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ATP 1189P (formerly ATP 259P) – Naccowlah Block and associated PL’s Southwest Queensland

Location

Surrounding Jackson, Naccowlah and Watson Oilfields

Basin

Cooper / Eromanga

Area

2,544 km2

Interest

2% ATP 1189P and associated PL’s

Operator

Santos

Resource Reserve Estimates

107,000 bbl

Background

In 2011 Bounty purchased Drillsearch’s 2% interest in the Naccowlah Block SW Queensland. This Block covers an area of 2,544km2, 42% of which is covered by ATP 259(N). The remaining area is covered by 22 Petroleum Leases encompassing the producing fields. Currently this area delivers 40 bopd net to Bounty with net 2P reserves of 107,000 bbls.  In recent years the joint venture partners have taken steps to reduce operating costs, optimize production from existing wells and drill development and near field exploration wells; all of which have been successful in maintaining production levels and increasing cash flow.

The Jackson and Jackson South fields and associated production facilities are one of the largest in onshore Australia.

Targets

The project has an extensive 3D seismic database and the joint venture has successfully drilled near field exploration wells at Irtalie East and Watson West and has an inventory of similar targets for both Near Field and Development operations for several years to come.  The principal targets lie in the Top Hutton and Basal Birkhead Formations, with secondary objectives in the Westbourne and Murta Formations.

Future Work

Two further development wells targeting 2P undeveloped reserves of 250,000 bbls and potential production increases of 400 bopd are scheduled for later 2013 along with ongoing production optimization work on existing wells.

2015/16 Development

Again the oil price decline in 2014/2015 has affected the economics of further development drilling, production and optimisation work, however work continues and twelve month payback projects addressing in-well bore opportunities will be carried out, all aimed at maintaining production at 2013/14 levels as far as possible.