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Hardman Buys Rig Testing Woodada

  1. towie

    28,028 posts.
    BOUNTY OIL & GAS NL 2002-07-04 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Bounty Oil & Gas NL ("Bounty") advises that testing operations at
    the Woodada #19 well are expected to recommence on or about 10 July,
    2002. The testing will determine whether the primary fluid in
    sandstones in the lower part of the well is oil or water.

    As previously detailed in an ASX announcement, the Woodada #19 well
    was suspended on 6 June 2002 after recovering trace amounts of oil
    from sandstones between 2733 and 2793 metres depth (the "lower
    zones") and encountered good gas shows in the producing Carynginia
    gas zone at about 2200 metres depth.

    Considerable volumes of drilling mud (over 1,000 barrels) had been
    lost into the sandstones whilst drilling, indicating good reservoir
    permeability in the lower zones. The well was cased, and the
    potential lower oil zones perforated - however initial testing only
    recovered drilling mud with traces of oil.

    It was determined that more extensive testing would be necessary to
    determine if commercial volumes of oil can be recovered from the
    lower zones. The well was therefore suspended in order to release the
    Century Drilling rig and to prepare for a lower cost option to
    perform the necessary testing. Bounty's joint venture partner in the
    Woodada Gas Field, Hardman Resources Ltd, has since purchased a
    drilling rig which is presently being re-commissioned in order to
    undertake this testing program. This will provide a relatively
    inexpensive opportunity to thoroughly test the potential of the well.

    If the testing shows the lower zones contain commercial oil, the well
    will be completed for production as a new field oil discovery well,
    otherwise, they will be cemented and the well will be completed for
    production and testing over the Carynginia gas zone.

    Participants: Hardman Resources Ltd 75%
    Bounty Oil & Gas NL

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