Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2009capital raising announcement● Neutral
Offer documents for the 1.5c rights issue were posted to shareholders; the offer closes 8 May and extra shares may be applied for. Brokers get a 4% stamping fee. Administrative step in the known raising.
7 Apr 2009capital raising announcement● Neutral
Bounty despatches the required notice of the 1-for-3 rights issue at 1.5c (up to about $1.59M, 106.3M shares). It says funds are needed to keep participating in its projects. Offer documents follow on 17 April. Procedural notice of a known raising.
7 Apr 2009capital raising announcement● Neutral
Offer document for the 1-for-3 rights issue at 1.5c, raising up to about $1.59M, opens 17 April and closes 8 May 2009. Shareholders may apply for extra shares; the issue is partly underwritten. Maximum shares on issue after the issue: 425,120,855.
7 Apr 2009investor presentation● Neutral
CEO's Sydney conference presentation restates known facts: 2P reserves of 1.31 mmboe, Utopia development and Eluanbrook plans, PEL 218 drilling in Q4 2009, and free-carried PEP 11. It promotes the 1.5c rights issue. Nothing new.
6 Apr 2009capital raising announcement● NeutralMajor
Bounty launches a 1-for-3 non-renounceable rights issue at 1.5c, up to 106.3M shares to raise about $1.59M. The price is a 48% discount to the prior close; only 10% is underwritten. Funds go to Cooper, Surat and Tanzania work and working capital.
What it means for a shareholder
106m new shares at about A$0.015 to raise about A$1.6m. That's 31% dilution: every existing holder's slice gets 31% smaller. If you held A$1,000 of shares (66,855 at the issue price), your slice goes from 0.0279% to 0.0193% of the company. To keep it you'd need 29,627 more shares - about A$443 at the issue price.
Create a free account to see this worked out for your own holding.
6 Apr 2009admin correction● Neutral
Amended timetable for the 1-for-3 rights issue: adds deferred settlement trading from 11 May 2009 and moves the ex date to 8 April. Offer still closes 8 May with allotment on 14 May. Administrative only.
1 Apr 2009security holder rights change● Neutral
6,381,200 options at 8c expired unexercised on 31 March 2009. Bounty now has 318,840,655 shares and no options on issue.
27 Mar 2009farm in farm out agreement▲ GoodMajor
Bounty farms into PEL 218 (Cooper Basin, South Australia): it has earned 5.5% by funding half of a 210 km seismic survey and will rise to 23.28% by funding Deka/Well Traced's share of a first well planned late 2009. Leads total 65 mmbbl recoverable (unrisked, gross).
3 Mar 2009half year report▼ BadMajor
Half-year to 31 Dec 2008: revenue $288,496 (up 53%), net loss $1,772,458 against $442,237 a year earlier. The loss includes a $1M impairment of the AC/P 32 interest after the dry Wisteria-1 well. Net tangible assets fell to 2.2c per share.
5 Feb 2009joint venture update● Neutral
Nyuni partner Key Petroleum updates on its own West Songo Songo licence and says Kiliwani North commercialisation talks with Tanzanian authorities continue, with steps remaining before economic returns. Little new for Bounty's 5% Nyuni interest.
29 Jan 2009asset acquisition disposition▲ GoodMajor
Bounty buys Ausam Resources, holding Surat Basin (Queensland) interests, for $500,000 in cash and shares. It gains Downlands gas revenue, minor reserves (24,000 boe) and a 50% stake in the Eluanbrook oil well (4.6 mmbbl potential) planned for Q3 2009: a new onshore direction.
18 Dec 2008regulatory community update● Neutral
Bounty and Asset Energy report 2008 work upgrading PEP 11 (Fish up to 9.2 Tcf P10; seabed seeps). Because suitable offshore rigs are unavailable, they applied to suspend work commitments and extend the permit one year beyond 3 Dec 2009; outcome expected in Q1 2009.
18 Dec 2008regulatory community update● Neutral
Partner MEC Resources repeats the PEP 11 update: Fish up to 9.2 Tcf (P10) and an application for a one-year suspension and extension beyond 3 Dec 2009. Asset holds 25% and is pursuing its right to earn 85%. Re-release of Bounty's announcement.
27 Nov 2008investor presentation● Neutral
CEO's AGM presentation restates known facts: Utopia 2P reserves of 1.14 mmbbl, Kiliwani North's 40 mmcfd test potentially adding 1.7 mmboe, PEP 11 structure up to 9 Tcf. It expects Tanzanian gas sales in late 2009 and revenue above $1M a year by end-2009 (company targets).
