Bounty moving towards production in Tanzania

Bounty Oil & Gas NL, Sydney, is finally moving towards production in its Kiliwani North gas discovery in Tanzania.

The find, on Songo Songo Island 15 km off the mainland and 200 km south of the capital Dar Es Salaam, was made in 2007. Bounty has 10% interest in partnership with Aminex.

The single-well discovery has certified reserves of 45 bcf of gas. It lies just 2 km from the large Songo Songo field gas plant that in turn is connected to the mainland and the key Ubungo power plant that generates about 50% of Tanzania’s electricity capacity.

Bounty says the Songo Songo gas plant has undergone a recent upgrade to cater for the increased demand for gas-fired electrical power in the country. The connection of Kiliwani North-1 to the plant and trunkline is nearing completion and Bounty’s production is expected to flow at between 20-30 MMcfd.

Finalization of a gas sales agreement is pending.

Bounty also has a 5% interest in the Nyuni block immediately offshore where a number of anomalies and leads have been found. A 3D seismic survey is planned to focus on deep water turbidite plays with potential to hold at least 1 tcf of reserves. In addition, there are shallow targets within a relatively short distance of Songo Songo Island.

In 2003-04 Bounty participated in the drilling of Nyuni-1/1A from Nyuni Island to test a Songo Songo style prospect. The 1A well found oil indications but ran into mechanical problems. It was suspended for reentry at a later date.

Cash flow from Kiliwani-1 will help fund the company’s share of the forthcoming program.

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