Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter: revenue $421,096 and production 67 bopd, with lower oil prices cited. Kiliwani pipeline pressure testing is underway, and production is targeted mid-year, reaching 20 MMcf/d by Q3. The gas sales contracts remain unsigned. Azalea farmout and drilling plans are unchanged.
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.
20 Feb 2015joint venture update▼ Bad
Kiliwani North: TPDC has started the skid metering unit and laid pipe to the licence boundary. Pipeline pressure testing is now expected in the first half of 2015, a slip from Q1. The gas sales agreement remains unsigned. Bounty holds 10%.
10 Feb 2015joint venture update● Neutral
Bounty repeats that NOPTA suspended the PEP 11 Year 2 work programme until 12 August 2015. The revised programme lists a 200 km 2D survey and, later, an exploration well and 500 km2 3D survey. This is a re-release of the partner's notice.
10 Feb 2015joint venture update● Neutral
Partner MEC Resources reports regulator NOPTA approved suspending PEP 11's Year 2 work programme (200 km 2D seismic and geotechnical studies) until 12 August 2015. Asset Energy holds 85% as operator, Bounty 15%.
5 Feb 2015joint venture update▼ Bad
Kiliwani North's gas sales agreement, largely complete, is delayed by government approval processes. Operator Aminex now targets first production in the first half of 2015, versus early 2015 earlier. Pipeline pressure testing is expected in Q1 2015. Bounty holds 10%.
2 Feb 2015quarterly activities report▼ Bad
December 2014 quarter: revenue $548,474 and output 66 bopd, with lower oil prices cited; half-year revenue $1.2M. Further Naccowlah drilling will be reviewed given price falls. Kiliwani gas contracts still await sign-off, first production early 2015.
21 Nov 2014agm notice● Neutral
All three AGM resolutions passed on the voices, with proxy votes in favour well ahead of those against. Administrative result only.
20 Nov 2014asset acquisition disposition▲ GoodMajor
Bounty confirms an indicative agreement to buy all Empire's Carnarvon Basin permits, including Rough Range oil field, now said to be held 100% by Bounty, and the Rivoli gas discovery. A formal agreement is still to be finalised; no price given.
20 Nov 2014other● Neutral
AGM address: FY14 petroleum revenue passed $3M, but Tapis oil has fallen from US$105 to US$79.50, which would hit next year's income if it persists. Kiliwani gas contract signing expected shortly; Carnarvon purchase from Empire noted; Azalea farm-out interest from several large companies.
20 Nov 2014investor presentation● Neutral
AGM presentation repeating known themes: FY14 profit $1.14M, record oil revenue $3.14M, Azalea 500 MMbbl in place farm-out, and Kiliwani gas lifting Bounty from about 60 to over 400 boepd in early-mid 2015. No new events.
20 Nov 2014asset acquisition disposition▲ GoodMajor
Empire Oil & Gas says it signed an indicative deal to sell Rough Range Oil Pty Ltd, holding its six Carnarvon tenements (36-90% interests), to Bounty for a small cash sum plus production royalties. Subject to a formal share purchase agreement.
13 Nov 2014joint venture update● Neutral
Kiliwani North's 2 km wellhead pipeline to the Songo Songo plant has started, due by end 2014. The gas sales agreement is largely complete, awaiting TPDC and Ministry approval. Aminex is selling up to 13% to Solo Oil for US$6.5M; Bounty waived pre-emption rights.
3 Nov 2014quarterly activities report▼ Bad
September 2014 quarter: revenue fell to $661,334 and output to 48 bopd as new wells declined. Utopia 16 produced only water on test. PL 2 was renewed after quarter-end. Kiliwani gas contracts still await sign-off; first gas early 2015.
30 Oct 2014annual report▲ Good
FY14 annual report: first year above $3.1M crude sales and $1,138,300 profit, with no new equity raised. Discovered P2 reserves stay at 2.66 million boe. Kiliwani gas sales are expected early 2015. Azalea is put at 500 million bbl in place, 100 million recoverable.
17 Oct 2014price query● Neutral
ASX asked Bounty to explain a rise in its share price from $0.016 to an intra-day $0.020, with higher trading volume. This is only the query; no explanation or reply is included in the text.
17 Sept 2014annual report▲ Good
Year to June 2014: net profit $1.138M against a $1.497M loss, on total revenue of $4.118M. Petroleum revenue was $3.143M, and trading securities profit was $1.239M. Cash and current assets $3.85M, nil debt. Roy Payne joined and Higginbotham resigned.
17 Sept 2014annual report▲ Good
Media release for the FY14 accounts: oil revenue up 45% to $3.14M, net profit $1.138M, cash $3.85M, nil debt. The CEO cites the Azalea farm-out campaign and Kiliwani gas on track for early 2015. It repeats the accounts, with no new events.
5 Sept 2014joint venture update▲ Good
Operator update says Kiliwani North's first gas into the new regional pipeline is due early 2015, at about 20 MMcf/d gross (about 3,500 boepd). The state gas sales agreement is largely negotiated with no material issues left. Bounty holds 10%.
1 Aug 2014security holder rights change● Neutral
The 20 million unlisted options exercisable at $0.032 lapsed unexercised, leaving Bounty with no options on issue. No new shares or cash result.
31 July 2014quarterly activities report▲ Good
June 2014 quarter: revenue $933,463 and about 72 bopd; FY14 petroleum revenue $3.093M. Cooroo North West 1 came on at just over 100 bopd. Kiliwani plant commissioning is set for end November 2014 and the gas contract is in final negotiation.
4 July 2014regulatory community update▲ GoodMajor
AC/P 32 has been renewed for five years from 24 June 2014, covering 342 km2 and the Azalea prospect. Bounty (100%) is seeking partners to drill Azalea in 2015/16, resolving the renewal pending since April.
20 June 2014joint venture update▲ Good
Partner MEC Resources says the PEP 11 joint venture (Asset Energy 85% operator, Bounty 15%) is preparing a roughly 225 km2 3D seismic survey off Sydney. Timing is November 2014 to May 2015, subject to approvals and a vessel.
6 June 2014director officer appointment● Neutral
Sachin Saraf, a CPA, is appointed Company Secretary and Financial Controller, filling the role left by Higginbotham. The board is now Reveleigh (chair), Ross and Payne, with Kelso as CEO.
5 June 2014director officer appointment● Neutral
Director and company secretary Gary Higginbotham retired for ill health and resigned all Bounty positions. He had served since 2008. This removes the CFO and secretary role held with the board.
30 May 2014director officer appointment● Neutral
Roy Payne, a Queensland commercial lawyer with over 30 years' experience, joins the board as an additional director. Bounty calls it a first step in broadening the board's expertise.
