Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2011drilling result▼ BadMajor
Nyuni-2 is suspended after drilling to 3,450 m, when the mud motor and bit jammed irretrievably during a sidetrack. Gas shows were seen but logging was incomplete and Nyuni-1's main sands appear deeper here. The well can be re-entered later. Bounty holds 5%.
6 Oct 2011drilling result▼ Bad
Key, Bounty's 5% partner, confirms Nyuni-2 is suspended after the drill assembly jammed in the sidetrack. Gas indications were found in Neocomian and shallower sands, and the well can be re-entered later. Partner-side repeat of Bounty's announcement.
27 Sept 2011annual report▲ Good
FY11 accounts: record oil revenue $1.72M (up 164%), net loss cut to $0.25M from $1.625M, current assets $6.04M, nil debt, net assets $28.28M. Utopia 3D seismic indicates up to 8 MMbbl 2P; PEP 11 extended 3 years; Nyuni 2 sidetrack about to start.
21 Sept 2011joint venture update● Neutral
Key clarifies that after Aminex and Ndovu interest swaps it holds 5% in the Kiliwani North licence and the original Nyuni PSA, but no longer participates in the new enlarged Nyuni Area PSA. The original PSA expires 19 November 2011. Bounty's own interest is not addressed.
19 Sept 2011drilling progress report▼ Bad
Nyuni-2 drilling is blocked by debris from logging tool centralisers, so the well will be sidetracked from about 3,000 m. Separately, a firm order has been placed for 6-inch line pipe to connect Kiliwani North-1 to Songo-Songo Island facilities, advancing commercialisation.
16 Sept 2011drilling progress report▼ Bad
Key reports Nyuni-2 stalled on 14 September by rubber debris from logging-tool centralisers. The operator will pull back to about 3,000 m and sidetrack around the blockage, taking several days. Partner-side repeat of Bounty's update; the first sign of trouble at the well.
26 Aug 2011drilling progress report● Neutral
Key Petroleum, Bounty's 5% partner, repeats the Nyuni-2 update: cased to 2,945 m and drilling to resume toward 3,325 m. Key is free carried. It adds that Nyuni-1 in 2004 gave a 233 Bcf contingent resource. Partner-side repeat of Bounty's release.
26 Aug 2011drilling progress report● Neutral
Nyuni-2 has been cased to 2,945 m after a few days' rig shutdown to replace damaged equipment, and drilling will resume toward a planned 3,325 m. Operations are described as satisfactory. Bounty holds 5%. This breaks the silence since the July decision to stop routine reports.
29 July 2011quarterly activities report● Neutral
June quarter: record 12-month oil revenue of $1.93M, cash and investments $5.46M, no debt. Utopia 11H was tied in and on production by July. Nyuni 2 (880 Bcf target) is still drilling, and Wandilo South 1 was dry. Production is expected to reach about 80 bopd.
28 July 2011capital raising announcement● NeutralMajor
Bounty is placing up to 20 million shares at $0.024 to raise up to $480,000, each with a free option at $0.032 expiring 27 July 2014. Price is a 4% discount to last close. Funds go to production, exploration and working capital, a small raise after the December 2010 rights issue.
What it means for a shareholder
20.0m new shares at A$0.024 to raise about A$480,000. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held A$1,000 of shares (41,667 at the issue price), your slice goes from 0.00596% to 0.0058% of the company. To keep it you'd need 1,192 more shares - about A$29 at the issue price.
Create a free account to see this worked out for your own holding.
19 July 2011other● Neutral
Bounty will stop issuing periodic progress reports on Nyuni 2, which was announced as getting updates at least every two weeks. Announcements will come only for material drilling events, in consultation with the block participants. No new well results.
6 July 2011other● Neutral
Beach Energy's June 2011 monthly drilling report covers its Cooper Basin and Egypt wells. Bounty is not named in the visible text. The only link is Wandilo South-1 in the Naccowlah Block (Beach 38.5%), plugged and abandoned after no significant hydrocarbons, a well Bounty's 2% interest also covers (inference).
