BUY 25.0% 0.5¢ bounty oil & gas nl

Bounty to drill farm-in well in Queensland's Surat

  1. 2,099 Posts.
    Bounty to drill farm-in well in Queensland's Surat Basin field

    (5/17/2002 - Oil Gas International: Perth) Bounty Oil and Gas plans to drill an oil development well in the Thomby Creek Field in Queensland, Australia's Surat Basin, the first to be drilled in the field since 1981. Bounty negotiated a farm-in agreement on Block PL 18, where the field is located, and must drill three vertical or two horizontal wells on the block to earn 50% interest in it, and this will be the first of the two horizontal wells. On completion of the work program Bounty will receive 85% of the production revenue derived from each well until payout of costs and then Bounty will receive 50% of all production revenue.
    Thomby Creek Field has produced less than 0.6 million bbl of oil from an estimated original oil in place of 2.5 million bbl. This is a recovery factor of less than 2%. The field is similar to the other field on the block, Yellowbank Creek, and should have similar recovery factors. Bounty expects that as much as 300,000 bbl of oil may be produced from this new well.



    Yellowbank Creek Field has four wells drilled which have only recovered 0.4 million bbl of oil of the 6.8 million bbl of oil initially estimated to be in place. This is a recovery factor of less than 6%. An independent evaluation has estimated that the expected recovery factor of this field is approximately 12%, and this may be increased to 16% by the use of a horizontal well.
    Bounty re-evaluated the seismic data from PL18 to improve the field descriptions and to look for additional exploration potential. Reservoir simulation models were built to determine the optimum field development strategy. It is expected that the recovery rates from the fields can be greatly improved by drilling wells in undrained portions of the fields and by implementing water injection for pressure maintenance. The use of horizontal wells is expected to result in higher production rates.
    Brisbane Petroleum is the block operator, retaining 50% interest.






 
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