Bounty Oil & Gas NL

The Federal Court dismissed the PEP11 judicial review on 17 June 2026, so the refusal to extend the permit stands. Bounty holds 15%. It is reviewing options with the joint venture, including appeal. This resolves the wait for judgment and is a setback.

regulatory community update

Bounty completed Tranche 1 of its recapitalisation: 784,313,726 placement shares at $0.0051 (about $4M) issued 12 June. Also issued 50,576,471 shares to Oakley, 39,215,687 shares settling CQ Pastoral's $200k debt, and 58,627,452 shares on note conversion.

capital raising announcement

Bounty has firm commitments for about A$4.5M via 882,352,942 shares at $0.0051, with one free option per two shares. Tranche 1 is 784M shares; a further $500,000 tranche needs approval at a 14 July 2026 meeting. Completes the March recapitalisation placement.

capital raising announcement

Bounty and all Naccowlah partners signed a payment plan for $1.77M of arrears cash calls, payable in three instalments by 30 June 2026, 31 December 2026 and 30 June 2027. Interest accrues at BBSW plus 4%. This resolves the arrears talks flagged on 22 May.

material agreement

Bounty signed a non-binding MoU with Jereh Energy Solutions Australia on a possible farm-out or sale of its Surat Basin assets, with exclusivity for a defined period. The company says this could reduce funding needs; no binding deal is certain.

asset acquisition disposition

Bounty discloses that unpaid Naccowlah cash calls have accumulated to $1.7M, which the company attributes to low oil prices and rising operating costs. It is in advanced talks with the joint venture on an arrears agreement. Future wells are flagged for 2026/2027.

joint venture update

Bounty proposes a recapitalisation: a 30-for-1 share consolidation, a placement of up to $4M at $0.0051 per post-consolidation share with free options, and conversion of $200,000 owed to CQ Pastoral. It has issued $39k convertible notes and $260k loan notes, with shareholder meeting due by 31 May 2026.

capital raising announcement

CEO Philip Kelso, in the role since 2009, retired on 22 January 2026. Chairman Graham Reveleigh and director Charles Ross also retire after 20+ years. Former COO Kane Marshall becomes Chairman and Robin Armstrong joins as a director, with a stated growth strategy and new ventures.

director officer appointment

Federal Court set a timetable for the PEP 11 judicial review, with a 2-day hearing on 16-17 September 2025. It also suspended the Joint Authority's refusal from 16 January 2025 until further order. This keeps Bounty's 15% interest alive for now; no outcome yet.

regulatory community update

PEP 11 operator Asset Energy filed a Federal Court judicial review application seeking to quash the Joint Authority's refusal and send the applications back for reconsideration. Bounty holds 15%. It is a legal challenge, not an outcome.

regulatory community update

The rights issue raised only $252,000 against the roughly $1.5M target, with 62.97M shares taken up of 374.6M offered. The unsubscribed shortfall remains open until 1 May 2025. A far smaller raise than planned.

capital raising announcement

BPH Energy, as the PEP 11 joint venture partner, announces the Joint Authority refused the 2020 and 2021 extension applications. The permit stays in force for two months from 17 January 2025. The JV is taking legal advice on review.

regulatory community update

Bounty confirms NOPTA notified it on 17 January that the Joint Authority refused the PEP 11 applications. This confirms the September preliminary view; the permit continues two months. Bounty's 15% interest is now at risk, and the JV is seeking legal advice on review.

regulatory community update

Bounty proposes a 1-for-4 non-renounceable rights issue of up to 374.6M shares at 0.4 cents to raise about $1.5M, a 20% discount to the 15 November close. Funds go to Queensland oil drilling in early 2025, working capital and WA gas opportunities. Not underwritten.

capital raising announcement

Minister Ed Husic told the PEP 11 operator he has formed a preliminary view that the extension applications should be refused. The joint venture is consulting lawyers. This is a major setback after the long wait for a decision on Bounty's 15% permit.

regulatory community update

Operator Coastal signed a binding Heads of Agreement with a rig contractor for the renamed Jacobson (formerly Cerberus) project. It covers two firm wells and one contingent, with drilling slated for late 2025, subject to approvals, tenure and a US$250,000 booking fee. Advances the Cerberus rig thread.

material agreement

Bounty raised $1.15M through a placement at 0.9 cents a share, an 18.2% discount to the last price. 128M new shares come with free attaching options at 2.5 cents expiring November 2025. Funds go to projects and working capital; this dilutes existing holders.

capital raising announcement

The campaign closed with Watkins North 1 (2%) and 2 (10%) cased for production, and Walter 1 (2%) plugged and abandoned after weak oil shows. Bounty expects the two Watkins North wells to add over A$1M a year to revenue once tied in.

drilling result

Watkins North 2 (Bounty 10%) found good oil shows with 7.6 m of net pay in the Birkhead sands, and was cased and suspended as a future producer. Bounty also joins Walter 1, a further exploration well, with the rig moving there.

