26 Nov 2018drilling spud● Neutral
Wenda, a near-field exploration well 6.6 km west of Jarrar, spudded 23 November with planned depth 1,963 m, targeting the Birkhead and Poolowanna zones. Bounty holds 2%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2018drilling result▲ Good
Cooroo North West 2 reached 1,902 m and found good oil in the Westbourne and Birkhead zones. It will be cased and suspended as a potential Birkhead or dual-zone producer. Rig moves to Wenda. Bounty holds 2%.
15 Nov 2018joint venture update● Neutral
Bounty says it still holds its 15% registered PEP 11 interest and JOA rights, contrary to the 15 October notice requiring withdrawal. It is negotiating with operator Asset Energy on disputed cash calls and a possible change to its interest.
15 Nov 2018drilling spud● Neutral
Cooroo North West 2, an appraisal well in the producing Cooroo NW field, spudded 14 November with planned depth 1,899 m. Bounty holds 2%.
12 Nov 2018drilling result▼ Bad
Pallano East 1 reached 1,973 m with only reasonable oil shows and is being plugged and abandoned. It is a miss among the recent successes at Naccowlah. Rig moves to Cooroo NW 2. Bounty holds 2%.
5 Nov 2018drilling spud● Neutral
Pallano East 1, a near-field exploration well testing a 3D seismic structure northeast of Jarrar, spudded 4 November with planned depth 1,964 m. Bounty holds 2%.
5 Nov 2018drilling result▲ Good
Jarrar 5 found an oil column in the Birkhead/Hutton zone and is cased and suspended as a potential producer, resolving the pending result. The CEO counts four successful wells in the Birkhead zone. Rig moves to Pallano. Bounty holds 2%.
1 Nov 2018drilling progress report▲ Good
Jarrar 5 spudded 27 October and reached 1,954 m with oil shows in the Birkhead/Hutton zone. Logging is being prepared. Bounty holds 2%.
31 Oct 2018quarterly activities report▲ Good
September 2018 quarter oil revenue and receipts were $1.314M, with Bounty's Naccowlah share of $524,281 up from $408k last quarter as Watkins 2 and 3 came on. Output reached 98 bopd. Bounty is withdrawing from Kiliwani and Nyuni over unpaid gas and condensate.
29 Oct 2018annual report● Neutral
2018 annual report: revenue down 41% to $1.57M; cash and current assets $2.48M, nil debt. The chairman cites a $1.27M Tanzania impairment and doubts further Kiliwani investment is justified. It expects strong 2019 revenue from Naccowlah wells and Surat production. AGM is 27 November.
29 Oct 2018annual report● Neutral
Corporate governance statement lodged with the annual report, current at 29 October 2018. It notes no separate diversity policy and no females on the board or in key management roles. Administrative; no new business information.
29 Oct 2018annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company website. Administrative only, with no new business information.
23 Oct 2018drilling progress report● Neutral
The rig has moved to the Jarrar 5 location, the second Jarrar appraisal well, and is under scheduled maintenance before spudding. It will test the Birkhead/Hutton zone. Bounty holds 2%.
18 Oct 2018drilling result▲ Good
Jarrar 4 reached 1,947 m and found an oil column in the Birkhead/Hutton zone. It is being cased and suspended as a potential producer. The rig moves 2 km to Jarrar 5. Bounty holds 2%. A third successful appraisal well after Watkins 2 and 3.
16 Oct 2018drilling spud● Neutral
Bounty reports two more appraisal wells at the Jarrar Field in PL 77, Naccowlah Block. Jarrar 4 was spudded 11 October and had reached 1,846 m with drilling continuing. Bounty holds 2%.
15 Oct 2018asset acquisition disposition▼ BadMajor
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.
12 Oct 2018agm notice● Neutral
Bounty says its 2018 AGM will be held in Sydney on 27 November 2018. Notice of meeting to follow. Administrative only.
5 Oct 2018asset acquisition disposition▼ BadMajor
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.
28 Sept 2018annual report● Neutral
Media release for FY18 results: revenue down 41% to $1.57M, net loss $2.08M, cash and current assets $2.48M, nil debt. CEO expects revenue to be back above $2M in 2019 from Watkins Birkhead discoveries. Repeats the full-year accounts.
28 Sept 2018annual report▼ Bad
Full-year accounts to 30 June 2018: petroleum revenue $1.57M, net loss $2.08M including a $1.38M asset impairment. Revenue fell 41% mainly on lower Tanzanian gas output. Cash and current assets were $2.48M with nil debt. Text is truncated.
26 Sept 2018joint venture update● Neutral
MEC says NOPTA registered the RL Energy farmin to PEP 11, satisfying the last condition precedent after MEC shareholders approved on 31 July 2018. Further milestones are needed before the 3D survey and before RL earns an interest.
31 July 2018quarterly activities report● Neutral
June 2018 quarter revenue was $407,802, all from Naccowlah; Kiliwani had no production and was shut in. FY18 petroleum revenue was $1.55M against $2.68M. Alton oil is again said to start next quarter. An additional 6 or 7 Naccowlah wells are being planned for Q4 2018.
21 May 2018drilling result▲ GoodMajor
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.
16 May 2018joint venture update● Neutral
MEC says processing of the PEP 11 2D seismic has begun, due for completion in the third quarter of 2018. It also clarifies that after the 3D survey, RL Energy would hold up to 60%, Asset Energy at least 25% and Bounty 15%. Still needs MEC shareholder approval.
10 May 2018admin correction● Neutral
Bounty corrects its earlier release: the well is Watkins 2, not Watson 2, in the Watkins Oilfield in PL 35, 3 km northwest of Watson. Other details are unchanged; Bounty holds 2%.
10 May 2018drilling spud● Neutral
Bounty is joining a 2-well oil appraisal program in the Naccowlah Block; the first well was spudded 4 May 2018 and drilled to 1,697 m. Bounty holds 2%. Results are to be reported at the end of the well. Corrected in the next release.
4 May 2018farm in farm out agreement▲ GoodMajor
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.
30 Apr 2018quarterly activities report▼ Bad
March 2018 quarter revenue was $335,787 (Kiliwani $24,352, Naccowlah $311,435), down from $391k. Kiliwani is now on intermittent production because the well drains a compartment with slow recharge. Alton first oil is again said to be within 3 months.
20 Apr 2018drilling result▲ GoodMajor
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%.
16 Apr 2018drilling progress report▲ Good
The PEP 11 2D seismic survey of about 200 line km has begun, mainly over the Baleen gas prospect 30 km southeast of Newcastle. It satisfies the Year 2 work commitment. Bounty holds 15%.