Bounty abandons Ubute-1

Coming up dry: Bounty plans to plug and abandon the Ubute-1 well

related stories

Josh Lewis

, Josh Lewis

 15 November 2010 04:12 GMT

Australia-listed Bounty Oil & Gas said it would plug and abandon the Ubute-1 exploration well on the Utopia Block in ATP 560P, in Queensland’s onshore Eromanga basin.

Bounty said electric logs established the presence of thick sands in the Birkhead and Hutton formations displaying reservoir quality sands but with only trace oil.

It added that proof of the presence of major oil reserves in the area upgraded the potential stratigraphic traps in the Utopia Block and for conventional traps in ATP 789P Bargie South Block to the north.

The company will now begin the drilling of two development wells on the Utopia Block.

Bounty has a 40% interest in ATP 560P with the remaining 60% being held by operator Bridgeport Energy.

…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index