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Bounty Oil and Gas, Bridgeport Energy spud Queensland oil development well

Last updated: 17:20 15 Nov 2013 AEDT, First published: 16:20 15 Nov 2013 AEDT

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Bounty Oil and Gas (ASX: BUY) and Bridgeport Energy have spudded the Utopia-16 development well at the Utopia oil field in southwest Queensland that is aimed at further increasing production.

Utopia 16 will be located about 900 metres east of Utopia 14, which encountered very good oil shows in sandstones at the target Murta Zone and is now in production.

Depending on its results, it will be followed by the Utopia-15 well about 800 metres to the north.

Bounty has a 40% interest in the Utopia Oilfield. Bridgeport is a wholly-owned subsidiary of New Hope Corporation (ASX: NHC).

 

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