26 Nov 2009investor presentation● Neutral
AGM presentation by the CEO repeats the 2009 highlights: $3.44M profit, $14.26M net assets, PEP 11 rig talks advanced, Utopia and Wakefield-1 plans, and the rights issue. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2009capital raising announcement● Neutral
Bounty confirms it posted the rights issue offer documents on 23 November: 1-for-10 at $0.08, closing 7 December, allotment 14 December. Directors may place any shortfall with excess applicants or sophisticated investors; brokers get a 4% fee. No new terms.
23 Nov 2009investor presentation● Neutral
CEO presentation restates 2010 plans: PEP 11 rig talks advanced (5 Tcf Fish-Baleen target, $2.20/share on success), Utopia oil revenue to $2.5M pa late 2010, Wakefield-1 testing, and the $0.08 rights issue. Utopia is now described as a 12-well program; mostly repeats known facts.
20 Nov 2009regulatory community update▲ Good
MEC reports PEP 11 rig negotiations are at an advanced stage and 2004 seismic reprocessing is under way, first tranche due end November. Bounty calls it material; no rig contract, funding or drilling date is confirmed yet.
16 Nov 2009capital raising announcement● Neutral
The rights issue offer document is released: 1 new share per 10 held at $0.08, up to $4.84M, partly underwritten. The offer opens 23 November and closes 7 December, with allotment on 14 December. Extra shares can be sought beyond entitlements.
13 Nov 2009capital raising announcement● Neutral
Bounty despatches the formal notice of its 1-for-10 rights issue at $0.08. It restates 605,370,569 shares on issue and a maximum 60,537,057 new shares for about $4.84M. No new terms.
12 Nov 2009capital raising announcement● NeutralMajor
Bounty launches a 1-for-10 non-renounceable rights issue at $0.08, up to 60.5M shares to raise about $4.84M. It is 17% below the 10 November close, with 20% underwritten. Funds target Utopia, Surat Basin and PEL 218 evaluation. Bounty says it needs more capital.
What it means for a shareholder
60.5m new shares at about A$0.080 to raise about A$4.8m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00206% to 0.00188% of the company. To keep it you'd need 1,249 more shares - about A$100 at the issue price.
Create a free account to see this worked out for your own holding.
2 Nov 2009quarterly activities report● Neutral
September quarter: Utopia revenue was $158,875 (40% share) and Downlands began minor production. Reserves rose 39% to 1.69 mmboe over the year. $4.1M was raised in the quarter. A five-well Utopia program is planned for December; PEP 11 well targeted 2010.
30 Oct 2009annual report● Neutral
The 2009 annual report repeats the record $3.44M profit and $14.26M net assets. It says PEP 11 success could add $2.20 per share (earlier $2.75), with a roughly $20M semi-submersible well targeted for 2010. Utopia drilling is planned from late 2009. Text was truncated.
21 Oct 2009regulatory community update▲ Good
Advent, Bounty's PEP 11 partner, received federal environmental clearance for a pre-drilling site survey; it is not a controlled action. This advances the approvals Bounty has been awaiting, though funding, a rig and the 3 Dec permit term decision remain open.
9 Oct 2009well test result▲ GoodMajor
Partner Icon reports a potential coal seam gas discovery in Wakefield-1: 8.9 m of Winton coals at 820-957 m with gas shows up to 112 units. Results are preliminary; core holes are planned. Bounty holds 23.28% of PEL 218.
8 Oct 2009other● Neutral
Bounty announces a Boardroom Radio interview with CEO Philip Kelso, on its website, covering results, operations and forward programs. No new information in the announcement itself.
1 Oct 2009drilling progress report● Neutral
Beach's weekly report confirms Wakefield-1 in PEL 218 is cased and suspended at 2298 m pending evaluation of whether commercial hydrocarbons were found. The Ensign 30 rig was released 26 September. Bounty is listed at 23.28%. Other items concern Beach's Egypt wells.
1 Oct 2009annual report▲ Good
CEO commentary on FY09 results restates a $3.44M group profit and net assets up $6.17M to $14.26M. It cites $8.17M raised from shares, including $4.1M since balance date, and a Utopia plan of 5 new wells and a workover, about $2.8M outlay in 2009/10.
