Bridgeport Energy has announced that its BDR-1 rig, which is capable of drilling to depths of up to 2,500m, commenced the first of five oil development wells on 31 August.
The two-month campaign was started in the Surat Basin on the Moonie field with Moonie-46, which will be follow by Moonie-45. Thereafter the rig will move to the Cooper Basin where it will drill three development wells on the Utopia field.
Bridgeport said the rig will then go back into service mode to continue with infield workover activities planned for the balance of the year at Bridgeport’s producing fields.
“With over 150 producing wells under management, BDR-1 will be used by Bridgeport to optimise production in a timely and cost-effective manner,” the company said.
Commenting on the next phase of capital works for Bridgeport, Chief Executive Officer Chris Way said: “Modifying our own company rig to be able to carry out service work and also drill and complete wells is a major operational benefit for the company.
“It provides Bridgeport Energy with the capability and flexibility to undertake our drilling programmes on its operated acreage with reduced exposure to market conditions for the size of rig we use.
“And in service mode, we can cost effectively carry out workovers on the same cost structure we have achieved over the past seven years as and when required. It is anticipated that this programme will increase our production and cash flow for the fifth year in a row.”