The much delayed Nyuni-1 well in offshore Tanzania seems to have worked its magic on Bounty Oil & Gas' shares again, with the stock coming off lows of 14 cents earlier in the month to hit 23c yesterday.
With no news forthcoming on the well, BUY had eased back to 18c at press time. Bounty chief Tom Fontaine said the operator was interpreting logs and there would probably be an announcement next week.
After the well became stuck last month, a downhole motor assembly was mobilised from Europe to correct the deviated well bore back on target.
A previous well report said oil traces appeared 'to confirm the widespread presence of oil-prone and oil-mature Jurassic source rocks."
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