Bounty is also progressing discussions with field operator Oil Wells Inc of Kentucky and White Sands Petroleum whereby White Sands will farm-in to Utopia through funding the acquisition of 3D seismic and the drilling of two horizontal development wells.

Utopia is the largest known Murta (early Cretaceous) pool in the Eromanga Basin and may contain up to 2.86 million barrels of recoverable oil (P50).

“We are pleased to conclude our arrangements to purchase a share of Utopia. Furthermore, we are excited by the potential that a farminee such as White Sands can bring to this project,” Bounty managing director Tom Fontaine said.

The 3D seismic and targeted horizontal drilling should allow substantially improved production and accelerated oil recovery, he added.