drilling result

Watkins North 1 reached 1,711.6 m and found fair to good oil shows and porosity in the Birkhead Formation. It will be cased and suspended as a future oil producer. This is the first success of the 2023 Naccowlah campaign, following the Tequila 2 failure in January.

drilling result

The Federal Court quashed the March 2022 refusal of the PEP 11 extension, finding apprehended bias by then Prime Minister Scott Morrison. The application goes back to the Joint Authority for fresh decision. This resolves the court case; the extension itself is still undecided.

regulatory community update

The PEP 11 joint venture filed proposed consent orders in the Federal Court to end the case without a trial. If granted, the March 2022 refusal of the extension is set aside and must be re-decided. PEP 11 stays in force meanwhile.

regulatory community update

Cooroo NW 7 reached 1854 m on 4 July after spudding 30 June, with good oil shows in the Hutton and Birkhead formations. It will be cased and suspended as a future producer. Bounty holds 2%; no flow rates are given.

drilling result

WA regulator approved suspension of work programs and term extensions for Cerberus permits EP 490, 491 and TP 27 through to May 2026. An identical EP 475 application is pending, with approval anticipated. Year 3 seismic work has started.

regulatory community update

Advent's subsidiary, as PEP 11 operator for the joint venture including Bounty (15%), applied to the Federal Court to review the refusal to vary and extend the permit. This follows the March NOPTA refusal; the outcome is open.

regulatory community update

Bounty exercised its option to lift its Cerberus farm-in from 25% to 50%. Coastal issued a letter of intent for the Valaris JU-107 jackup rig for two firm and one contingent well. Bounty says no material cash calls are expected short term.

farm in farm out agreement

NOPTA formally refused the PEP 11 work-program variation and 24-month term extension, confirming the December 2021 government signal. The joint venture (Bounty 15%) can seek review and is taking legal advice; Bounty says it has already pivoted to Cerberus.

regulatory community update

Cerberus drilling program set at two firm wells (a Stork/Amos target and new Belfon) plus contingent Expanse; rig tender issued, indicative timing Q4 2022 subject to approvals. Preliminary seismic analysis is said to lower risk; updated resource estimates promised by end-March work.

drilling scheduled

The Federal Government announced it will refuse the extension of PEP 11, in which Bounty holds 15%. Official NOPTA notice is not yet received. This ends the long-awaited decision on the permit; Bounty says it will now focus on Cerberus and Naccowlah.

regulatory community update

Bounty farms into four Carnarvon Basin permits (Cerberus) to earn 25% by funding $6M of three exploration wells, with six-month options on two further 25% tranches ($9M and $12M). It also raised $2.74M by placement; Kane Marshall joins as COO. Resolves the October suspension.

farm in farm out agreement

PEP 11 operator received a Basis of Well Design report from Add Energy for Baleen-1. The JV now plans, subject to approvals and funding, a deeper well of about 3,150 m (previously 2,150 m) to test Permian sandstones for gas and carbon storage.

joint venture update

Bounty told ASX it had no undisclosed information behind the fall from $0.035 to $0.02, after reports that the Prime Minister does not support PEP 11. It says NOPTA is the decision maker and no decision has been advised.

price query

Bounty told ASX it knew of no undisclosed information behind the price move from $0.029 to $0.047. ASX cited the NSW Deputy Premier's statement recommending PEP 11 not be renewed. Bounty added nothing further. This is a setback for the 15% PEP 11 stake.

price query

Cooroo 7 (1,932 m) and Cooroo NW 5 (1,916 m) both found oil and net pay and were cased and suspended as future producers; NW 5 confirmed a material northwest extension of the field. Bounty's 2020 tally is six successful wells and one plugged. Bounty holds 2%.

drilling result

Half-year to 31 Dec 2019: revenue $1.97M (up from $1.45M), net loss $2.86M after a $2.904M non-cash impairment on relinquishing AC/P 32 after no farm-out. Bounty expects about $3.0M sales for FY2020 and declining production.

half year report

BPH Energy says the PEP 11 operator Advent (via Asset Energy, 85%) ended the RL Energy joint venture agreement by mutual consent. This removes the partner for the planned 3D survey; the JV is now reviewing its work program and a possible Baleen well. Bounty holds 15%.

joint venture update

Queensland has renewed Petroleum Lease 441 Downlands, which Bounty owns 100%. This resolves the renewal thread; Bounty plans to flow-test Downlands 2, negotiate pipeline access and a gas sales agreement, aiming to restart gas production.

regulatory community update

Bounty and Asset Energy say they have mutually resolved the outstanding 2018 seismic survey matters. Bounty keeps its 15% of PEP 11, with Asset Energy at 85% as operator. A work-commitment variation has been sought for a roughly $4M, 500 sq km 3D survey.

joint venture update

Wallis 1 found oil in the Adori, Birkhead and Birkhead/Hutton zones at 1,913 m and is cased and suspended as a potential producer. It was the last well of the 2018 Naccowlah campaign and the rig is released. Bounty holds 2%.

