Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Sept 2013annual report▼ Bad
Year to June 2013: net loss $1.496M (prior year profit $2.122M) after $1.045M exploration write-offs; oil revenue down 18% to $2.173M. Cash and current assets $5.61M, nil debt. Proved reserves rose to 1.912M boe; discovered reserves and resources 4.43M boe.
16 Sept 2013drilling result▲ Good
Irtalie East 5 found 9 to 12 m of net oil pay in the main target, plus over 1.5 m in the Westbourne, and was cased as a future producer. Bounty holds 2%. The rig now moves to Cooroo North West 1.
2 Sept 2013drilling result▲ Good
Irtalie East 4 in the Naccowlah Block hit 6 to 8.5 m of net oil pay and was cased as a future producer. Bounty took part at its 2% interest. This follows the planned step-out development wells in the Naccowlah Block.
15 Aug 2013joint venture update● Neutral
Operator Empire Oil & Gas (via Rough Range) is taking over Black Fire's 10% and Australian Oil Company's 17% of EP435 and L16 for their shares of yearly spend ($21,000 and $35,700). Bounty's 10% is unchanged. Empire's release; Bounty's 10% is not affected.
14 June 2013production update▲ GoodMajor
Utopia 12 and 14 are being completed for production, with work from 14 June to about 18 June 2013. Flow lines and pumps are in place, so oil should start straight after. Bounty (40%) projects about US$800,000 a year of added revenue; 3 more wells are planned for later in 2013.
14 May 2013investor presentation● Neutral
CEO presentation repeats known projects. It moves expected Kiliwani North gas production to October 2014, from early 2014 earlier. It shows 938.4M shares, a $0.016 price and a $15.3M market cap, with Utopia 12 and 14 expected online by 31 May 2013.
15 Mar 2013half year report● Neutral
Half-year to December 2012: net profit $1.203M, down 2.87%, with oil revenue down 22% to $1.132M. Cash and investments were $6.252M. No dividend is proposed.
6 Mar 2013investor presentation● Neutral
CEO presentation to a Sydney oil and gas conference repeats known projects and the Utopia 12 and 14 results. It shows 938.4M shares quoted, a $0.019 price, an $18.2M market cap and net assets of $32.3M. No new events.
25 Feb 2013drilling result▲ GoodMajor
Utopia 12 found a gross 9.4 m oil interval with 5.8 m of net oil pay and has been cased for production. Bounty (40%) says the 2013 Utopia program, wells 12 and 14, added an estimated 900,000 bbl to 2P reserves and contingent resources, and more drilling will follow.
21 Feb 2013capital raising announcement● NeutralMajor
Bounty completed a placement of 100,000,000 shares at $0.02 to institutional and sophisticated investors, raising $2,000,000 for working capital before costs. This lifts the share count from 838.4M and follows the Utopia 14 result.
What it means for a shareholder
100m new shares at A$0.020 to raise about A$2.0m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0055% to 0.00496% of the company. To keep it you'd need 5,504 more shares - about A$110 at the issue price.
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21 Feb 2013drilling spud● Neutral
Utopia 12 spudded on 21 February 2013 at the highest point of the producing Utopia Central field, with Bounty at 40%. Planned depth is about 1,100 m; the company says the well alone could add 25 bopd net.
20 Feb 2013drilling progress report● Neutral
The rig move to the Utopia 12 location was delayed by rain and flooding after Utopia 14 was released on 17 February, with spud expected the next day. Bounty holds 40%. Operational update only.
15 Feb 2013drilling result▲ GoodMajor
Utopia 14 logs show 7 m of net oil pay; the well is cased and will be completed for production within two months. Bounty estimates new 2P reserves of 1.892 million bbl gross (756,000 bbl net) and about $800,000 gross first-year revenue. More development drilling is expected.
13 Feb 2013drilling result▲ GoodMajor
Utopia 14 reached total depth with very good oil shows over a 12 m interval in the Murta zone, at the Utopia East closure about 3 km from the main pool. Logging is still to come; Bounty (40%) says this opens more of the 200 sq km lease.
11 Feb 2013drilling spud● Neutral
Utopia 14, the second of two Utopia development wells with Bounty at 40%, spudded 10 February 2013 to test a separate eastern closure, targeting about 1,030 m. Success is said to add around 25 bopd and could lead to a wider development of the field.
8 Feb 2013drilling result● Neutral
Utopia 13 hit the Murta oil reservoir with 2-3 m of net good sand above the oil-water contact and will be cased as a producer. Bounty went non-consent here, so it does not share in this well's result unless it buys in. Utopia 14 is due to spud around 11 February.
