26 Apr 2006farm in farm out agreement● NeutralMajor
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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2006farm in farm out agreement● NeutralMajor
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.
11 Jan 2006drilling result▼ BadMajor
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.
11 Jan 2006drilling result▼ Bad
AWE confirms Magnolia-1 reached 3,109m on 10 January with all targets intersected without hydrocarbon shows; the well will be plugged and abandoned. Same dry-hole outcome as the other partners reported.
11 Jan 2006drilling result▼ BadMajor
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.
9 Jan 2006drilling progress report▼ Bad
Bounty's own update confirms no hydrocarbon shows in the Montara and Upper Vulcan targets at 2,987m, with drilling continuing to the Plover. Bounty holds 10.4% of AC/P32.
9 Jan 2006drilling progress report▼ Bad
Norwest reports the same result: Montara and Upper Vulcan targets intersected at 2,987m with no hydrocarbon shows, and drilling continues to the Plover. Nothing new beyond the other partners' releases.
9 Jan 2006drilling progress report▼ Bad
AWE confirms Magnolia-1 at 2,987m, with the primary Montara target and one secondary target intersected without hydrocarbon shows. This repeats the partners' news.
9 Jan 2006drilling progress report▼ Bad
Magnolia-1 drilled through the Montara and Upper Vulcan sandstone targets at 2,987m without hydrocarbon shows. Drilling continues to the deeper Plover target. An early negative sign for the 10.4% partner Bounty.
3 Jan 2006drilling progress report● Neutral
Adelphi reports Magnolia-1 in the AC/P32 permit has set casing at 1,366m and is preparing to drill on towards a 3,240m target. Bounty holds 10.4%; the partners cite 60–100 million barrels of recoverable oil in a success case.
3 Jan 2006drilling progress report● Neutral
Bounty's own Magnolia-1 update confirms 13 3/8" casing at 1,366m with drilling about to resume. The primary Montara target at about 2,700m is expected within roughly seven days. Bounty holds 10.4% in AC/P32.
3 Jan 2006drilling progress report● Neutral
AWE reports Magnolia-1 at 1,380m, with 903m drilled in the week, and about to drill ahead. This repeats the partners' news; Bounty's 10.4% and the 60–100 million barrel success case are unchanged.
3 Jan 2006drilling progress report● Neutral
Norwest's update repeats the Magnolia-1 position: 1,380m drilled, casing set, target depth 3,240m. It also states Norwest's drilling cost share is capped at US$8 million. Bounty's 10.4% is unchanged; no new result.