drilling result

MEC says Asset Energy has given notice requiring Bounty to withdraw from the PEP 11 JOA and permit over unpaid invoices, so Bounty's 15% passes to Asset Energy once the regulator registers the transfer. Bounty loses its Sydney offshore interest and RL farmout upside.

asset acquisition disposition

Bounty intends to withdraw from Kiliwani North and the Nyuni PSA in Tanzania, subject to settling accounts with operator Ndovu (Aminex). It claims a USD 475,866 (AUD 665,000) gas receivable plus unquantified condensate payments. This ends its East African gas push.

asset acquisition disposition

Watkins 2 and Watkins 3 (spudded 12 May, TD 1,736 m) both found oil in the Birkhead Formation and were cased and suspended as potential producers. The rig has been released. Bounty holds 2%. This continues the Naccowlah drilling program and adds to the Irtalie East 6 success.

drilling result

MEC said a conditional PEP 11 farmin agreement was signed by Asset Energy and RL Energy, replacing the term sheet. RL earns 5% by preparing the environmental approval documents and a further 55% by completing a 500 km2 3D survey, carrying Asset's costs up to $4M. Bounty (15%) supports it.

farm in farm out agreement

The PEP 11 2D seismic survey of about 200 line km was completed on 19 April 2018, meeting the Year 2 commitment and putting the permit in good standing. Processing comes next; the RL Energy farmout still depends on its conditions. Bounty holds 15%.

drilling result

First Kiliwani North reserves: 2P of 1.94 BCF gross after compression, with about 6.4 BCF already produced. Bounty's 9.5% share is 0.175 BCF. A Kiliwani South lead is named. Reserves are far below the 30.8 BCF in place because of compartmentalisation.

resource reserve update

NOPSEMA formally accepted the PEP 11 Baleen 2D seismic environment plan, resolving the approval Bounty had been waiting on. Advent will start mobilising equipment. This clears a condition of the RL Energy farmout. Bounty holds 15%.

regulatory community update

NOPTA approved an extension of the PEP 11 term to February 2021. This resolves the pending extension application. Commitments now include a 2D survey by Feb 2019, one exploration well in year 4 and 500 km2 of 3D seismic in year 5. Bounty holds 15%.

regulatory community update

Bounty confirms its conditional PEP 11 farmout to RL Energy: RL funds the 200 km 2D seismic to earn 10%, taking Bounty to 13.5%. An expedited 3D option (about $4M) could lift RL to 60%, diluting Bounty to about 6%. Cuts Bounty's cost exposure.

farm in farm out agreement

A binding term sheet was agreed for RL Energy to fund PEP 11 2D seismic and earn 10%, diluting Bounty from 15% to 13.5%. Options could take RL to 60% via 3D seismic. Conditional on environment plan approval and title standing. This is the partner talk Bounty flagged.

farm in farm out agreement

ASX queried Bounty's September quarter Appendix 5B, saying cash of $1.089M and forecast outflows of $1.149M mean it may lack funds to continue operating, though gas receivables are owed. ASX asked about capital raising plans and compliance with Listing Rule 12.2. A response was due 9 November.

listing compliance notice

Year to 30 June 2016: total revenue $1.29M (from $2.25M), net loss $4.42M (from $10.99M) after a $2.95M non-cash asset impairment. Cash and current assets are $1.92M with no debt. Management expects revenue of about $3.5M in 2017.

annual report

Kiliwani North has mostly produced 15-25 mmcfd, averaging over 15 mmcfd this quarter, held back by plant and pipeline commissioning and downtime. First revenue arrived in August, but TPDC is still arranging the required letter of credit. The planned full well test is now dropped as unnecessary.

production update

Bounty has closed the 18 May agreement, so it now holds 100% of the Alton Oilfield and Alton Block and 81.75% of PL2A/B Kooroon, as operator, and has exited Utopia PL 214. Resolves the Utopia dispute thread.

asset acquisition disposition

Bounty signs the formal deal to exit the Utopia PL 214 joint venture (40%) and settle the dispute, receiving $300,000 and release from about $500,000 of estimated claims. It gains 100% of the Alton Oilfield from Bridgeport, targeting oil production within 6 months. Formalises the March-quarter term sheet.

asset acquisition disposition

First gas flowed from Kiliwani North-1 on 4 April, Bounty's first African production (9.5% interest). Output is to build to 25-30 mmcfd gross over 90-100 days, giving Bounty 380-475 boe/day and A$2.42-3.49M a year. Resolves the long-running first-gas thread.

production update

Kiliwani North gas sales agreement with TPDC signed, resolving the long-delayed Tanzanian gas thread. Take-or-pay at US$3.00/mmbtu, minimum 20 mmscf/d, payment secured by letter of credit. Bounty holds 9.5%; it expects about A$3M gross revenue in 2016. Testing starts January 2016.

