Download - ABN Newswire

Bounty Oil & Gas NL Annual Report - 2011
ATP 259P Naccowlah Block and Associated PL’s SW Queensland - Bounty 2%
Location: Surrounding Jackson, Naccowlah and Watson Oilfields
Background
The Naccowlah Block comprises 3116
km 2 approximately half of which is
covered by ATP 259P (N) and the
remainder in 22 production licences
(PL’s) covering producing fields. This
area has the capacity to produce 40 bopd
net to Bounty. This year the operator has
cut operating costs while progressing the
tie in of new wells.
The Jackson and Jackson South fields
and associated production facilities are
the largest in onshore Australia.
Acquisition and 2010/11 Development
The acquisition by Bounty of a 2% interest in ATP 259 Naccowlah Block from Drillsearch Energy Limited was
closed on 28 January 2011 by the payment of balance purchase monies and adjustments for capital and other
items at a cost of $1,254,048. As a result Bounty increased its 1P and 2P oil reserves and production.
The effective date for adjustments was 1 April 2010. Revenue and expenses were accounted after closing of
the contract.
During the last year; three Near Field Exploration wells were drilled and Bounty participated at its interest.
Watson West 1 and Irtalie East 1 were new oil discoveries. Wandilo South 1 failed to intersect commercial oil.
The two discovery wells will be tied in during early 2011/12 and further development and appraisal drilling is
planned. These wells continued the run of new field discoveries in the area over the past five years.
A number of production enhancement operations on production wells were also undertaken during the period
and were continuing.
7