport Energy has hit oil in the Utopia-13 development well on PL 214 in the south-west of the Australian state of Queensland. Licence partner Bounty Oil & Gas said oil shows had been observed in the the Murta zone oil reservoir which had similar characteristics to the Utopia-3 production well to the north.
It added about two-to-three metres of net reservoir, out of 4 metres of gross reservoir, was proved above the oil water contact in the well.
Bounty had elected to go non consent in the Utopia-13 well but holds buy back in rights under the joint operating agreement.
The well will now be cased as a production well before focus switches to the Utopia-14 development well which is expected to spud around 11 February.
Bridgeport operates the Utopia field with a 60% stake, with Bounty holding the remaining 40% participating interest.
And on top of all of this the SP will go north without question there are still the negatives coming on this thread and the sad thumb downers who really think they can undermine BUY that now that it is in serious growth stage.
BUY Price at posting:
2.6¢ Sentiment: ST Buy Disclosure: Held
