Always pleasing to see further activity happening for the Bounty supporters.
Regards M.
BOUNTY OIL & GAS NL 2002-05-17 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Bounty Oil and Gas NL (Bounty) plans to drill an oil development well in the Thomby Creek Oil Field in Queensland's Surat Basin, the first to be drilled in the field since 1981.
Bounty is exercising an option to drill within the PL 18 production license.
The Thomby Creek Oil Field has produced less than three per cent of an estimated 2.5 million barrels of original oil in place. An independent evaluation has estimated that up to 300,000 barrels of oil may be recovered by this well.
Bounty intends to use horizontal drilling technology, in which the well bore penetrates the oil reservoir laterally, to optimise oil recovery.
Under the terms of the option agreement with production license operator Brisbane Petroleum, Bounty will receive 85 per cent of production revenue from thewell until payout of costs, earning 50 per cent of all production revenue thereafter.
Bounty can earn additional interest in PL 18, which also includes the Yellowbank Creek Oil Field, by drilling a further two wells within the production license.
T Fontaine MANAGING DIRECTOR
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