Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2008drilling progress report● Neutral
Partner Adelphi says the West Atlas rig is on location at Wisteria-1 and expected to spud 22 August, to 3,323m in 97m of water. Puffin sands are expected about 12 days after spud. P50 potential is 174 mmbbl Puffin plus 21 and 12 mmbbl in deeper zones.
22 Aug 2008drilling spud▲ GoodMajor
Wisteria-1 in AC/P 32 is set to spud 22 August, the long-awaited well after earlier delays. Bounty holds 10% and pays 7.2% of costs (earlier stated 7.6%). Planned depth is 3,323m; the main Puffin target has 174 mmbbl P50 potential, with 200+ mmbbl in total.
20 Aug 2008drilling scheduled▲ Good
Norwest says Coogee now indicates Wisteria-1 could spud as early as 23/24 August, reversing the delay to 2009. It attributes this to weather and rescheduling of Montara work. The rig schedule remains the operator's call.
20 Aug 2008drilling scheduled▲ Good
Bounty says the Wisteria-1 spud, delayed to early 2009 just weeks ago, could now happen as early as 23/24 August. It cautions the timing depends entirely on the operator's Montara work and weather.
20 Aug 2008drilling scheduled▲ Good
Adelphi reports Wisteria-1 could spud as early as 23/24 August after the earlier delay to 2009, because Montara work was rescheduled. Also covers Adelphi's US Sugarloaf well. Bounty's 10% is unchanged.
8 Aug 2008regulatory community update▲ Good
MEC Resources says partner Advent's new seismic mapping confirms the Baleen prospect in PEP 11 and shows several additional large structures, including a 'Fish' structure. Baleen is estimated at 1+ Tcf. It says Advent can earn up to 85% from Bounty, consistent with the earlier farm-in.
6 Aug 2008admin correction● Neutral
Standard Corporations Act section 708A notice accompanying the 7.105M share issue. It states Bounty has complied with its disclosure obligations. No new information.
6 Aug 2008capital raising announcement● Neutral
Bounty issued 7.105M shares at 3.5 cents (about $249,000) under the authority approved on 30 July. Shares on issue rise to 266.84M. Proceeds go to drilling, development and working capital.
What it means for a shareholder
7.1m new shares at A$0.035 to raise about A$249,000. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.0119% to 0.0116% of the company. To keep it you'd need 846 more shares - about A$30 at the issue price.
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5 Aug 2008drilling scheduled▼ BadMajor
Bounty confirms the Wisteria-1 spud is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. The CEO calls the 20-plus week delay frustrating and says Bounty has begun sourcing a rig for Utopia development drilling.
4 Aug 2008drilling scheduled▼ Bad
Partner Adelphi says the operator, Coogee, has delayed Wisteria-1 from early August 2008 to the first quarter of 2009. Coogee needs the rig for urgent work installing the Montara platform and controls the rig schedule. This reverses the near-term spud expected.
4 Aug 2008drilling scheduled▼ Bad
Partner Norwest repeats that Wisteria-1 is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. Bounty's 10% is unchanged. Duplicates the Adelphi notice.
17 July 2008joint venture update▲ GoodMajor
Bounty says the Kiliwani North-1 test (40 mmcfd) satisfies it that a commercial gas field will be developed. The JV applied for a separate appraisal area and will fast-track production. No reserves are stated yet; prospects total over 1 Tcf risked, which is not a reserve figure.
14 July 2008drilling scheduled● Neutral
Partner Norwest says Wisteria-1 in AC/P 32 is now scheduled to spud in early August 2008, slightly later than the late July Bounty had flagged. Bounty's 10% interest is unchanged; Norwest pays about 6% of dry hole costs.
30 June 2008agm notice● NeutralMajor
Bounty calls a 30 July 2008 general meeting to ratify 2008 placements and authorise further raisings of up to about $5.2M, with 110M shares to be placed. The board says it needs the funds for Tanzania and Wisteria-1; it has raised about $2.8M so far in 2008.
6 June 2008listing compliance notice▼ Bad
ASX asks Bounty whether the new CEO's remuneration terms have been finalised and disclosed, citing Listing Rule 3.1 and earlier unanswered emails from March to June. Bounty must also confirm compliance. A query only; no answer in this text.