material agreement

Tanzania's state company TPDC is exercising its right to take 5% of Kiliwani North, cutting Bounty's interest from 10% to 9.5% once it reimburses costs. The gas sales agreement is in 'concluding stage'; plant completion is still awaited. Bounty still expects about A$3M gross revenue in 2016.

joint venture update

Year to June 2015: net loss $10.99M versus a $1.14M profit, after impairments and exploration write-offs. Oil revenue fell 39% to $1.91M. Cash and current assets were $2.25M with nil debt. Management expects Tanzanian gas sales (about $3M a year) to lift revenue towards $4M in 2016.

annual report

An independent report for Aminex puts Kiliwani North gas in place at 44 BCF gross, with 28 BCF booked as contingent resources (2C). Bounty (10%) plans its first reserves once the gas sales agreement is signed and production starts. Nyuni shelfal leads stay at 5.67 TCF.

resource reserve update

Half-year to Dec 2014: net loss $5.29M versus a $1.09M profit a year earlier, including a $4.23M non-cash oil and gas impairment and a $301,256 exploration write-off. Petroleum revenue was $1.11M; revenue from continuing operations fell 68% to $821,415.

half year report

The indicative deal to buy Empire's Carnarvon assets was terminated by mutual consent. Instead Empire's subsidiary will relinquish EP 435 and EP 359, which Bounty will take over as operator, giving 100% of EP 435 and 86.6% of EP 359, subject to approvals.

material agreement termination

Bounty confirms an indicative agreement to buy all Empire's Carnarvon Basin permits, including Rough Range oil field, now said to be held 100% by Bounty, and the Rivoli gas discovery. A formal agreement is still to be finalised; no price given.

asset acquisition disposition

Empire Oil & Gas says it signed an indicative deal to sell Rough Range Oil Pty Ltd, holding its six Carnarvon tenements (36-90% interests), to Bounty for a small cash sum plus production royalties. Subject to a formal share purchase agreement.

asset acquisition disposition

AC/P 32 has been renewed for five years from 24 June 2014, covering 342 km2 and the Azalea prospect. Bounty (100%) is seeking partners to drill Azalea in 2015/16, resolving the renewal pending since April.

regulatory community update

CEO's AGM presentation puts Azalea at 511 million barrels in place and 113 million recoverable, to be farmed out for drilling in FY2014/15. It plans the 500 BCF Fanjove gas well in early 2014 (Bounty 5%) and says Bounty is working on acquisitions in Australia.

investor presentation

Utopia 12 and 14 are being completed for production, with work from 14 June to about 18 June 2013. Flow lines and pumps are in place, so oil should start straight after. Bounty (40%) projects about US$800,000 a year of added revenue; 3 more wells are planned for later in 2013.

production update

Utopia 12 found a gross 9.4 m oil interval with 5.8 m of net oil pay and has been cased for production. Bounty (40%) says the 2013 Utopia program, wells 12 and 14, added an estimated 900,000 bbl to 2P reserves and contingent resources, and more drilling will follow.

drilling result

Bounty completed a placement of 100,000,000 shares at $0.02 to institutional and sophisticated investors, raising $2,000,000 for working capital before costs. This lifts the share count from 838.4M and follows the Utopia 14 result.

capital raising announcement

Utopia 14 logs show 7 m of net oil pay; the well is cased and will be completed for production within two months. Bounty estimates new 2P reserves of 1.892 million bbl gross (756,000 bbl net) and about $800,000 gross first-year revenue. More development drilling is expected.

drilling result

Utopia 14 reached total depth with very good oil shows over a 12 m interval in the Murta zone, at the Utopia East closure about 3 km from the main pool. Logging is still to come; Bounty (40%) says this opens more of the 200 sq km lease.

drilling result

Bounty will join two Utopia development wells (Utopia 12 and 14, 40% interest) from around 5 February 2013, targeting an additional gross 8 MMbbl. Success could more than double its Utopia oil output. It goes non-consent on Utopia 13 but keeps buy-back rights.

drilling scheduled

Key Petroleum sold all its Tanzanian assets to Bounty, including its 5% of Kiliwani North and subsidiary Funguo Petroleum. Bounty pays US$250,000 cash plus A$156,000 of Bounty shares. This completes the extra 5% Kiliwani North interest noted earlier, bringing Bounty to 10%.

asset acquisition disposition

The regulator approved a variation to AC/P32's work commitment. Bounty (100%, operator) must now reprocess 100 km² of seismic over permit years 4 and 5, with no obligation to drill. Reprocessed data shows two prospects of 20-80 MMbbl and a 10-20 MMbbl lead.

regulatory community update

PEP 11 renewed for five years from 13 August 2012. Advent's subsidiary Asset Energy has formally registered its 85% interest, earned by drilling New Seaclem-1, leaving Bounty with 15%. This completes the transfer left open since January 2011.

farm in farm out completion

June quarter: revenue $585,520; FY12 oil revenue up 35% to $2.32M. Bounty reports acquiring 100% equity and operatorship of AC/P 32. An independent review lifts Nyuni undiscovered gas to 5.6 TCF (280 BCF net). Farrawell 3D has started.

