The financial responsibility requirements applicable to all wells shall be as set forth in section twenty-six, article six of this chapter, except that the amount of financial responsibility through bonding or otherwise, as provided for in said section, for an individual well shall be in the amount of $5,000. In lieu of separate, single well bonds, an operator may either furnish a blanket bond in the sum of $50,000 in accordance with the provisions of subsection (c) of section twenty-six, article six of this chapter, or if the operator has previously provided a blanket bond in the sum of $50,000 which remains in effect, the operator may cover wells subject to this article by such existing blanket bond.