8 Feb 2013price query● Neutral
ASX queried the share price rise from $0.021 to an intra-day high of $0.028 on 8 February 2013, with higher trading volume. Text is the query only; Bounty's reply is not included.
7 Feb 2013admin correction● Neutral
Bounty adds the competent person statement for reserves and resources figures in its 4 February 2013 seminar presentation. No new information.
5 Feb 2013investor presentation● Neutral
CEO presentation to an investor seminar repeats known projects: Utopia drilling, AC/P32, Kiliwani North at 10%, and Nyuni. It gives 838.4M shares quoted, a $0.02 share price and a $16.7M market capitalisation. Government plans have Kiliwani North producing in early 2014.
30 Jan 2013drilling scheduled▲ GoodMajor
Bounty will join two Utopia development wells (Utopia 12 and 14, 40% interest) from around 5 February 2013, targeting an additional gross 8 MMbbl. Success could more than double its Utopia oil output. It goes non-consent on Utopia 13 but keeps buy-back rights.
24 Dec 2012capital raising announcement● Neutral
Bounty issued 44.25M shares to employees and directors approved at the AGM, raising $299,250: 38.25M at $0.005 and 6M at $0.018. Options exercisable at $0.14 lapsed, leaving 20M options at $0.032. Shares quoted now total 816.4M.
What it means for a shareholder
44.3m new shares at about A$0.0068 to raise about A$299,250. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (147,870 at the issue price), your slice goes from 0.0186% to 0.0176% of the company. To keep it you'd need 8,239 more shares - about A$56 at the issue price.
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22 Nov 2012investor presentation● Neutral
AGM chairman's address and CEO presentation say the Key Tanzania purchase is complete, giving Bounty 10% of Kiliwani North. They also say Bounty will seek a joint venture partner to drill a 20-80 MMbbl AC/P32 target, and the Farawell 3D shows up to 700,000 bbl. Largely repeats known facts.
19 Nov 2012asset acquisition disposition▲ GoodMajor
Key Petroleum sold all its Tanzanian assets to Bounty, including its 5% of Kiliwani North and subsidiary Funguo Petroleum. Bounty pays US$250,000 cash plus A$156,000 of Bounty shares. This completes the extra 5% Kiliwani North interest noted earlier, bringing Bounty to 10%.
31 Oct 2012annual report● Neutral
2012 annual report restates the record oil revenue of $2.66M, a $30.83M net asset figure, nil debt, and 100% of AC/P32. It states Bounty lifted its Kiliwani North interest to 10% (45 BCF certified reserves). It largely repeats results already reported.
19 Oct 2012regulatory community update▲ GoodMajor
The regulator approved a variation to AC/P32's work commitment. Bounty (100%, operator) must now reprocess 100 km² of seismic over permit years 4 and 5, with no obligation to drill. Reprocessed data shows two prospects of 20-80 MMbbl and a 10-20 MMbbl lead.
26 Sept 2012annual report▲ Good
FY12 accounts: record oil revenue $2.665M and net profit $2.122M, including $1.705M realised gains on listed securities. Cash and current assets $6.64M, nil debt, net assets $30.87M. Bounty also bought out partners in AC/P 32.
14 Aug 2012farm in farm out completion● NeutralMajor
PEP 11 renewed for five years from 13 August 2012. Advent's subsidiary Asset Energy has formally registered its 85% interest, earned by drilling New Seaclem-1, leaving Bounty with 15%. This completes the transfer left open since January 2011.
31 July 2012quarterly activities report▲ GoodMajor
June quarter: revenue $585,520; FY12 oil revenue up 35% to $2.32M. Bounty reports acquiring 100% equity and operatorship of AC/P 32. An independent review lifts Nyuni undiscovered gas to 5.6 TCF (280 BCF net). Farrawell 3D has started.
31 May 2012regulatory community update▲ Good
A 335 line-km 2D seismic survey has started in the Nyuni transition zone, taking about six weeks. A 500 km deep-water survey follows in late 2012. Together they meet the initial work commitment, which runs to October 2013. Bounty holds 5%.
14 Mar 2012half year report▲ Good
Half-year to December 2011: net profit $1.238M versus a $251,208 loss for FY11, on oil revenue up 42.3% to $1.44M. Cash $1.197M; current assets and investments $6.07M. Azalea drill decision expected by mid-year.