30 Sept 2009annual report▲ Good
Audited accounts to 30 June 2009 show a maiden group profit of $3.44M and net assets up $6.17M to $14.26M. The profit includes a $6.41M excess of subsidiary net assets over acquisition cost, against an operating loss of $2.98M before that item.
29 Sept 2009drilling result● Neutral
Operator Beach reports Wakefield-1 had oil and gas shows at many levels and is cased and suspended. It calls the log interpretation inconclusive over the key zones. The joint venture will consider cased-hole testing, a more cautious view than Bounty's.
28 Sept 2009drilling result▲ GoodMajor
Wakefield 1 was cased and suspended at 2297 m for testing, with oil shows in at least six zones and possible new Adori and Murta oil pools. Gas-bearing Winton coals were also found. Bounty has now earned 23.28% of PEL 218. Commercial flows are unproven pending cased-hole testing.
23 Sept 2009drilling progress report● Neutral
Beach's weekly report says Wakefield-1 reached total depth of 2298 m in the Nappamerri Formation and is preparing to run wireline logs. Fair hydrocarbon shows were seen in the Murta, Namur, Adori and Birkhead Formations.
23 Sept 2009regulatory community update● Neutral
MEC corrects media reports on the timing of a PEP 11 site survey. Advent has applied for approvals for a short geophysical survey and one vertical well to about 2500 m, expected to take 30 days to drill. Timing depends on approvals and vessel availability.
17 Sept 2009drilling progress report▲ Good
Wakefield 1 reached 1873 m with oil shows in several intervals, though the Birkhead and Hutton targets are not yet reached. Bounty says the shows are encouraging but need logging and testing to assess their significance.
16 Sept 2009drilling progress report● Neutral
Operator Beach's weekly report shows Wakefield-1 drilling at 1467 m in the Cretaceous. It lists Bounty at 23.28% and states Beach is free carried. The rest of the report covers other Beach wells.
10 Sept 2009drilling spud● Neutral
Wakefield 1 spudded on 10 September in PEL 218, targeting oil to 2400 m. Bounty is earning 23.28% above the Permian via a farm-in with Deka and Well Traced, vesting at casing point.
31 Aug 2009drilling scheduled● Neutral
The Ensign Rig 30 moves onto the Wakefield 1 location around 6 September, about 50 km northeast of Moomba. Planned depth is 2400 m. Reaching casing point earns Bounty 23.28% of PEL 218 above the Permian.
25 Aug 2009regulatory community update● Neutral
At ASX's request, Bounty clarifies its $2.75 per share PEP 11 value claim: resources are conceptual until drilled and the figure applies only on commercial success. It also discloses a further 52,000,000 shares being issued, reported 24 August.
21 Aug 2009investor presentation● Neutral
Re-release of the same 21 August CEO presentation, because the first copy had sections missing due to software problems. No new content.
21 Aug 2009investor presentation● Neutral
CEO presentation to a Sydney conference restates known projects: Wakefield 1 spud in September, free-carried PEP 11 Fish well, Utopia. It claims a success-case value gain of $2.75 per share from PEP 11. Shares quoted are shown as 553,370,569, up from 453M in the prior context.
17 Aug 2009joint venture update▲ Good
Bounty welcomes MEC's mandate with Norway's Pareto Group to help fund the Fish well in PEP 11. Bounty holds 75% and is free carried through the first well, then pays 15% of later costs. Funding is not yet completed.
11 Aug 2009joint venture update▲ Good
Partner MEC's unit Advent reports seismic anomalies over more than 60 km in shallow Cainozoic sediments of PEP 11, likened to Brazil's giant Marlim field, beyond the earlier 16.3 Tcf P10 estimate. Well design for Fish is complete and environmental approvals are being lodged.
10 Aug 2009drilling scheduled▲ GoodMajor
Bounty will participate in the Wakefield 1 oil well in PEL 218 (Cooper/Eromanga Basin), spudding mid-September, targeting up to 11 mmbbl recoverable. Reaching casing point earns Bounty its 23.28% interest, ahead of the late-2009 timing previously flagged.
29 July 2009quarterly activities report● Neutral
June 2009 quarter: Utopia oil revenue $79,508 (Bounty 40%) with all three wells back online. Kiliwani North appraisal seismic is complete and PEL 218 seismic is done with a drilling location identified. PEP 11 rig tenders are being evaluated.