Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2008capital raising announcement● Neutral
The share purchase plan opens: up to $5,000 per holder at 3.5 cents, targeting about $1.99M from up to 56.99M shares. Funds go to Wisteria-1, Nyuni and Utopia. Brokers get a 4% fee. Closing date stated as 20 March (one cover note says 21 March).
6 Mar 2008director officer appointment● NeutralMajor
Philip Kelso is appointed Chief Executive Officer of Bounty. The chairman cites his upstream experience and the 2008 drilling program, led by Wisteria-1 in AC/P 32. No terms are given in this release.
5 Mar 2008drilling progress report● Neutral
Key reports Kiliwani North-1 at 1,106m, running 9-5/8in casing, with drilling relatively trouble free. Bounty's interest shown as 6%. No results yet.
29 Feb 2008drilling progress report● Neutral
Kiliwani North-1 is at 445m with 13 3/8in surface casing cemented, preparing to test the blowout preventers. Good progress since the 23 February spud; planned depth is 2,012m. No results.
28 Feb 2008admin correction● Neutral
Bounty corrects the share purchase plan: maximum is 56.994M shares raising about $1.994M, not 55M shares and $2.75M. The closing date moves to 20 March 2008. Oversubscriptions may be accepted.
28 Feb 2008capital raising announcement● NeutralMajor
Bounty launches a share purchase plan at 3.5 cents per share, an 11% discount to the five-day average price. Proceeds fund Wisteria-1, Nyuni drilling and Utopia development. This is the capital raising promised at the AGM; the size was corrected in a later release.
25 Feb 2008drilling spud● NeutralMajor
Kiliwani North-1 started drilling on 23 February 2008 from Songo Songo island, vertical to about 2,012m, roughly 35 days. It tests a possible new oil play and the Songo Songo reservoir sands. Bounty holds 6%.
20 Feb 2008half year report▼ Bad
Half-year to 31 December 2007: net loss $442,237, up from $313,006 a year earlier, on revenue $188,558. Net assets $5.02M, no debt, 189.98M shares on issue. Wisteria is planned for July 2008.
15 Feb 2008drilling scheduled● Neutral
Key says the rig was released from Kiliwani-1 on 13 February and is moving to Songo Songo island. Kiliwani North-1 is planned as a vertical well to about 2,175m, starting around end of February, taking about 35 days.
11 Feb 2008drilling result▼ BadMajor
Kiliwani-1 reached 2,570m and is being plugged and abandoned: no commercial hydrocarbons found. Key says the target sands were too deep, below the Songo Songo gas-water contact. The rig moves to Kiliwani North-1, testing a possible new oil play.
11 Feb 2008drilling result▼ BadMajor
Bounty confirms Kiliwani-1 (TD 2,570m) found no commercial hydrocarbons and is being plugged and abandoned. The chairman says the target sands were too deep, below the Songo Songo gas-water contact. Focus shifts to Kiliwani North-1.
5 Feb 2008drilling progress report● Neutral
Kiliwani-1 is at 2,317m after recovering broken drill bit pieces on 2 February, drilling ahead in 8½in hole. The main target is at about 2,340m. No results yet.
5 Feb 2008drilling progress report● Neutral
Key Petroleum repeats that Kiliwani-1 is at 2,317m, drilling toward the primary target after clearing drill bit debris and changing to clean drilling mud. No results.
29 Jan 2008farm in farm out agreement▲ Good
Adelphi confirms the Cosmo Energy farm-in to AC/P32, giving the full interest table: Bounty 10%, Cosmo 22.5%, Coogee 22.5%. Wisteria-1 targets up to 200 million barrels and is expected in Q3 2008. Duplicates the Norwest announcement from the other partner's side.
29 Jan 2008drilling progress report● Neutral
Bounty reports 9-5/8in casing cemented and Kiliwani-1 at 2,260m, cleaning out broken drill bit debris. A pressure test then drilling to the roughly 2,340m target follow. No results.
29 Jan 2008drilling progress report● Neutral
Key Petroleum says 9-5/8in casing is cemented and Kiliwani-1 is at 2,260m. Debris from a failed drill bit is being milled out before drilling into the reservoir section. No results.
29 Jan 2008asset acquisition disposition● NeutralMajor
Drillsearch sold its entire 13.9% Bounty stake (26.4M shares) to GH Corporate Services on 25 January 2008, using proceeds to reduce its debt. This ends Drillsearch's holding in Bounty; the buyer GH Corporate Services is now a large holder.
22 Jan 2008drilling progress report● Neutral
Kiliwani-1 drilled to the 9 5/8in casing point at 2,257m and is on a clean-out trip before running casing. The main target is about 2,340m. No results yet.
21 Jan 2008farm in farm out agreement▲ GoodMajor
Norwest announces Cosmo Energy will take 22.5% of AC/P32 by funding Wisteria-1 on a 2-for-1 promoted basis. Wisteria-1 is expected in Q3 2008 with a rig secured. Bounty is listed at 10%, down from the 12.8% previously recorded (inference: it is among the farm-out parties).
15 Jan 2008drilling progress report● Neutral
Kiliwani-1 is at 2,121m, heading for the 9-5/8in casing point. Further mechanical delays hit worn flow pipe and mud pumps. No results.
8 Jan 2008drilling progress report● Neutral
Key Petroleum says Kiliwani-1 is at 1,977m after a bit change. Progress is slower than expected because of repeated mud pump and generator shutdowns on the rig. No results.
4 Jan 2008drilling progress report● Neutral
Kiliwani-1 is at 1,892m, drilling ahead, with 9 5/8in casing planned near 1,900m. The target is still about 2,340m. Routine progress, no results.
24 Dec 2007drilling progress report● Neutral
Kiliwani-1 is drilling ahead at 1,509m after cementing casing at 1,315m and passing a pressure test. The main target is still about 2,340m. Routine progress, no results.
18 Dec 2007drilling progress report● Neutral
Key Petroleum reports the 13-3/8in casing is set at 1,322m and the blowout preventer is being installed. Drilling to about 2,285m comes next. Routine, no results.
18 Dec 2007other● Neutral
Bounty repeats its change of address to Level 7, 283 George Street, Sydney, already notified on 5 December. Administrative re-release with no new substance.
17 Dec 2007drilling progress report● Neutral
Kiliwani-1 is at 1,322m, running 13 3/8in casing after widening the hole. The main target remains about 2,340m in Lower Cretaceous sands. Routine progress, no results.
11 Dec 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 still at 1,322m, opening the pilot hole and preparing to run 13-3/8in casing, with pump engine maintenance. Routine operations, no results.
7 Dec 2007drilling progress report● Neutral
Aminex says Kiliwani-1 is at 1,322m with no significant hydrocarbon shows so far, 'contrary to reports', and it is far too early to judge the result. This tempers the 5 December shallow gas-show news; the 2,340m target is still ahead.
5 Dec 2007other● Neutral
Bounty has moved its office to Level 7, 283 George Street, Sydney, with a new phone and fax and a PO Box mailing address. Administrative notice only.
5 Dec 2007drilling result▲ Good
Kiliwani-1 recorded encouraging gas shows at 1,163–1,241m in the shallow section, which Bounty says indicates hydrocarbons in the structure. The main Lower Cretaceous target is around 2,340m, so no result on it yet.