quarterly activities report

Chairman's AGM address calls 2011 challenging but financially sound. It announces Bounty has bought partners' Downlands interests and now owns 100%, with oil development in 2012. Kiliwani North tie-in is expected early 2012 and an Azalea/Wisteria well within 2 years.

investor presentation

Operator Aminex signed the new Nyuni Area PSA covering 1,690 km² offshore Tanzania, replacing the expiring original PSA and adding 338 km² of northern blocks. Bounty holds 5%. This resolves the open PSA renewal; resources remain 2.8 TCF (Pmean).

material agreement

Nyuni-2 is suspended after drilling to 3,450 m, when the mud motor and bit jammed irretrievably during a sidetrack. Gas shows were seen but logging was incomplete and Nyuni-1's main sands appear deeper here. The well can be re-entered later. Bounty holds 5%.

drilling result

Bounty is placing up to 20 million shares at $0.024 to raise up to $480,000, each with a free option at $0.032 expiring 27 July 2014. Price is a 4% discount to last close. Funds go to production, exploration and working capital, a small raise after the December 2010 rights issue.

capital raising announcement

Nyuni 2 spudded on 17 June on Nyuni Island, a gas appraisal well to about 3,325 m, taking 9-10 weeks. Bounty holds 5%. Success would be a major step for its gas position; updates are promised at least every 2 weeks.

drilling spud

Utopia 11H reached 1264 m with a 176.5 m horizontal leg in the Murta, with strong oil shows. It is completed as an oil producer, expected on production before 30 June. Bounty holds 40%; flow rates are not yet reported.

drilling result

Tanzania granted a Development Licence for Kiliwani North, where Bounty holds 5%. Gas in place is 45 BCF and first gas is expected within 12 months. This advances the earlier contingent discovery toward production.

regulatory community update

Bounty completes buying a 2% interest in the Naccowlah Block from Drillsearch (announced August 2010). It brings 150,000 barrels of 2P oil reserves at about $6 a barrel and lifts oil revenue to around $1.6M a year. Two oil wells were drilled since April 2010; three more planned for 2011.

asset acquisition disposition

Bounty reported New Seaclem-1 finished at about 750 m with no hydrocarbons, no gas discovery in the post-Mesozoic section. CEO Kelso said the no-cost commitment well secured the permit for at least 3 years at Bounty's 15% interest, with new seismic planned for the Fish-Baleen prospects.

drilling result

MEC reports New Seaclem-1 reached 750 m with no hydrocarbons; sands logged were porous but appear to hold salty water. Advent has provisionally lifted its PEP11 interest to 85%, cutting Bounty to 15%. Fish and Baleen deeper targets are untested.

drilling result

The 1-for-10 rights issue is complete, raising $5.331M before costs at $0.10 through 53,311,220 new shares. Shortfall of 16,572,756 shares may be placed. Shares on issue rise to 752,150,982. Well short of the up to $9M that was possible.

capital raising announcement

New Seaclem-1, the first exploration well offshore NSW, spudded at about midnight on 15 December, ahead of schedule. The pilot hole reached 310.5 m. The gas target zone is expected around 25-26 December. Bounty is free carried (15% after the well).

drilling spud

Utopia 10 reached 1,141 m, hitting the Murta oil zone at the predicted 1,018 m with 100% oil fluorescence over 7 m. Cased pending fracture stimulation. Supports the Utopia reserve increases (Bounty 40%); a further development well follows.

drilling result

Bounty announces a 1-for-10 non-renounceable rights issue at 10 cents, raising up to about $9M from up to 90M shares, partly underwritten by Claymore Capital. Funds are for follow-up work in PEP 11, Queensland oil wells, Mardi, Wakefield and Nyuni 2. Dilutes holders who do not take part.

capital raising announcement

Ubute-1 will be plugged and abandoned, a dry hole for Bounty's 40%, with only trace oil. Logs showed reservoir-quality Birkhead and Hutton sands, which the company says improves prospects for stratigraphic traps in Utopia and in ATP 789P. Resolves the Ubute-1 test.

drilling result

Advent has received NSW approvals for New Seaclem-1: the well operations plan, environment plan and oil spill plan. This clears regulatory steps for the 826 m well. Bounty stays free carried, dropping from 75% to 15% after the well.

regulatory community update

The first PEP 11 well is named New Seaclem-1, about 55 km east of Newcastle, targeting gas to 826 m at the Great White and Marlin prospects. Drilling is estimated for late October. Advent estimates 1.16 and 2.97 Tcf (P50) respectively.

drilling scheduled

Bounty agrees to buy a 2% Naccowlah Block interest in the Cooper Basin from Drillsearch for $1.15M ($950k cash, $200k in shares). It adds about 150,000 barrels of 2P reserves and an estimated $700,000 a year in net operating revenue before capital costs.

