HDR hardman resources limited

HDR Announcement, page-12

  1. 32,325 Posts.
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    I was of the opinion that now Roc Oil is the operator for both permits they were going to access a drilling rig and hopefully drill at least 2 holes this year I will add Bounty Oils Announcement tonight They also have 10 percent of the Cliffhead Structures that are in TP 15 RegardsTowie All Very Interesting

    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

    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

    Under the terms of the option agreement with production license
    operator Brisbane Petroleum, Bounty will receive 85 per cent of
    production revenue from the well 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

    P 15 Regards Towie
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