Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2011asset acquisition disposition● Neutral
Drillsearch confirms completing the sale of its Naccowlah Block interest to Bounty for A$1.15M, being $950,000 cash and $200,000 in Bounty shares. Effective date 1 April 2010. Seller-side duplicate of Bounty's completion news.
31 Jan 2011asset acquisition disposition▲ GoodMajor
Bounty completes buying a 2% interest in the Naccowlah Block from Drillsearch (announced August 2010). It brings 150,000 barrels of 2P oil reserves at about $6 a barrel and lifts oil revenue to around $1.6M a year. Two oil wells were drilled since April 2010; three more planned for 2011.
19 Jan 2011other● Neutral
Amended notice shows director Higginbotham bought 100,000 shares on market on 10 January 2011 at $0.046 each, lifting his holding to 1,106,720 shares.
18 Jan 2011drilling progress report● Neutral
Utopia 10 was fracture stimulated in December and is now on production test. Utopia 11H horizontal well is delayed by rain and rig maintenance to late January-early February 2011. Field reserves are 3 MMbo, 1.2 MMbo net to Bounty.
4 Jan 2011other● Neutral
ASX lifts Bounty's trading suspension following release of final New Seaclem-1 logging data. Administrative notice only.
4 Jan 2011drilling result▼ BadMajor
Bounty reported New Seaclem-1 finished at about 750 m with no hydrocarbons, no gas discovery in the post-Mesozoic section. CEO Kelso said the no-cost commitment well secured the permit for at least 3 years at Bounty's 15% interest, with new seismic planned for the Fish-Baleen prospects.
4 Jan 2011drilling result▼ BadMajor
MEC reports New Seaclem-1 reached 750 m with no hydrocarbons; sands logged were porous but appear to hold salty water. Advent has provisionally lifted its PEP11 interest to 85%, cutting Bounty to 15%. Fish and Baleen deeper targets are untested.
31 Dec 2010other● Neutral
Bounty releases its securities trading policy under Listing Rule 12.9, setting rules and blackout periods for directors and key staff trading company shares. Administrative; no operational or financial news.
30 Dec 2010other● Neutral
Bounty's shares were suspended from quotation at the company's request, pending an announcement on New Seaclem-1. Administrative notice only.
30 Dec 2010other● Neutral
Bounty's letter to ASX formally requests the trading suspension of 30 December to report on New Seaclem-1 logging. Administrative cover letter with no new information.
30 Dec 2010drilling progress report● Neutral
MEC says logs show a Tertiary sandstone over 40 m thick with 30% average porosity at New Seaclem-1. Up-dip potential is untested and needs more seismic. This is a reservoir-quality finding, not a hydrocarbon discovery.
29 Dec 2010drilling progress report▼ Bad
Bounty confirms no gas shows in the Great White and Marlin target intervals to 581 m. The well is deepening to about 750 m into an older section. Bounty says it is disappointed, and sees further seismic and a commitment well ahead for PEP 11.
29 Dec 2010drilling progress report▼ Bad
MEC reports New Seaclem-1 found no gas or hydrocarbons in the Great White and Marlin target intervals, with wireline verification still to come. The well is now deepening into an interpreted Triassic section at 715 m. Early sign the 7 TCF shallow targets have failed.
24 Dec 2010drilling progress report● Neutral
New Seaclem-1 reached 346 m after running 13 3/8" casing at 314 m, with wireline logging done. Drilling through the reservoir section is now expected around 28 December, later than the 25-26 December previously expected. Bounty remains free carried.
22 Dec 2010regulatory community update● Neutral
MEC releases material from Advent's consultants noting seabed pockmarks offshore Sydney resemble gas-venting features at the Gorgon and Ormen Lange fields. MEC says this adds to PEP11's prospectivity; it is not a drilling result.
22 Dec 2010resource reserve update▲ Good
MEC releases an independent expert report commissioned by Advent on PEP11, estimating mean aggregate prospective resources of 15.9 Tcf recoverable, including Fish at 11.5 Tcf. These are unrisked prospect estimates, not discoveries, and the report was commissioned by Advent.