5 June 2008well test result▲ GoodMajor
Kiliwani North-1 flowed gas at a stabilised 40 million cubic feet a day (about 6,700 barrels of oil equivalent) with condensate of one barrel per million cubic feet and no CO2 or H2S. The chairman says this exceeded expectations. Bounty holds 5%.
4 June 2008regulatory community update▲ GoodMajor
PEP 11 permit conditions are suspended and varied for 12 months to 3 December 2008, extending the permit term to 3 December 2009. This resolves the earlier extension request. Bounty 75% and Asset Energy 25% unchanged; the Baleen-1 rig and funding remain unresolved.
2 June 2008well test result● Neutral
Well test equipment has reached Songo Songo Island and testing of Kiliwani North-1 has started. Bounty will not announce results until the full sequence is complete and verified.
28 May 2008investor presentation● Neutral
CEO presentation to a Sydney conference, repeating known facts: 5.5 cent share price, $14M market cap, 1.14 mmbbl 2P reserves, Wisteria-1 in July and Kiliwani North gas sales targeted late 2008. Management says it has potential to lift reserves to 20 mmboe in 12 months.
23 May 2008drilling scheduled▲ Good
Wisteria-1 in AC/P 32 is on track to start in late July 2008 using the West Atlas rig. Bounty holds 10% but pays 7.6% of the dry hole cost. The well tests three zones with about 180 mmbbl combined potential.
18 Apr 2008capital raising announcement▲ GoodMajor
The share purchase plan is fully subscribed at $2.44M, including a further 19.86M shares at 3.5 cents (about $695,000) with the shortfall placed. Shares on issue reach 259.74M. A further $360,000 from investors awaits shareholder approval, for about $2.80M in total.
What it means for a shareholder
19.9m new shares at A$0.035 to raise about A$695,000. That's 7.6% dilution: every existing holder's slice gets 7.6% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.0119% to 0.011% of the company. To keep it you'd need 2,366 more shares - about A$83 at the issue price.
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31 Mar 2008well test result▲ Good
Kiliwani North-1 was perforated with strong flow and pressures recorded, and the rig was released on 29 March. A long-duration flow test is expected to start in about four weeks. The well came in ahead of schedule and under budget.
19 Mar 2008regulatory community update▲ Good
Key reports the operator has formally notified Tanzania's petroleum corporation of the Kiliwani North-1 gas discovery. Key says the well's proximity to the Songo Songo plant gives confidence it will be economic. Administrative step.
19 Mar 2008director officer appointment● Neutral
J. Gary Higginbotham is appointed non-executive director of Bounty. No further detail is given. This follows Tom Fontaine's resignation days earlier.
18 Mar 2008drilling result▲ Good
Key re-releases operator Aminex's statement on the Kiliwani North-1 gas discovery. It adds that the gas-water contact is about 30m deeper than Songo Songo, indicating a separate structure, with minor oil shows. Repeats known facts.
17 Mar 2008drilling result▲ GoodMajor
Bounty confirms a gas discovery at Kiliwani North-1: about 60m gross gas in good sands at 2,030m, apparently a separate pool from Songo Songo. Appraisal drilling is needed; the well will be tested and completed. Interest adjusted from 6% to 5%.
17 Mar 2008drilling result▲ GoodMajor
Operator Key reports Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstone as Songo Songo, at 2,030m, ahead of schedule. It will be completed as a production well. Bounty's interest is shown as 5%, down from 6%.
17 Mar 2008capital raising announcement● Neutral
Bounty extends the share purchase plan close from 20 March to 31 March 2008, giving holders time to consider the Kiliwani North gas discovery. Allotment moves to 4 April. Price stays at 3.5 cents.
14 Mar 2008director officer appointment▼ BadMajor
Director Tom Fontaine resigns effective 15 March 2008, stating he does not approve of the current management of the company and cannot reconcile this with the board. This follows the CEO appointment a week earlier.
11 Mar 2008drilling progress report● Neutral
Kiliwani North-1 is at 1,730m, drilling ahead in 8½in hole after running 9-5/8in casing. Drilling remains relatively trouble free. No results yet.
