ASX Code: BUY
Bounty Oil and Gas NL is a petroleum producer/explorer participating in development, near field and high impact exploration drilling in 2011/2012. Bounty has a quality portfolio of petroleum acreage with 2P oil reserves of 1.2 million bbls at Utopia, Queensland and contingent resources of 4 million bbl of oil equivalent spread across proven oil and gas permits in Australia and Tanzania.
It is listed on the Australian Securities Exchange with the enviable code of "BUY".
The company will participate in the drilling of 4 to 5 near field exploration wells in 2012 targeting oil in the Cooper and Surat Basins. drilled.
Bounty's 2012 focus includes:
Becoming a more significant producer by:
Drillling of up to 4 Development wells in the Utopia Field SW QLD in the ongoing programme designed to develop a potential 8.0 MMbo (3.1 MMbo net to Bounty). The most recent well Utopia 11 completed in June 2011 has been put on production.
Ongoing development and production optimisation in the Naccowlah Block SW Queensland
Commercialisation of the 40 Bcf contingent recoverable resources in the Kiliwani North gas pool (Tanzania)
Evaluation of the Bellbird oil field Surat Basin, QLD
Maintaining the Development Pipeline by:
Further exploration drilling in ATP 754P to test one of three oil prospects
Complete drilling Nyuni 2 updip from the proven Nyuni 1 gas pool in Tanzania with prospective recoverable resources in the range of 145 - 730 Bcf gas (well is currently suspended)
Participating in further drilling in Bounty's extensive onshore Carnarvon Basin and offshore Timor Sea acreage WA
Ongoing prospect and lead development