Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2016drilling scheduled● Neutral
Operator Advent Energy has contracted a vessel for a 200 line km high-resolution seismic survey in PEP 11 over the Baleen target. Timing awaits regulatory approvals. Bounty holds 15%. This is survey preparation, not a drilling commitment.
6 Apr 2016production update▲ GoodMajor
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.
24 Mar 2016joint venture update● Neutral
Partner MEC Resources outlines the PEP 11 Baleen target (2,150 m depth) and a planned 200 line km seismic survey. Bounty holds 15%. The target is a postulated analogy to Bowen Basin gas fields; no well is committed.
22 Mar 2016joint venture update● Neutral
Kiliwani North-1 well integrity testing is finished, with a high tubing pressure reading noted and a control panel installed. Plant commissioning is now expected in early April, later than the mid-February start flagged on 2 February. Bounty still expects about A$2.5M gross revenue in 2016.
15 Mar 2016half year report● Neutral
Half-year to 31 December 2015: revenue fell 19% to $661,380 and the net loss was $785,537, versus a $5.29M loss a year earlier. Net asset backing is 0.023 cents per share (0.030 previously). No dividend.
11 Mar 2016joint venture update● Neutral
Partner MEC Resources says preparatory work is under way for a seismic survey in PEP 11, following the January suspension of the Year 2 work programme. Bounty holds 15%; Asset Energy holds 85% as operator. Attached industry gas-shortage statement is background, not a PEP 11 result.
11 Mar 2016joint venture update● Neutral
Bounty's own version of the PEP 11 notice: the operator has started preparing a new seismic survey, including procuring service providers. Bounty holds 15%. It repeats an industry body's east-coast gas shortfall warning; no drilling is committed.
2 Feb 2016joint venture update▲ Good
Kiliwani North-1 is in final well integrity testing, with production told to start mid-February. Gas is paid in US dollars at US$3.00/mmbtu, including testing gas. The 28 Bcf 2C resource should let Bounty book its first Tanzanian reserves later in 2016, with about A$2.5M gross annual revenue expected.
29 Jan 2016joint venture update● Neutral
Bounty's own notice that NOPTA suspended the PEP 11 Year 2 work programme until 12 August 2016. Bounty holds 15%, with Asset Energy (MEC Resources) the 85% operator. An exploration well remains a later-year commitment.
29 Jan 2016joint venture update● Neutral
Partner MEC Resources reports that regulator NOPTA has suspended the PEP 11 Year 2 work programme until 12 August 2016. Bounty holds 15%; Asset Energy holds 85%. Partner's version of the same notice.
14 Jan 2016material agreement▲ GoodMajor
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.
21 Dec 2015joint venture update▲ Good
Kiliwani North: terms of the gas sales agreement, including payment protection, are agreed with TPDC and sent to Tanzania's Attorney General for approval before signing. The Songo Songo plant is complete and the well is being readied. Signing is still pending.
27 Nov 2015investor presentation● Neutral
AGM CEO presentation largely repeats known themes. New detail: Bounty says it has 82% control of the Kooroon blocks in PL 2 and will drill Eluanbrook 2. It is reviewing a larger Rough Range interest. Market cap is about $10M at $0.010.
30 Oct 2015annual report● Neutral
2015 annual report: chairman calls it a 'very difficult year'. Kiliwani gas is 'expected any day', worth about $3M a year. Utopia (PL 214) was written down and Bounty says it is in dispute with the operator. Revenue is forecast to recover to about $3.5M in FY2016. AGM set for 27 November.
29 Oct 2015other● Neutral
Corporate governance statement, current at 30 October 2015. Notes no formal diversity policy and no women on the board or in key management roles. Administrative; no business developments.
29 Oct 2015other● Neutral
Appendix 4G corporate governance checklist for FY2015, pointing to the statement on the company website. Administrative filing with no new business information.
6 Oct 2015joint venture update● NeutralMajor
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.
2 Oct 2015auditor change● Neutral
Auditor Richard Hill resigned with ASIC consent on 28 September 2015. Directors appointed John Skinner as replacement on 30 September, subject to confirmation at the AGM. No reason for the resignation is given in the text.
30 Sept 2015annual report▼ BadMajor
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.
30 Sept 2015annual report▼ Bad
Full-year accounts to June 2015 (Appendix 4E): loss $10.99M versus a prior-year profit, revenue down 56% to $1.83M. Includes $5.48M impairment and $4.51M exploration write-off. Audited, no dividend. Repeats the figures in the earlier annual report summary.
23 Sept 2015joint venture update● Neutral
Bounty (15%) relays the operator's prospectivity update for PEP 11: a revised drill target at DM1 on the Baleen prospect, 2,150 m deep, with an amplitude anomaly of 24.3 km2. The text acknowledges risks. No well is committed.
23 Sept 2015joint venture update● Neutral
Partner MEC Resources releases a presentation on PEP 11 identifying a revised exploration target (DM1, Baleen prospect) with a 2,150 m total depth. No well has been scheduled. Re-release of the partner's notice.
23 Sept 2015joint venture update● Neutral
Duplicate of the MEC Resources PEP 11 presentation notice, again describing the DM1 target on the Baleen prospect. Re-release with nothing new.
25 Aug 2015joint venture update● Neutral
Kiliwani North: payment protection terms for gas producers are progressing after a long delay, and TPDC says the gas sales agreement can be concluded soon. Bounty expects gross gas revenue of US$2.5M a year. The agreement is still unsigned.
15 May 2015resource reserve update▲ GoodMajor
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.
10 Apr 2015joint venture update● Neutral
Kiliwani North's 36-inch regional pipeline to Dar es Salaam is complete and pressure testing starts shortly. The Songo Songo plant is about 95% built. Operator Aminex now expects commercial production mid-year, with stable rates in Q3 2015. The gas sales agreement is still not signed.
18 Mar 2015investor presentation● Neutral
Investor summit presentation repeating known themes: 2014 revenue $2.36M, Azalea farmout talks (100+ MMbo), Kiliwani gas, Nyuni 3D seismic. Cites market cap $11.26M at $0.012 and net assets $29.97M. No new events.
16 Mar 2015half year report▼ BadMajor
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.
16 Mar 2015half year report▼ Bad
Media release for the half-year result: net loss $5.3M after a $4.23M impairment; petroleum revenue down 29% to $1.11M; cash and investments $1.86M. Management points to Kiliwani gas and an Azalea farmout. Repeats the interim report.
27 Feb 2015material agreement termination● NeutralMajor
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.
