Project partner Bounty Oil & Gas said on Wednesday the Utopia-14 development well had encountered ?very good oil shows? in sandstones at the target Murta zone reservoir in a 12-metre interval measuring from 1006 metres to 1018 metres downhole.
The well reached total depth on Wednesday morning and was currently conducting a wiper trip in preparation to run electric logs, the company added.
This latest result follows news that Bridgeport had hit two to three metres of net reservoir at the Utopia-13 earlier this month.
Bounty chief executive Philip Kelso said the fact that Utopia-14 had proved oil near the top of the Utopia East closure ?opens up a significant part of the 200-square kilometre Utopia lease for additional oil resources at the Murta zone above the oil water contact.?
The Utopia oilfield is operated by Brideport with a 60% stake while Bounty holds the remaining 40% interest.
Source: http://www.upstreamonline.com/live/article1316912.ece
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