Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2017joint venture update● Neutral
PEP 11 2D seismic is awaiting a revised environment plan approval. A permit suspension and extension application is pending with NOPTA. The operator has hired a firm to attract major partners, and Bounty is in talks with investment partners. Bounty holds 15%.
29 Sept 2017annual report▲ Good
Media release on FY2017 results: record revenue $2.68M, net loss $0.38M (prior $4.42M), cash and current assets $2.39M, nil debt. Surat Basin oil and gas production is planned for 2018, and Bounty will join PEP 11 2D seismic in late 2017.
29 Sept 2017annual report▲ Good
Full-year accounts to 30 June 2017: revenue $2.68M (up 149%), net loss $387,778 (prior $4.43M) after $834,259 impairment. Directors' report notes Alton transfer completed and Irtalie East 6 cased as a potential producer.
11 Aug 2017drilling result▲ Good
Irtalie East 6 reached 2,070 m (planned 2,185 m) and was cased and suspended as a future Birkhead Formation oil producer. Bounty holds 2% of this Naccowlah development well, so the impact is small.
4 Aug 2017regulatory community update● Neutral
MEC says NOPSEMA gave initial feedback on the PEP 11 2D seismic environment plan submitted 3 July 2017, allowing modification and resubmission. Advent expects to address it within 30 days. Described as standard procedure. Bounty holds 15%.
26 July 2017regulatory community update● Neutral
Bounty says Tanzania's new mining and mineral export laws do not affect it, as its joint venture operations are only in petroleum and gas. No change to its business.
20 July 2017production update● Neutral
Kiliwani North kept averaging 15 MMcf/d in 2017. TPDC payments were delayed, but all gas up to February 2017 had been paid, and operator Aminex was working to clear arrears. Partners were re-evaluating data for more drilling targets, and Bounty holds 10%.
18 July 2017drilling spud● Neutral
Irtalie East 6 development well spudded 17 July 2017 in the Naccowlah Block, planned to reach 2,185 m. Bounty holds 2% and will report results at the end. Small interest in a routine development well, consistent with the planned Naccowlah drilling.
6 Apr 2017regulatory community update● Neutral
Advent has started stakeholder consultation ahead of the PEP 11 2D seismic. Environmental plan approval by NOPSEMA is required first. Acquisition is still expected in the third quarter of 2017. Bounty holds 15%.
27 Mar 2017joint venture update● Neutral
MEC says Advent has begun planning and approval documents for PEP 11's 200 line km 2D seismic, expected to start in the third quarter of 2017, pending approvals. Bounty holds 15%. Talks on a vessel for future 3D have begun.
15 Mar 2017half year report▲ Good
Half year to 31 December 2016: petroleum revenue $1.298M, net loss $301,970 (prior year $785,537) after a $518,142 impairment. Underlying earnings were $216,172, with Kiliwani gas giving $1M. A big improvement on the prior-year loss.
6 Mar 2017joint venture update● Neutral
MEC says operator Advent has engaged Minev Services to help deliver the 200 line km 2D seismic survey in PEP 11, subject to funding and approvals. Bounty holds 15%. A 3D survey is also recommended to attract drilling partners.
25 Nov 2016other● Neutral
AGM results: all three resolutions passed on the voices, with proxy votes heavily in favour. Administrative outcome with no new business information.
25 Nov 2016investor presentation● Neutral
AGM presentation repeats known projects. Kiliwani is running at about 15-16 mmcfd gross, worth about $2M a year to Bounty. It says PEP 11 seismic was delayed by whale migration, and Alton and Eluanbrook targets are unchanged.
22 Nov 2016auditor change● Neutral
Auditor John Skinner resigned after ASIC consent on 14 November 2016. Directors appointed William Moyes of Moyes Yong & Co as replacement, to be confirmed at the 25 November AGM.
31 Oct 2016other● Neutral
Corporate governance compliance form (Appendix 4G) for the year to 30 June 2016, pointing to the statement on the company website. Administrative filing with no new business information.
31 Oct 2016annual report● Neutral
Bounty issued its 2016 annual report for the year to 30 June 2016. Petroleum revenue fell 44% to $1.08 million on lower oil prices, and cash and current assets were $1.92 million with nil debt. It expected Kiliwani gas to add about $2 million a year, with group revenue approaching $3 million in 2017.
31 Oct 2016other● Neutral
Corporate governance statement, current as at 28 October 2016, setting out board practices against ASX principles. Notes no female directors or key managers and no measurable gender diversity objectives. Administrative disclosure with no new business information.
30 Sept 2016annual report● NeutralMajor
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.
30 Sept 2016annual report● Neutral
Full statutory accounts for FY2016, the detail behind the 30 September results release: oil revenue $1.08M (down 44%) and net loss about $4.4M, including a $2.95M asset impairment. Kiliwani gas contributed $17,874 revenue; Utopia was sold effective 1 April 2016.
22 Sept 2016production update● NeutralMajor
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.
5 July 2016production update▲ Good
Kiliwani North-1 reached 30 mmcf per day (about 5,000 boe/day gross) on 2-3 July with stable pressure. Bounty holds 9.5%. Commissioning is expected to finish by end of July, after which the well test is to set optimal rates.
10 June 2016asset acquisition disposition▲ GoodMajor
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.
7 June 2016production update▲ Good
Kiliwani North gas plant commissioning began 1 June and gas entered the pipeline on 2 June; April and May gas has been invoiced to TPDC at US$3.00/mmbtu. A well test near 30 mmcfd is planned, and Bounty still expects to book Kiliwani reserves later in 2016.
19 May 2016drilling scheduled● Neutral
MEC says ocean bottom seismographs are being considered for the planned PEP 11 seismic programme, with an application made to Geoscience Australia. Bounty holds 15%. This is a possible survey technique only; nothing is confirmed.
18 May 2016asset acquisition disposition▲ GoodMajor
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.
16 May 2016drilling scheduled● Neutral
MEC says a roughly 200 line km seismic survey is being planned over the Baleen prospect in PEP 11 (target 2,150 m, 125 m of water), and rigs are being assessed. Any drilling needs final technical review and further fundraising or a joint venture partner. Bounty holds 15%.
10 May 2016other▲ Good
MEC Resources says a new review of 2010 seabed sediment samples supports the Baleen prospect in PEP 11, where Bounty holds 15%, as having a higher chance of success than other prospects. This is supportive supporting data only; no well is committed.
14 Apr 2016drilling scheduled● Neutral
Re-release by BPH Energy of the Advent Energy notice that a vessel is contracted for the 200 line km PEP 11 Baleen seismic survey. Timing awaits approvals. Bounty holds 15%. Duplicate of the Grandbridge and MEC releases.
14 Apr 2016drilling scheduled● Neutral
MEC Resources' release of the same Advent Energy notice: a seismic vessel is contracted for the 200 line km PEP 11 Baleen survey, timing subject to approvals. Bounty holds 15%. Duplicate of other releases.
