They think that the well could potential be a oil producing well .
Read the last paragrath of the announcement
Progress Report 32 for Woodada #19 Well
Document date: Tue 28 May 2002 Published: Tue 28 May 2002 12:38:52 Document No: 216949 Document part: A Market Flag: N Classification: Progress Report BOUNTY OIL & GAS NL 2002-05-28 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Bounty Oil & Gas NL provides the following progress report on the drilling of the Woodada #19 gas well. All depths are in metres below the Kelly Bushing on the rig floor.
Period: 24 hours to 6am on 28/05/2002.
Current Depth: 2,841 mKB (Total Depth).
Progress: Nipple up BOP's, pressure test. Make up bit, pick up 3(1/2) inch (88.9mm) drill pipe. Presently running in hole at 2083m, prior to circulating hole clean and running Cement Bond Log.
Forward program: 1. Conduct long term flow testing through casing of the sandstones within the basal Irwin River Coal Measures and High Cliff Sandstone to determine type of formation fluid (oil or water) and productivity. 2. Conduct long term flow testing of Carynginia Limestone to confirm the economic potential for gas production.
Hydrocarbon Indications: Please refer to previous announcements.
Primary and Secondary Targets: Please refer to previous announcements.
We have run and cemented 7(1/2) inch casing in the hole to 2,838m. We are now running back into the hole to circulate it clean and then run a Cement Bond Log to confirm the integrity of the cement job. After this the casing will be scraped clean of any residual cement and perforated at selected intervals in the Irwin River Coal Measures and High Cliff Sandstone.
Cased Hole Test #1 will then be performed and the perforated sections swabbed to recover fluids and/or stimulate flow. It will take approximately 4 days (Saturday) to get to this stage. Note that we expect to initially recover drilling mud, as a substantial amount was lost to the formation while drilling. It is only after this mud is recovered that we will be able to assess the true nature (oil or water) of the fluid in the formation. If the deeper zones prove to be oil-bearing, the well will be completed for oil production. If the zones produce water, the Carynginia Limestone will be tested by Cased Hole Test #2 to confirm that it is able to flow gas at economic rates. Wireline logs and DST #1 have indicated that the Carynginia Limestone should be capable of economic gas production.
T Fontaine MANAGING DIRECTOR
NOTE: In accordance with ASX listing requirements, the geological information supplied in this report has been based on information provided by geologists who have had in excess of five years experience in their field of activity.
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