asset acquisition disposition

PEP 11 drilling is pushed to early fourth quarter 2010 because the Ocean Patriot is committed to two Bass Strait wells until October. This contradicts the earlier mid-August plan. Bounty restates it holds 75% and falls to 15% after the roughly $24M first well, which it does not fund.

joint venture update

Advent, the PEP 11 farm-in partner, raised its best-estimate prospective gas resource to 13.2 Tcf (P50), with 6.0 Tcf Permo-Triassic and 7.2 Tcf Cainozoic. These are partner estimates for the whole permit; Bounty falls to 15% after the first well.

resource reserve update

Bounty confirms the Ocean Patriot rig contract for the PEP 11 well, fully funded, planned for mid-August 2010 over about 25 days. Bounty stays free carried. A new target carries a 6.09 Tcf P50 gas-in-place estimate. This closes the rig-signing thread.

contract award

MEC reports Advent has signed for the semi-sub Ocean Patriot to drill PEP 11, planned mid-August for about 25 days. A new target is put at 6.09 Tcf P50 gas in place. This resolves the long-open rig contract thread.

material agreement

Half-year to 31 Dec 2009 shows a net profit of $1.23M (up 170%), following $3.44M for FY09. Cash was $7.49M with nil debt and net assets of $25.73M. Revenue was $262,756. Full Utopia field development of 10-15 wells is planned from September 2010.

half year report

Utopia 9 was completed as an oil producer, finishing the three-well first phase near budget. The CEO says the wells beat projections and expects about $2M added 2010 revenue at A$87 per barrel; 8-12 further wells are likely. This is more than the earlier plan.

drilling result

Utopia 7 found good oil shows in the Murta Zone at 1110 m and will be completed as a producer, with first oil expected mid-January 2010. It is the first of three wells in this phase; Bounty has 40%.

drilling result

Allotment completed on 15 December: 83,469,193 shares at $0.08, raising $6.67M before costs. 60.5M came via the rights issue and 22.9M via placement. Shares on issue rise to 688,839,762, with no options. Resolves the rights issue thread.

capital raising announcement

The rights issue closed over-subscribed, raising about $6.5M: $4.842M from entitlements plus $1.658M from extra applications, with no shortfall. This is above the $4.84M originally sought, and the extra shares will use existing placement capacity.

capital raising announcement

Bounty launches a 1-for-10 non-renounceable rights issue at $0.08, up to 60.5M shares to raise about $4.84M. It is 17% below the 10 November close, with 20% underwritten. Funds target Utopia, Surat Basin and PEL 218 evaluation. Bounty says it needs more capital.

capital raising announcement

Partner Icon reports a potential coal seam gas discovery in Wakefield-1: 8.9 m of Winton coals at 820-957 m with gas shows up to 112 units. Results are preliminary; core holes are planned. Bounty holds 23.28% of PEL 218.

well test result

Wakefield 1 was cased and suspended at 2297 m for testing, with oil shows in at least six zones and possible new Adori and Murta oil pools. Gas-bearing Winton coals were also found. Bounty has now earned 23.28% of PEL 218. Commercial flows are unproven pending cased-hole testing.

drilling result

Bounty will participate in the Wakefield 1 oil well in PEL 218 (Cooper/Eromanga Basin), spudding mid-September, targeting up to 11 mmbbl recoverable. Reaching casing point earns Bounty its 23.28% interest, ahead of the late-2009 timing previously flagged.

drilling scheduled

The 1.5c rights issue closed heavily over-subscribed, raising about $2.018M: $1.594M from the rights issue plus $424,000 from extra applications. About $1M more in applications will need shareholder approval. Chairman says MEC is moving to fund a PEP 11 well (Baleen prospect).

capital raising announcement

Bounty's Ausam subsidiary sells its 24.748% of ATP 471P (Bainbilla, excluding Spring Grove field) to Origin for $412,500 cash, subject to partners' pre-emptive rights. This recoups most of the $500,000 paid for the Surat package acquired in January; the rest of the package is kept.

asset acquisition disposition

Bounty launches a 1-for-3 non-renounceable rights issue at 1.5c, up to 106.3M shares to raise about $1.59M. The price is a 48% discount to the prior close; only 10% is underwritten. Funds go to Cooper, Surat and Tanzania work and working capital.

capital raising announcement

Bounty farms into PEL 218 (Cooper Basin, South Australia): it has earned 5.5% by funding half of a 210 km seismic survey and will rise to 23.28% by funding Deka/Well Traced's share of a first well planned late 2009. Leads total 65 mmbbl recoverable (unrisked, gross).

farm in farm out agreement

Half-year to 31 Dec 2008: revenue $288,496 (up 53%), net loss $1,772,458 against $442,237 a year earlier. The loss includes a $1M impairment of the AC/P 32 interest after the dry Wisteria-1 well. Net tangible assets fell to 2.2c per share.

