Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2017quarterly activities report● Neutral
March 2017 quarter revenue was $627,722, with output slightly lower at 286 boe/day as Kiliwani was shut to install wellhead equipment. Kiliwani is at about 15 mmcfd. New Naccowlah development drilling is planned for September. Alton production is still described as 3 months away.
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.
31 Jan 2017quarterly activities report▲ Good
December 2016 quarter revenue was a record $601,500, including $451,989 from Kiliwani gas, and December averaged 330 boe/day. Ministerial approval of the Alton transfers was received, and Bounty began preparing workovers of 2-3 wells, planning Alton production within 3 months.
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 2016agm notice● Neutral
Chairman's AGM address recaps the year: Kiliwani gas now producing, with revenue to Bounty expected at $2-2.5M a year, and Alton swapped in for Utopia. The Azalea farm-out in AC/P 32 has not yet found a partner. No new developments.
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.
31 Oct 2016quarterly activities report▲ Good
September 2016 quarter revenue more than doubled to $666,386 (previous quarter $310,581), mostly Kiliwani gas at 9.5%. September averaged 290 boe/day, a company record. Alton oil production is still expected within 6 months, with transfer approvals granted after quarter end.
12 Oct 2016agm notice● Neutral
Bounty will hold its 2016 annual general meeting on Friday, 25 November 2016. Administrative notice only; the formal notice of meeting follows separately.
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.
29 July 2016quarterly activities report● Neutral
June 2016 quarter: revenue $310,581 on 7,529 boe, with Kiliwani gas contributing $125,679. Cash is $1.76M. The Alton deal closed and Utopia was exited; full Kiliwani output of 25-30 mmcfd is expected for most of the September quarter.
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.
29 Apr 2016quarterly activities report▲ Good
March 2016 quarter: revenue $254,040 on 5,116 bbls. Kiliwani gas began flowing 4 April, with Bounty's share of net revenue put at A$2.8M a year at full output. Bounty initialled a non-binding term sheet to settle the Utopia dispute with the operator.
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.
