Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2010joint venture update● Neutral
MEC Resources (Advent shareholder) issues the same PEP 11 drilling update as Bounty's release of the same day: schedule unchanged, rig expected in the fourth quarter. Third-party duplicate with no new information.
6 Aug 2010admin correction● Neutral
Amended June quarter cash report: cash $4.048M at quarter end, $1.142M paid for petroleum interests awaiting completion, and 10M shares issued at 8 cents ($800k). Next quarter outflows are estimated at $1.15M. Administrative only.
6 Aug 2010joint venture update● Neutral
Bounty says PEP 11 preparations still follow the 27 July schedule: Ocean Patriot is expected free in the fourth quarter, after Bass Strait wells running to about mid-October. Bounty stays free carried, dropping from 75% to 15% after the first well.
2 Aug 2010quarterly activities report● Neutral
June quarter: revenue rose to $243,000 (oil sales up 54%) after Utopia development wells were tied in. PEP 11 well now expected October after the rig finishes two Bass Strait wells; a Utopia 3D survey and three more wells are planned. Cash fell to $4.05M.
27 July 2010joint venture update▼ BadMajor
PEP 11 drilling is pushed to early fourth quarter 2010 because the Ocean Patriot is committed to two Bass Strait wells until October. This contradicts the earlier mid-August plan. Bounty restates it holds 75% and falls to 15% after the roughly $24M first well, which it does not fund.
5 July 2010resource reserve update▲ GoodMajor
Advent, the PEP 11 farm-in partner, raised its best-estimate prospective gas resource to 13.2 Tcf (P50), with 6.0 Tcf Permo-Triassic and 7.2 Tcf Cainozoic. These are partner estimates for the whole permit; Bounty falls to 15% after the first well.
17 June 2010joint venture update● Neutral
PEP 11 site survey data acquisition finished end of May over five areas. Advent has set up a Newcastle supply base, begun receiving casing and awarded major service contracts. Drilling on Ocean Patriot is still third quarter. Bounty remains free carried.
20 May 2010joint venture update● Neutral
Seismic reprocessing found two more potential PEP 11 targets, and site surveys now cover four areas. Rough seas delayed them, but they should finish by end May. The CEO says the well is still third quarter, now most likely September.
5 May 2010admin correction● Neutral
MEC corrects media reports of a downward PEP 11 resource revision: the 6.09 Tcf target is additional to the earlier estimate, not a cut. Ocean Patriot remains on target for mid-August. Third-party clarification.
3 May 2010quarterly activities report● Neutral
March quarter: Utopia 2P reserves validated (Bounty share 1.16 mmbbl), net production about 40 bopd and revenue $149,582. Wakefield-1 testing is delayed to at least August by floods. PEP 11 well expected in the third quarter. Cash fell to $5.35M.
3 May 2010admin correction● Neutral
Amended quarterly cash report correcting the options entry: no options were issued in the quarter, and the 16M options on issue were allotted on 23 December 2009. Cash at end of March was $5.345M. Administrative only.
20 Apr 2010material agreement● Neutral
Third-party cover letter (GBA/MEC) forwarding Advent's announcement that it has signed for the Ocean Patriot rig; the content duplicates the MEC release of the same day.
20 Apr 2010contract award▲ GoodMajor
Bounty confirms the Ocean Patriot rig contract for the PEP 11 well, fully funded, planned for mid-August 2010 over about 25 days. Bounty stays free carried. A new target carries a 6.09 Tcf P50 gas-in-place estimate. This closes the rig-signing thread.
20 Apr 2010material agreement▲ GoodMajor
MEC reports Advent has signed for the semi-sub Ocean Patriot to drill PEP 11, planned mid-August for about 25 days. A new target is put at 6.09 Tcf P50 gas in place. This resolves the long-open rig contract thread.
19 Apr 2010investor presentation● Neutral
CEO presentation largely repeats known facts: PEP 11 rig imminent, well Aug-Sept 2010, Bounty free carried and falling from 75% to 15%. Utopia 2P reserves are cited at 2.9 mmbo gross. The share count is quoted at 698.8M and 14M options, which differs from the 688.8M and 16M filed elsewhere.
