3 Dec 2010drilling scheduled▼ Bad
Rig handover for New Seaclem-1 slips from 7 to a provisional 10 December, with about six more days to move to site. Another small delay to the long-awaited PEP 11 well; Bounty remains free carried.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2010admin correction● Neutral
Corrects the 1 December release: the entitlement form attached was from an earlier issue and sent in error. The correct form was issued to shareholders. Closing date remains 15 December.
2 Dec 2010drilling spud▲ Good
Utopia 10 development well spudded 2 December in PL 214, to 1,100 m in the Murta zone and then fracture stimulated. Fourth Murta development well under operator Bridgeport; the horizontal Ufouria 1H follows. Aims to lift oil output (Bounty 40%).
1 Dec 2010capital raising announcement● Neutral
Offer documents for the 1-for-10 rights issue at 10 cents were despatched 29 November. The closing date is extended from 10 to 15 December, with allotment 17 December. Brokers get a 4% stamping fee. Administrative amendment to known dates.
29 Nov 2010agm notice● Neutral
AGM results: all resolutions were passed on the voices, with proxy votes mostly in favour. Administrative; the release gives no further detail on the resolutions.
29 Nov 2010agm notice● Neutral
Chairman's AGM address: FY10 petroleum income rose 49% to $659,148 and recoverable reserves rose from 1.69 to 3.6 MMboe. Rig handover expected around 7 December, New Seaclem-1 spud mid-December; rights issue closing 10 December and shareholders urged to take part.
29 Nov 2010investor presentation● Neutral
CEO's AGM presentation restates known plans: New Seaclem-1 targeting 7 TCF (Bounty 15% after the free carry), Mardi test in April 2011, Nyuni 2 in 2011. Reserves listed at 3.37 MMboe; share price $0.105. Nothing new announced.
25 Nov 2010drilling scheduled▲ Good
MEC Resources reports a provisional 7 December 2010 date for handover of the Ocean Patriot rig for New Seaclem-1. This firms up the long-delayed start, though Advent has yet to give the exact schedule. Bounty remains free carried.
25 Nov 2010drilling scheduled● Neutral
Bounty repeats Advent's provisional 7 December 2010 start of rig handover for Ocean Patriot at New Seaclem-1, attaching the rig owner's schedule. Bounty stays free carried, falling from 75% to 15% after the well. Duplicates the MEC-sourced item of the same date.
19 Nov 2010capital raising announcement● Neutral
Bounty releases the formal offer document for the 1-for-10 rights issue at 10 cents, up to $9M. The offer opens 26 November and closes 10 December, with shares allotted 15 December. Administrative release of terms already announced.
18 Nov 2010joint venture update▲ Good
Third-party release by MEC Resources: a second independent report (RPS) calls gas 'highly likely' in sediments 471-605 m below sea level at New Seaclem-1. It supports the gas-presence case but is not a drilling result.
18 Nov 2010capital raising announcement● Neutral
Bounty despatches the notice of its 1-for-10 rights issue at 10 cents to shareholders. Administrative follow-up to the 17 November announcement. The letter says Claymore underwrites 30M shares, about a third of the issue; the announcement gave 21.13M, or 30%.
17 Nov 2010capital raising announcement● NeutralMajor
Bounty announces a 1-for-10 non-renounceable rights issue at 10 cents, raising up to about $9M from up to 90M shares, partly underwritten by Claymore Capital. Funds are for follow-up work in PEP 11, Queensland oil wells, Mardi, Wakefield and Nyuni 2. Dilutes holders who do not take part.
What it means for a shareholder
90.0m new shares at about A$0.100 to raise about A$9.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00143% to 0.00127% of the company. To keep it you'd need 1,288 more shares - about A$129 at the issue price.
Create a free account to see this worked out for your own holding.
15 Nov 2010drilling result▼ BadMajor
Ubute-1 will be plugged and abandoned, a dry hole for Bounty's 40%, with only trace oil. Logs showed reservoir-quality Birkhead and Hutton sands, which the company says improves prospects for stratigraphic traps in Utopia and in ATP 789P. Resolves the Ubute-1 test.
15 Nov 2010regulatory community update▲ GoodMajor
Advent has received NSW approvals for New Seaclem-1: the well operations plan, environment plan and oil spill plan. This clears regulatory steps for the 826 m well. Bounty stays free carried, dropping from 75% to 15% after the well.