half year report

Bounty buys Ausam Resources, holding Surat Basin (Queensland) interests, for $500,000 in cash and shares. It gains Downlands gas revenue, minor reserves (24,000 boe) and a 50% stake in the Eluanbrook oil well (4.6 mmbbl potential) planned for Q3 2009: a new onshore direction.

asset acquisition disposition

Partner MEC's mapping gives PEP 11 six structures with 5.1 Tcf risked recoverable gas (P50), up to 16.3 Tcf (P10). Fish is largest (9.0 Tcf P10). Bounty (75%) stays free carried on the first well; MEC is negotiating for a rig.

resource reserve update

Wisteria-1 in AC/P 32 is a dry hole: Plover reached at ~3,224m with only minor gas, final depth 3,281m, to be plugged and abandoned. Bounty keeps its 10% permit interest and now prioritises Kiliwani North and Utopia drilling.

drilling result

Bounty placed 34M shares at 4 cents (about $1.36M) to exempt investors, within its 15% placement capacity. Shares on issue rise to 300.84M. Funds go to drilling, development and working capital; continues the raising authorised 30 July.

capital raising announcement

Adelphi reports Wisteria-1 drilled through the Puffin sandstone target (174 mmbbl P50 pre-drill) with no reservoir-quality sand or significant shows, at 2,019m. Deeper Montara and Plover targets (21-32 mmbbl P50) remain.

drilling result

Wisteria-1 in AC/P 32 is set to spud 22 August, the long-awaited well after earlier delays. Bounty holds 10% and pays 7.2% of costs (earlier stated 7.6%). Planned depth is 3,323m; the main Puffin target has 174 mmbbl P50 potential, with 200+ mmbbl in total.

drilling spud

Bounty confirms the Wisteria-1 spud is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. The CEO calls the 20-plus week delay frustrating and says Bounty has begun sourcing a rig for Utopia development drilling.

drilling scheduled

Bounty says the Kiliwani North-1 test (40 mmcfd) satisfies it that a commercial gas field will be developed. The JV applied for a separate appraisal area and will fast-track production. No reserves are stated yet; prospects total over 1 Tcf risked, which is not a reserve figure.

joint venture update

Bounty calls a 30 July 2008 general meeting to ratify 2008 placements and authorise further raisings of up to about $5.2M, with 110M shares to be placed. The board says it needs the funds for Tanzania and Wisteria-1; it has raised about $2.8M so far in 2008.

agm notice

Kiliwani North-1 flowed gas at a stabilised 40 million cubic feet a day (about 6,700 barrels of oil equivalent) with condensate of one barrel per million cubic feet and no CO2 or H2S. The chairman says this exceeded expectations. Bounty holds 5%.

well test result

PEP 11 permit conditions are suspended and varied for 12 months to 3 December 2008, extending the permit term to 3 December 2009. This resolves the earlier extension request. Bounty 75% and Asset Energy 25% unchanged; the Baleen-1 rig and funding remain unresolved.

regulatory community update

The share purchase plan is fully subscribed at $2.44M, including a further 19.86M shares at 3.5 cents (about $695,000) with the shortfall placed. Shares on issue reach 259.74M. A further $360,000 from investors awaits shareholder approval, for about $2.80M in total.

capital raising announcement

Bounty confirms a gas discovery at Kiliwani North-1: about 60m gross gas in good sands at 2,030m, apparently a separate pool from Songo Songo. Appraisal drilling is needed; the well will be tested and completed. Interest adjusted from 6% to 5%.

drilling result

Operator Key reports Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstone as Songo Songo, at 2,030m, ahead of schedule. It will be completed as a production well. Bounty's interest is shown as 5%, down from 6%.

drilling result

Director Tom Fontaine resigns effective 15 March 2008, stating he does not approve of the current management of the company and cannot reconcile this with the board. This follows the CEO appointment a week earlier.

director officer appointment

Philip Kelso is appointed Chief Executive Officer of Bounty. The chairman cites his upstream experience and the 2008 drilling program, led by Wisteria-1 in AC/P 32. No terms are given in this release.

director officer appointment

Bounty launches a share purchase plan at 3.5 cents per share, an 11% discount to the five-day average price. Proceeds fund Wisteria-1, Nyuni drilling and Utopia development. This is the capital raising promised at the AGM; the size was corrected in a later release.

capital raising announcement

Kiliwani North-1 started drilling on 23 February 2008 from Songo Songo island, vertical to about 2,012m, roughly 35 days. It tests a possible new oil play and the Songo Songo reservoir sands. Bounty holds 6%.

drilling spud

Kiliwani-1 reached 2,570m and is being plugged and abandoned: no commercial hydrocarbons found. Key says the target sands were too deep, below the Songo Songo gas-water contact. The rig moves to Kiliwani North-1, testing a possible new oil play.

drilling result

Bounty confirms Kiliwani-1 (TD 2,570m) found no commercial hydrocarbons and is being plugged and abandoned. The chairman says the target sands were too deep, below the Songo Songo gas-water contact. Focus shifts to Kiliwani North-1.