31 Oct 2008resource reserve update▲ GoodMajor
Partner MEC's mapping gives PEP 11 six structures with 5.1 Tcf risked recoverable gas (P50), up to 16.3 Tcf (P10). Fish is largest (9.0 Tcf P10). Bounty (75%) stays free carried on the first well; MEC is negotiating for a rig.
29 Oct 2008annual report● Neutral
Bounty issues its 2008 Annual Report and AGM notice; AGM set for 27 November 2008. It says Kiliwani North-1 adds a potential 1.7 mmboe, more than doubling probable reserves to 2.8 mmboe, and calls Wisteria-1 unsuccessful.
1 Oct 2008annual report● Neutral
Bounty's audited financial statements for the year to 30 June 2008 are filed, with directors' report, governance statement and tenement schedule. The excerpt shows no figures, so results are not stated here.
16 Sept 2008drilling result▼ Bad
Norwest reports Wisteria-1 reached final depth of 3,281m, with no significant hydrocarbon shows in the Plover. The joint venture will log and plug and abandon the well.
16 Sept 2008drilling result▼ BadMajor
Wisteria-1 in AC/P 32 is a dry hole: Plover reached at ~3,224m with only minor gas, final depth 3,281m, to be plugged and abandoned. Bounty keeps its 10% permit interest and now prioritises Kiliwani North and Utopia drilling.
16 Sept 2008drilling result▼ Bad
Adelphi reports Wisteria-1 reached 3,281m with no significant hydrocarbon shows in the Plover sandstone. The joint venture will log, then plug and abandon the well.
8 Sept 2008drilling progress report▼ Bad
Norwest reports Wisteria-1 at 2,886m has drilled through the Montara sandstone without reservoir-quality sand or significant shows. Only the Plover target remains. Bounty's 10% unchanged.
8 Sept 2008drilling progress report▼ Bad
Adelphi repeats that Wisteria-1 at 2,886m found no reservoir-quality Montara sandstone or significant shows. Only the Plover target remains before planned total depth of 3,323m.
8 Sept 2008drilling progress report▼ Bad
Bounty reports Wisteria-1 at 2,886m after two bit-change trips, with the Montara sandstone showing no reservoir quality or significant hydrocarbons. Drilling continues toward the Plover target; planned depth 3,323m.
1 Sept 2008capital raising announcement● NeutralMajor
Bounty placed 34M shares at 4 cents (about $1.36M) to exempt investors, within its 15% placement capacity. Shares on issue rise to 300.84M. Funds go to drilling, development and working capital; continues the raising authorised 30 July.
What it means for a shareholder
34.0m new shares at A$0.040 to raise about A$1.4m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0104% to 0.00913% of the company. To keep it you'd need 3,544 more shares - about A$142 at the issue price.
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1 Sept 2008drilling result▼ Bad
Partner Norwest repeats that Wisteria-1 found no reservoir-quality Puffin sandstone or significant shows at 2,019m. Montara and Plover targets (21-32 mmbbl P50) remain to be drilled. Bounty's 10% unchanged.
1 Sept 2008drilling result▼ BadMajor
Adelphi reports Wisteria-1 drilled through the Puffin sandstone target (174 mmbbl P50 pre-drill) with no reservoir-quality sand or significant shows, at 2,019m. Deeper Montara and Plover targets (21-32 mmbbl P50) remain.
1 Sept 2008drilling result▼ Bad
Bounty confirms the main Puffin target in Wisteria-1 (10% interest) had no reservoir sandstone or significant shows. The CEO notes oil was found in Puffin at Birch-1 in 1990, so the play may lie further west. Montara/Plover (21 and 12 mmbbl P50) still to test.
27 Aug 2008admin correction● Neutral
Partner Adelphi re-issues its 27 August drilling update to fix two places where Magnolia-1 was wrongly written instead of Wisteria-1. Content is otherwise unchanged: Wisteria-1 setting casing at 1,670m, Bounty's 10% unchanged.
27 Aug 2008drilling progress report● Neutral
Wisteria-1 spudded at 1300 hrs on 22 August and has been drilled to 1,670m, where 13 3/8-inch casing is being set. The Puffin target is expected about 12 days after spud, with total depth of 3,323m in about three weeks. No results yet.
27 Aug 2008drilling progress report● Neutral
Partner Norwest repeats the operator's report that Wisteria-1 spudded 22 August and has drilled to 1,670m, with casing about to be set. Target depth is 3,323m. No new result; Bounty's 10% is unchanged.