20 Dec 2010drilling progress report● Neutral
New Seaclem-1 has 30" casing cemented at 221.2 m and a 17½" hole drilled to 314 m; 13 3/8" casing is next. The well is one day behind schedule but still expected to reach the target on 25-26 December.
20 Dec 2010other● Neutral
Directors' interest notices show Reveleigh, Ross and Higginbotham took up shares in the rights issue at $0.10 on 17 December. Reveleigh's holdings rise by about 316,000 shares; Ross buys 200,000 shares for $20,000 from the shortfall.
20 Dec 2010capital raising announcement● NeutralMajor
The 1-for-10 rights issue is complete, raising $5.331M before costs at $0.10 through 53,311,220 new shares. Shortfall of 16,572,756 shares may be placed. Shares on issue rise to 752,150,982. Well short of the up to $9M that was possible.
15 Dec 2010drilling progress report● Neutral
Bounty confirms the 15 December spud and the pilot hole to 310.5 m, with blowout preventers due 19 December. Target zone still expected 25-26 December. Repeats the MEC report; no new result.
15 Dec 2010drilling spud▲ GoodMajor
New Seaclem-1, the first exploration well offshore NSW, spudded at about midnight on 15 December, ahead of schedule. The pilot hole reached 310.5 m. The gas target zone is expected around 25-26 December. Bounty is free carried (15% after the well).
14 Dec 2010drilling progress report▲ Good
Rig is anchored and ballasted at New Seaclem-1 in calm seas, with spud expected later on 14 December, two days ahead of the revised schedule. Bounty remains free carried, falling to 15% after the well.
13 Dec 2010drilling progress report● Neutral
MEC repeats that Ocean Patriot ran its first anchor at New Seaclem-1, with spud anticipated early 16 December. Gives planned total depth of 826 m and Tanvinh P50 estimates of 1.16 Tcf (Great White) and 2.97 Tcf (Marlin).
13 Dec 2010drilling progress report● Neutral
Ocean Patriot reached the New Seaclem-1 site and ran its first anchor on 13 December. Spud is now expected early 16 December, later than the late 14 December previously expected. Bounty stays free carried.
10 Dec 2010regulatory community update▲ Good
Federal environment approval received for New Seaclem-1, which was ruled 'not a controlled action' under the EPBC Act. Advent says it now holds all statutory approvals and drilling permits. The release quotes 4.1 Tcf for Great White and Marlin, versus the 7 TCF Bounty cites.
10 Dec 2010regulatory community update▲ Good
Bounty confirms the joint venture has all approvals and drilling permits for New Seaclem-1, after the federal EPBC ruling of 'not a controlled action'. Rig is under tow, spud expected late 14 December. Bounty stays free carried, falling to 15% after the well.
10 Dec 2010regulatory community update● Neutral
MEC Resources repeats Advent's receipt of the EPBC 'not a controlled action' ruling and all drilling permits for New Seaclem-1. It cites 4.1 Tcf for Great White/Marlin, below the 7 TCF Bounty quotes. Duplicate of Bounty's news.
9 Dec 2010drilling progress report▲ Good
MEC reports Advent took operational control of Ocean Patriot overnight and the rig is under tow to New Seaclem-1. Spud still expected late 14 December. Confirms the handover that had slipped from 7 December.
9 Dec 2010drilling progress report▲ Good
Bounty confirms Ocean Patriot handover to Advent was completed the night of 8 December and the rig is under tow to New Seaclem-1, about four days away. Spud expected late 14 December. Bounty remains free carried.
8 Dec 2010drilling result▲ GoodMajor
Utopia 10 reached 1,141 m, hitting the Murta oil zone at the predicted 1,018 m with 100% oil fluorescence over 7 m. Cased pending fracture stimulation. Supports the Utopia reserve increases (Bounty 40%); a further development well follows.