12 Nov 2010drilling progress report▼ Bad
Ubute-1 reached 1,414 m with no hydrocarbon shows in primary or secondary targets. The Murta Formation came in 12 m low, suggesting the structure may be absent. Logs are next; the next two wells are Utopia development wells.
5 Nov 2010drilling spud● Neutral
Ubute-1 oil exploration well spudded in ATP 560P near Utopia, targeting 500,000 barrels at about 1,350 m. Bounty holds 40%, Bridgeport 60% operator. First of three Utopia wells in six weeks, and the first exploration well there for some time.
3 Nov 2010price query● Neutral
Bounty notes unusual share price and volume movements on 3 November. It says it knows of no undisclosed material information and is complying with disclosure rules. It restates Asset Energy's option to earn a further 60% of PEP 11 by drilling New Seaclem-1.
1 Nov 2010quarterly activities report● Neutral
September quarter: Utopia revenue was $150k (Bounty 40%), down from $228k the prior quarter as volumes fell. PEP 11 well now expected December; Ubute-1 and two Utopia development wells planned. Mardi/Bidgel Creek drilling decision due November.
29 Oct 2010annual report● Neutral
2010 Annual Report repeats the audited FY10 result already reported. Says New Seaclem-1 is a $20M well, Bounty is free carried, drilling is around December 2010, and the AGM is 29 November 2010. Net assets $23M.
22 Oct 2010investor presentation● Neutral
CEO presentation repeats known themes: New Seaclem-1 likely mid-December after two Esso Bass Strait wells, Bounty free carried (75% to 15%), 2.5 Tcf target. Also says Utopia drilling in November and Mardi tested April 2011. Nothing new in substance.
14 Oct 2010joint venture update▼ Bad
Bounty says the Ocean Patriot must first drill two more Bass Strait wells, expected to finish by early December. New Seaclem-1 is therefore next in line, and the fourth-quarter start may vary. This pushes the earlier October timing back.
11 Oct 2010joint venture update● Neutral
Third-party announcement: BPH Corporate plans to raise its stake in Advent, Bounty's PEP 11 partner, to up to 27.7% and raise $10M to help fund the first well. It restates the 75% to 15% dilution for Bounty and the New Seaclem-1 target of 4.1 Tcf.
5 Oct 2010regulatory community update▲ Good
Safety regulator NOPSA has accepted the Ocean Patriot's safety case revision for New Seaclem-1, a key approval for PEP 11 drilling. The rig is still expected to be available in the fourth quarter. Source is MEC, a third party.
5 Oct 2010regulatory community update▲ Good
Empire Oil & Gas says Production Licence L 16 over Rough Range was granted for 21 years from 24 September. Bounty holds 10% of the area outside the oilfield. Bee-Eater-1 is now planned for early 2011, with up to 5 million barrels potential.
1 Oct 2010annual report● Neutral
Audited FY2010 accounts show a loss of $1.63M, against a $3.44M profit in FY2009 (which included a $6.4M one-off gain). Revenue rose 49% to $659,148.
1 Sept 2010joint venture update● Neutral
Advent says it paid for the Ocean Patriot rig on 31 August under its contract with Diamond Offshore and Apache. New Seaclem-1 is still expected to start in the fourth quarter. Bounty stays free carried.
27 Aug 2010drilling scheduled▲ GoodMajor
The first PEP 11 well is named New Seaclem-1, about 55 km east of Newcastle, targeting gas to 826 m at the Great White and Marlin prospects. Drilling is estimated for late October. Advent estimates 1.16 and 2.97 Tcf (P50) respectively.
16 Aug 2010asset acquisition disposition▲ GoodMajor
Bounty agrees to buy a 2% Naccowlah Block interest in the Cooper Basin from Drillsearch for $1.15M ($950k cash, $200k in shares). It adds about 150,000 barrels of 2P reserves and an estimated $700,000 a year in net operating revenue before capital costs.
16 Aug 2010asset acquisition disposition● Neutral
Drillsearch announces the same sale of its 2% Naccowlah interest to Bounty for $1.15M ($950k cash, $200k in shares), with a $105,000 non-refundable deposit paid. Counterparty confirmation of Bounty's purchase.