17 June 2011drilling spud● Neutral
Key Petroleum, Bounty's 5% partner, confirms Nyuni-2 spudded shortly after midnight on 17 June, targeting Neocomian and Aptian/Albian sands. Drilling should take 9-10 weeks. Partner-side repeat of Bounty's announcement.
17 June 2011drilling spud● NeutralMajor
Nyuni 2 spudded on 17 June on Nyuni Island, a gas appraisal well to about 3,325 m, taking 9-10 weeks. Bounty holds 5%. Success would be a major step for its gas position; updates are promised at least every 2 weeks.
3 June 2011drilling result▲ GoodMajor
Utopia 11H reached 1264 m with a 176.5 m horizontal leg in the Murta, with strong oil shows. It is completed as an oil producer, expected on production before 30 June. Bounty holds 40%; flow rates are not yet reported.
30 May 2011drilling progress report▲ Good
Utopia 11H reached horizontal in the Murta reservoir at 1094 m with excellent oil shows. It will drill a further 200-300 m. Bounty holds 40%.
27 May 2011drilling scheduled▲ Good
Nyuni 2 is expected to spud around 8 June, with a rig on site, targeting over 1 TCF of recoverable gas. A new PSA adding four blocks is imminent, and Kiliwani North first gas is provisionally early 2012. Bounty holds 5%.
20 May 2011drilling spud▲ Good
Utopia 11H, a short horizontal oil development well, has spudded after weather and rig delays. It targets the Murta zone. Utopia holds 3 MMbo (1.2 MMbo net to Bounty), and results will guide further development.
29 Apr 2011quarterly activities report● Neutral
March quarter: record 9-month oil revenue of $1.30M, with cash of $2.77M and no debt. Utopia 11H was delayed by wet weather to mid-May, and rig mobilisation was underway to drill Nyuni 2 in late May.
15 Apr 2011regulatory community update▲ Good
Tanzania extended the Nyuni PSA by 6 months so Nyuni-2 can finish drilling. Terms for a new, expanded PSA are agreed, with formal conclusion still to come. Bounty keeps 5%.
14 Apr 2011regulatory community update▲ GoodMajor
Tanzania granted a Development Licence for Kiliwani North, where Bounty holds 5%. Gas in place is 45 BCF and first gas is expected within 12 months. This advances the earlier contingent discovery toward production.
29 Mar 2011joint venture update● Neutral
MEC repeats that PEP11's Year 6 work program was varied to reviews and seismic planning, with the term still ending 3 January 2012. Renewal will be sought. Duplicate of Bounty's own release the same day.
29 Mar 2011regulatory community update● Neutral
PEP 11's Year 6 commitments were varied to geological reviews and seismic planning rather than a well. The term still ends 3 January 2012 and renewal will be sought. New Seaclem-1 cuttings studies continue, leading to seismic planning.
15 Mar 2011half year report▲ Good
For the half-year to 31 December 2010, Bounty reported record oil revenue of $1.016M, up 287% from $262,750, and a net profit of $172,391, down 86% on the prior period. This followed a $1.625M loss in FY10; cash was $6.34M with no debt and net assets of $28.71M.
2 Mar 2011investor presentation● Neutral
CEO presentation restates known plans: $6M cash, Nyuni 2 targeting 8 MMboe net to Bounty, Utopia 11H now April, Azalea (AC/P 32) drilling in 2012, and up to 8 wells in 2011. Next PEP 11 well is likely 2013. No new results.
25 Feb 2011farm in farm out completion● Neutral
Tanzania approved Aminex taking a further 15% of the Nyuni PSA from Key, taking Aminex to 65%. Bounty's 5% is unchanged, and Nyuni-2 is still due to spud in April.
11 Feb 2011joint venture update● Neutral
MEC says New Seaclem-1 found no hydrocarbons but identified a 40 m, 30% porosity sandstone. Advent and Bounty are discussing the next PEP11 program, likely with 3D seismic before another well. Advent's 85% is still pending formal transfer from Bounty.
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 2011quarterly activities report● Neutral
December quarter: Bounty ended with $6.33M cash, no debt, and Utopia revenue of $164,472. New Seaclem-1 was dry, leaving a 15% PEP 11 interest. Utopia 11H and Nyuni 2 (about April, 800 BCF prospective) are next.
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.