7 Apr 2010joint venture update● Neutral
Third-party notice (MEC Resources) that the PEP 11 pre-drilling site survey starts 14 April and should take about 8 days. Adds only a timing detail to the existing preparation work.
18 Mar 2010joint venture update▲ Good
Partner Advent says well funding is secured, a rig contract is in advanced negotiation and a site survey contract is awarded. Seismic reprocessing is complete. Best timing estimate for the PEP 11 well is August 2010. Bounty stays free carried.
8 Mar 2010half year report▲ GoodMajor
Half-year to 31 Dec 2009 shows a net profit of $1.23M (up 170%), following $3.44M for FY09. Cash was $7.49M with nil debt and net assets of $25.73M. Revenue was $262,756. Full Utopia field development of 10-15 wells is planned from September 2010.
1 Feb 2010quarterly activities report● Neutral
December quarter: Utopia revenue was $124,000 (down from $158,875 last quarter), with Utopia 7-9 now completed and revenue expected to rise. Equity raisings were $6.67M in the quarter. PEP 11 well is now expected mid-2010 at about $24M, awaiting rig contract signing. Re-entry of Utopia 5 is being considered.
25 Jan 2010director officer appointment● Neutral
Company Secretary Michael Hutt, in the role since 2005, has retired. Non-executive director J.G. Higginbotham takes over as interim secretary while the board searches for a replacement.
20 Jan 2010drilling result▲ GoodMajor
Utopia 9 was completed as an oil producer, finishing the three-well first phase near budget. The CEO says the wells beat projections and expects about $2M added 2010 revenue at A$87 per barrel; 8-12 further wells are likely. This is more than the earlier plan.
4 Jan 2010drilling result▲ Good
Utopia 8 found a second oil discovery, with good shows over 10 m (1016-1026 m) in the Murta Zone, higher than in Utopia 7. It will be completed as a producer; Utopia 9 is next.
29 Dec 2009drilling result▲ Good
Utopia 7 was cased and perforated over 7 m of the Murta Zone, with production starting mid-January 2010. The CEO says side-wall cores suggest a wider oil zone than expected and targets at least 150 bopd from Utopia by end 2010. Utopia 8 is due to spud.
24 Dec 2009director officer appointment● Neutral
Director interest notices show Reveleigh, Higginbotham and Ross received options after AGM approval; Reveleigh's and Higginbotham's are 4M and 2M options at 14 cents expiring 23 December 2009. Routine administrative filing; Ross's details were truncated.
21 Dec 2009drilling result▲ GoodMajor
Utopia 7 found good oil shows in the Murta Zone at 1110 m and will be completed as a producer, with first oil expected mid-January 2010. It is the first of three wells in this phase; Bounty has 40%.
17 Dec 2009drilling spud● Neutral
Utopia development drilling has begun. The first well, Utopia 7 (spud 14 December), is drilling toward 1100 m in the Murta Zone; Bounty holds 40% and Newport operates. Drilling is expected to continue into January 2010.
15 Dec 2009capital raising announcement▲ GoodMajor
Allotment completed on 15 December: 83,469,193 shares at $0.08, raising $6.67M before costs. 60.5M came via the rights issue and 22.9M via placement. Shares on issue rise to 688,839,762, with no options. Resolves the rights issue thread.
What it means for a shareholder
83.5m new shares at A$0.080 to raise about A$6.7m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00188% to 0.00167% of the company. To keep it you'd need 1,567 more shares - about A$125 at the issue price.
Create a free account to see this worked out for your own holding.
14 Dec 2009admin correction● Neutral
Administrative notice: rights issue allotment stays on 14 December, but the last day of deferred settlement trading moves to 15 December, with normal trading after that. No financial substance.
9 Dec 2009capital raising announcement▲ GoodMajor
The rights issue closed over-subscribed, raising about $6.5M: $4.842M from entitlements plus $1.658M from extra applications, with no shortfall. This is above the $4.84M originally sought, and the extra shares will use existing placement capacity.
4 Dec 2009drilling scheduled▲ Good
Bounty says Utopia development drilling starts about 8 December with the ADS 6 rig, operated by Newport Energy. Three wells (Utopia 8, 9, 10) to about 1100 m are planned, expected to lift revenue to around $2.5M pa. This starts the program flagged since October.
