4 Dec 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 at 1,322m measured depth, preparing to run a 17½-inch hole opener. Routine operations with no new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 at 340m, making up a 17½-inch drilling assembly. Routine operations, no results.
23 Nov 2007drilling progress report● Neutral
Kiliwani-1 reached the 340m surface casing point and is preparing to run 20-inch casing, then a leak-off test and further drilling. Bounty reports good progress; no results yet.
20 Nov 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 at 318m, rigging up to run 20-inch casing. Early-stage operations, no results.
19 Nov 2007drilling spud▲ GoodMajor
Kiliwani-1 in Tanzania spudded on 15 November 2007, planned to 2,548m and about 40 days. It targets an estimated 100 bcf recoverable, of which Bounty's 6% is 6 mmboe. Bounty is free-carried on this well but pays for the second.
16 Nov 2007drilling spud▲ Good
Key Petroleum reports Kiliwani-1 spudded on 15 November, planned to about 2,500m and roughly 40 days to drill. It is the first of two Nyuni wells; Bounty holds 6%. This is the long-awaited Tanzania drilling start.
15 Nov 2007other▲ Good
Chairman's AGM address: Kiliwani-1 is spudding, with up to 100 bcf potential and Bounty free-carried, and a capital raising is to be announced within a week to fund its 6% share of the second well. Reveleigh has resigned from Drillsearch, so Bounty's board is independent. Wisteria well in AC/P32 expected mid-2008.
6 Nov 2007drilling scheduled▲ Good
The Nyuni operator took delivery of the Caroil-6 rig on 2 November after months of delay. Kiliwani-1 will target the Songo-Songo gas reservoir to 2,500m, with 2–3 weeks of rig-up before spud. The long-delayed Tanzania drilling is now close.
30 Oct 2007drilling scheduled▼ Bad
Pan African expects to release the Caroil-6 rig around 31 October, putting the Kiliwani-1 spud at mid-November. This is a further slip from the October start previously expected for Bounty's free-carried Tanzania well.
4 Oct 2007admin correction● Neutral
Bounty corrected a typing error in its 30 June 2007 balance sheet: total equity was $5,458,966, not $5,498,966. Administrative fix only; no change to the underlying accounts beyond the totalling error.
24 Sept 2007farm in farm out completion▲ Good
Jurassica paid $1.24M towards two Carnarvon Basin wells, earning 30% of EP 412 for $600,000 towards Thornbill-1 (the well Rough Range owes). Bounty is named as a partner. Empire is considering starting with Thornbill-1, a gas prospect with up to 50 bcf potential.
21 Aug 2007regulatory community update▲ Good
Tanzania granted a six-month extension, to 19 May 2008, of the Nyuni licence deadline for the two-well programme, which was previously due by 19 November 2007. Drilling is expected from October 2007. This protects Bounty's 6% interest despite the rig delays.
8 Aug 2007drilling scheduled● Neutral
Bounty reissues the operator's rig update: Caroil-6 remedial work finishes mid-August, delivery to the Nyuni partners late September, and Kiliwani-1 spud in early October. Same timetable as the operator's release; no new information.
8 Aug 2007drilling scheduled▼ Bad
Aminex now expects the Caroil-6 rig to be delivered to the Nyuni partners in late September, with Kiliwani-1 spudding in the first half of October. Bounty's 6% Tanzanian drilling slips again from the earlier late-May expectation.
9 July 2007regulatory community update▼ Bad
Bounty confirms it is still trying to find a semi-submersible rig to drill the Biggus prospect in PEP 11 before the 5 August 2007 permit year end, and has formally requested an extension of the permit term.
6 July 2007regulatory community update▼ Bad
Partner MEC Resources says Bounty could not source a rig to drill the PEP 11 offshore Sydney well before the permit year ends on 5 August 2007. Bounty has asked for a permit extension. This is the Biggus well due by August.
19 June 2007material agreement▼ Bad
Bounty relayed announcements that the Caroil-6 rig will not reach the Nyuni partners in June as planned because of mechanical problems at the neighbouring Songo-Songo field. Aminex expects a delay of several weeks. Bounty's Nyuni drilling start is pushed back.
31 May 2007farm in farm out completion▲ Good
Tanzanian approval for Aminex's farm-out of 25% of the Nyuni licence to RAK Gas was relayed via Key Petroleum. RAK pays 37.5% of two wells' cost. Bounty's interest stays at 6%. Caroil-6 rig to follow a nearby well first.
23 Apr 2007drilling result▼ BadMajor
Parrot Hill-2 in EP 435 found no commercial hydrocarbons on wireline logs; the well was plugged and DCA Rig 7 released on 22 April. This ends the well Bounty paid 12.5% of to lift its interest to 10%, against the 750,000 bbl prospect estimate.
20 Apr 2007drilling progress report● Neutral
Parrot Hill-2 reached total depth of 1,232m. Wireline logging tools got stuck at 1,169m, so crews are running open-ended drill pipe to clear the hole. The Birdrong logs, and so the well result, are still pending.
19 Apr 2007drilling progress report● Neutral
Parrot Hill-2 drilled into the Birdrong Sandstone, with only weak gas (maximum 6 units at 1,211m). The planned depth was revised to 1,232m, with electric logging next. Less encouraging than the earlier gas readings.
18 Apr 2007drilling result▲ Good
Parrot Hill-2 reached the Birdrong Sandstone at 1,197m, deeper than the 1,115m predicted, with gas up to 19 units. Depth target extended to 1,250m. Gas shows are encouraging but no oil or flow confirmed; logs come next.
17 Apr 2007drilling progress report● Neutral
Parrot Hill-2 reached 1,160m, with the top of the Windalia at 1,138m. Empire says the well is running low to prognosis, so the reservoir is deeper than plotted. Gas was 3–7 units.
16 Apr 2007drilling progress report● Neutral
Parrot Hill-2 at 1,099m, with gas rising to 6–10 units. Empire says revised surface elevations make the Birdrong target deeper than the 1,115m first planned.
16 Apr 2007drilling progress report● Neutral
Two-day report: Parrot Hill-2 reached 986m, then 1,033m by morning. Gas readings were rising with depth to 5–7 units. The well was re-surveyed, giving slightly different surface elevation.
13 Apr 2007drilling progress report● Neutral
Parrot Hill-2 drilled to 823m, then the bit was pulled for a change. Background gas was 4 units, with a 6-unit peak at 754m. Formation tops were reported close to prediction.
12 Apr 2007drilling progress report● Neutral
Parrot Hill-2 was drilling ahead at 756m in the Gearle Siltstone on 12 April. Minor gas readings of 3 units total gas were recorded from 460–654m, and the Birdrong Sandstone target was still ahead.
11 Apr 2007drilling progress report● Neutral
Parrot Hill-2 drilled from 266m to 443m on 10 April, reaching 504m in the Gearle Siltstone by morning. No hydrocarbon shows, none expected at this depth. Drilling on toward the Birdrong Sandstone.
10 Apr 2007drilling progress report● Neutral
Daily report: Parrot Hill-2 main drilling began 9 April and was at 334m in limestones by morning. No hydrocarbons expected at this depth. Target Birdrong Sandstone still planned at 1,115m.
4 Apr 2007material agreement▲ GoodMajor
Bounty signed a drilling contract for Maurel & Prom's Caroil-6 rig for two Nyuni wells in Tanzania, delivery expected late May. The first well targets Songo Songo South from Killiwani island; Bounty is free-carried through it and keeps a 5% interest.