Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2014quarterly activities report▲ Good
March 2014 quarter: revenue $758,059 and output about 70 bopd, tracking to $2.8M oil sales for the year. Irtalie East 4 and 5 reached full production. Bounty applied for a five-year AC/P 32 renewal. Kiliwani lateral 85% laid; first gas early 2015.
14 Mar 2014half year report▲ Good
Half year to December 2013: net profit $1.09M, against a $1.50M loss for FY13. Oil revenue rose 37% to $1.55M. Cash and investments were $3.85M, down from $5.61M at June 2013. Azalea farmout campaign continues.
12 Mar 2014investor presentation● Neutral
CEO conference presentation repeats known themes: 2013 oil revenue $2.6M, Kiliwani gas from early 2015, and a plan to drill Azalea in AC/P 32. Market cap $13.1M at $0.014. It now quotes Azalea recoverable as 100-200 MMbo, versus 113 MMbo earlier.
28 Feb 2014joint venture update▲ Good
Operator Aminex reports Tanzanian state-built pipeline and Songo-Songo plant on schedule for early 2015, with the lateral 15% laid. The Kiliwani North gas sales agreement is now 'largely complete', up from 'advanced' talks. Bounty holds 10%. (Release text carries an old 2013 date line.)
30 Jan 2014quarterly activities report● Neutral
December 2013 quarter: Bounty sold 6,075 boe for $630,897 revenue, about 70 bopd, tracking to $2.6M oil sales for the year. Utopia 16 was cased as a future producer. Azalea farmout campaign underway; Kiliwani first gas still early 2015.
2 Dec 2013drilling result● Neutral
Utopia 16 (Bounty 40%) was cased as a potential Murta producer with a 7 m oil column in low-productivity sands. Bounty went non-consent in Utopia 15, also cased with oil shows, and in Utopia 17, keeping buy-back rights in both.
28 Nov 2013agm notice● Neutral
All three AGM resolutions passed on the voices; proxy votes for each were well above those against. Routine administrative result.
27 Nov 2013investor presentation▲ GoodMajor
CEO's AGM presentation puts Azalea at 511 million barrels in place and 113 million recoverable, to be farmed out for drilling in FY2014/15. It plans the 500 BCF Fanjove gas well in early 2014 (Bounty 5%) and says Bounty is working on acquisitions in Australia.
27 Nov 2013agm notice▲ Good
The chairman's AGM address flags the Azalea prospect in AC/P 32 (Bounty 100%): 511 million barrels of oil in place, 113 million recoverable. A stratigraphic trap missed by the Wisteria 1 well. Bounty intends to farm out the Azalea 1 well to a major. Kiliwani gas still on track for 2015.
15 Nov 2013drilling spud● Neutral
Utopia 16 spudded 11 November 2013 and was drilling at 995 m, aiming for the Murta Zone about 900 m east of Utopia 14. Bounty holds 40%. Utopia 17, where Bounty went non-consent, was cased and suspended pending operator review.
6 Nov 2013other● Neutral
Beach Energy's October drilling report covers Cooper Basin wells and Egypt and Romania; Bounty is not mentioned. PEL 218 is noted as Beach 70%, Chevron 30%, with Boston-3 drilling there. Little relevance to Bounty beyond that.
1 Nov 2013material agreement▲ Good
Operator Aminex says Kiliwani North gas sales talks with Tanzania's state company are advanced and expected to conclude before year end. The state will build the tie-in line at its cost, with gas sold at the wellhead. First gas stays early 2015; Bounty holds 10%.
31 Oct 2013quarterly activities report▲ Good
September quarter: oil revenue $717,719 on 7,379 bbl sold, with output about 75 bopd. Irtalie East 4 and 5 and Cooroo North West 1 were cased as future producers. Kiliwani North pipeline work started in August; new Utopia wells follow in November.
30 Oct 2013drilling scheduled● Neutral
Bounty plans a new Utopia drilling round at its 40% PL 214 field: it will join Utopia 16 and, if that succeeds, Utopia 15. It goes non-consent in Utopia 17, spudding the next day, keeping buy-in rights. This follows the Utopia 14 success.
30 Oct 2013annual report● Neutral
2013 annual report repeats the year's results: petroleum revenue $2.173M, $3.228M fresh equity raised, and discovered reserves of 4.42M boe. The chairman says Bounty is confident of a farm-in partner for a proposed $25M AC/P 32 well targeting 20-80M barrels. No new events.
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.
30 July 2013quarterly activities report● Neutral
June quarter: oil revenue $489,354 on 4,799 bbl sold. Utopia 12 and 14 came on production late June, lifting output to 74 bopd from 34. Kiliwani North gas production is now pushed out to 2015, though pipeline contracts were signed.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: oil revenue $517,320 on 4,890 bbl sold, down from $557,254. Utopia 12 and 14 are cased awaiting completion; Irtalie East 3 started at 263 bopd. Utopia recoverable oil is now put at 2.0-10.0 MMbo gross, with 2-3 more wells planned.
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.
Create a free account to see this worked out for your own holding.
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.
