Bounty primes Utopia bit

Australia's Andrew Symonds plays a shot against India during their second one-day international cricket match in Kochi October 2, 2007. REUTERS/Adnan Abidi (INDIA)

Preparing to strike: Bounty is preparing to spud the Ubute-1 wildcat

ADNAN ABIDI

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Josh Lewis

, Josh Lewis

 05 November 2010 07:06 GMT

Australia-listed Bounty Oil & Gas is preparing to spud the Ubute-1 exploration well today in ATP 560P, on the Utopia Block in the onshore Eromanga basin, Queensland.

The wildcat will primarily target oil in the Murta formation and Wyandra sandstone. Bounty said oil was already proved and being produced from those zones in offsetting wells at the Talgeberry field to the west and the Utopia field to the south.

The well will also test secondary targets in the Namur and Adori sandstones as well as the Birkhead and Westbourne formations, all of which Bounty said already produced oil in the area.

Bounty chief executive Philip Kelso said the well would be the first of three wells to be drilled on…

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