drilling result

Drillsearch sold its entire 13.9% Bounty stake (26.4M shares) to GH Corporate Services on 25 January 2008, using proceeds to reduce its debt. This ends Drillsearch's holding in Bounty; the buyer GH Corporate Services is now a large holder.

asset acquisition disposition

Norwest announces Cosmo Energy will take 22.5% of AC/P32 by funding Wisteria-1 on a 2-for-1 promoted basis. Wisteria-1 is expected in Q3 2008 with a rig secured. Bounty is listed at 10%, down from the 12.8% previously recorded (inference: it is among the farm-out parties).

farm in farm out agreement

Kiliwani-1 in Tanzania spudded on 15 November 2007, planned to 2,548m and about 40 days. It targets an estimated 100 bcf recoverable, of which Bounty's 6% is 6 mmboe. Bounty is free-carried on this well but pays for the second.

drilling spud

Parrot Hill-2 in EP 435 found no commercial hydrocarbons on wireline logs; the well was plugged and DCA Rig 7 released on 22 April. This ends the well Bounty paid 12.5% of to lift its interest to 10%, against the 750,000 bbl prospect estimate.

drilling result

Bounty signed a drilling contract for Maurel & Prom's Caroil-6 rig for two Nyuni wells in Tanzania, delivery expected late May. The first well targets Songo Songo South from Killiwani island; Bounty is free-carried through it and keeps a 5% interest.

material agreement

Bounty agreed to place 22,347,628 shares at 4.5 cents to raise $1,005,643 for working capital. This delivers the equity raising the chairman flagged in November, at a price well below the 8 cent placement of Dec 2005, so existing holders are diluted.

capital raising announcement

Bounty confirms Parrot Hill-2 starts 4 March 2007 and says it will raise its EP 435 interest from 5% to 10% by paying 12.5% of the well cost. It will be free-carried on the planned Whitlock Hill-1 well in EP 412.

drilling spud

Empire (operator) says Parrot Hill-2 starts 4 March 2007 with DCA Rig 7, targeting Birdrong Sandstone at 1,115m, TD 1,150m. Empire's table lists Bounty at 10%, with Black Fire Energy as a new 10% partner.

drilling spud

India's BPCL farms into AC/P32 for 20%, paying US$1.42M towards past seismic costs (Bounty's share US$227,200). Bounty's stake falls from 16% to 12.8%. One well is required in the 12 months from 27 May 2007, optional for all parties.

farm in farm out agreement

Bounty obtained a 12-month PEP 11 extension (to August 2007 to drill one well) and signed the farm-in with MEC's Asset Energy: 25% for seismic, a further 60% for funding a well. Bounty is free-carried; Peak Group is engaged to secure a rig. Resolves the PEP 11 thread.

farm in farm out completion

Operator Empire farmed out 25% of EP 435 to Phoenix Resources for $800,000 towards the Parrot Hill-2 well, planned for November 2006 with ~750,000 barrels potential. Bounty's EP 435 interest remains 5% per the table, with Empire falling to 45%.

farm in farm out agreement

New Zealand High Court dismissed both appeals against revocation of PEP 38215 (Bounty 90%). Bounty is unlikely to pursue it further and will write the project off in its 30 June 2006 accounts. Ends the permit and the farm-out talks.

regulatory community update

Dune-1 was a dry hole: it reached 1,401 metres, hit excellent-quality Birdrong sandstone at 1,369 metres but found no oil. It was plugged and the rig released. Operator is weighing Parrot Hill-2 next. Bounty's 5% interest earned nothing.

drilling result

Dune-1 in EP 435 was spudded at 1300 hours on 30 April and was at 28 metres, with no hydrocarbon indications. Bounty holds 5% alongside Rough Range 70% and AOC 25%. Targets are the Birdrong Sandstone below 1,300 metres.

drilling spud

Bounty confirms its farm-in to Dune-1 in EP 435: it earns 5% by paying 10% of well costs. This follows the Magnolia dry hole and ties to its 65% EP 412 next door along the same trend.

farm in farm out agreement

Empire Oil & Gas announces Bounty will earn 5% of EP 435 by funding 10% of the Dune-1 well, targeting the Birdrong Sandstone at about 1,350m. The Dune structure has potential for 2.0 million barrels recoverable.

farm in farm out agreement

Half-year to December 2005 shows a profit of $759,664, including a $1 million permit sale. After Magnolia-1, OPIC and AWE exited AC/P32, lifting Bounty's interest from 10.4% to 16%. MEC Resources has an option over PEP 11.

half year report

Magnolia-1 reached 3,109m with no hydrocarbon shows in the Plover, and the joint venture will plug and abandon it. Adelphi calls the result disappointing; Bounty's AC/P32 exploration well is a dry hole.

drilling result

Bounty confirms the Magnolia-1 dry hole at 3,109m. Management says Bounty was virtually free-carried, so its exposure is almost nil, and promises announcements on other projects soon.

drilling result