10 July 2009price query● Neutral
ASX asks Bounty to explain a rise from 2.9c to an intra-day 4.2c with higher volume. The letter contains questions only; Bounty's response is not included here.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2009agm notice● Neutral
Notice of a 30 June 2009 general meeting to ratify two earlier placements (28.2M shares and 18M shares, both at 1.5c) and approve up to 70M more shares at a minimum 1.5c. It also seeks approval for directors to take up to 10M shares.
29 May 2009joint venture update▲ Good
Partner MEC Resources has started a tender for a jackup rig to drill the Fish Prospect in PEP 11. Rig rates have fallen and suitable rigs are becoming available, which addresses the earlier rig shortage. Bounty remains free carried.
25 May 2009asset acquisition disposition● Neutral
Drillsearch, not Bounty, announces it sold its interests in Surat permits ATP 823P and ATP 552P to Primary Petroleum, receiving 1,000,000 Bounty shares as part of the deal. Bounty holds 25% of ATP 552P, but the text does not say how this affects that stake.
18 May 2009capital raising announcement▲ Good
Allotment completed on 15 May: 134,529,914 shares at 1.5c (106.3M rights issue plus 28.2M placement), raising $2.018M. Shares on issue rise to 453,370,569. About $850,000 of cut-back applications await shareholder approval for a further placement.
What it means for a shareholder
135m new shares at A$0.015 to raise about A$2.0m. That's 36% dilution: every existing holder's slice gets 36% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.0278% to 0.0178% of the company. To keep it you'd need 37,389 more shares - about A$561 at the issue price.
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13 May 2009capital raising announcement▲ GoodMajor
The 1.5c rights issue closed heavily over-subscribed, raising about $2.018M: $1.594M from the rights issue plus $424,000 from extra applications. About $1M more in applications will need shareholder approval. Chairman says MEC is moving to fund a PEP 11 well (Baleen prospect).
1 May 2009quarterly activities report● Neutral
March 2009 quarter: Utopia oil revenue $70,684 (Bounty 40%). Kiliwani North commercialisation talks continue with production aimed for 2010. The report says the PEP 11 extension is pending and rig negotiations are advanced; AC/P 32 is being renewed with Bounty rising to 15%.
21 Apr 2009asset acquisition disposition▲ GoodMajor
Bounty's Ausam subsidiary sells its 24.748% of ATP 471P (Bainbilla, excluding Spring Grove field) to Origin for $412,500 cash, subject to partners' pre-emptive rights. This recoups most of the $500,000 paid for the Surat package acquired in January; the rest of the package is kept.
17 Apr 2009capital raising announcement● Neutral
Offer documents for the 1.5c rights issue were posted to shareholders; the offer closes 8 May and extra shares may be applied for. Brokers get a 4% stamping fee. Administrative step in the known raising.
7 Apr 2009capital raising announcement● Neutral
Bounty despatches the required notice of the 1-for-3 rights issue at 1.5c (up to about $1.59M, 106.3M shares). It says funds are needed to keep participating in its projects. Offer documents follow on 17 April. Procedural notice of a known raising.
7 Apr 2009capital raising announcement● Neutral
Offer document for the 1-for-3 rights issue at 1.5c, raising up to about $1.59M, opens 17 April and closes 8 May 2009. Shareholders may apply for extra shares; the issue is partly underwritten. Maximum shares on issue after the issue: 425,120,855.
7 Apr 2009investor presentation● Neutral
CEO's Sydney conference presentation restates known facts: 2P reserves of 1.31 mmboe, Utopia development and Eluanbrook plans, PEL 218 drilling in Q4 2009, and free-carried PEP 11. It promotes the 1.5c rights issue. Nothing new.
6 Apr 2009capital raising announcement● NeutralMajor
Bounty launches a 1-for-3 non-renounceable rights issue at 1.5c, up to 106.3M shares to raise about $1.59M. The price is a 48% discount to the prior close; only 10% is underwritten. Funds go to Cooper, Surat and Tanzania work and working capital.
What it means for a shareholder
106m new shares at about A$0.015 to raise about A$1.6m. That's 31% dilution: every existing holder's slice gets 31% smaller. If you held A$1,000 of shares (66,855 at the issue price), your slice goes from 0.0279% to 0.0193% of the company. To keep it you'd need 29,627 more shares - about A$443 at the issue price.
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6 Apr 2009admin correction● Neutral
Amended timetable for the 1-for-3 rights issue: adds deferred settlement trading from 11 May 2009 and moves the ex date to 8 April. Offer still closes 8 May with allotment on 14 May. Administrative only.
1 Apr 2009security holder rights change● Neutral
6,381,200 options at 8c expired unexercised on 31 March 2009. Bounty now has 318,840,655 shares and no options on issue.
27 Mar 2009farm in farm out agreement▲ GoodMajor
Bounty farms into PEL 218 (Cooper Basin, South Australia): it has earned 5.5% by funding half of a 210 km seismic survey and will rise to 23.28% by funding Deka/Well Traced's share of a first well planned late 2009. Leads total 65 mmbbl recoverable (unrisked, gross).
3 Mar 2009half year report▼ BadMajor
Half-year to 31 Dec 2008: revenue $288,496 (up 53%), net loss $1,772,458 against $442,237 a year earlier. The loss includes a $1M impairment of the AC/P 32 interest after the dry Wisteria-1 well. Net tangible assets fell to 2.2c per share.
5 Feb 2009joint venture update● Neutral
Nyuni partner Key Petroleum updates on its own West Songo Songo licence and says Kiliwani North commercialisation talks with Tanzanian authorities continue, with steps remaining before economic returns. Little new for Bounty's 5% Nyuni interest.
30 Jan 2009quarterly activities report● Neutral
December 2008 quarter: Utopia oil revenue was $97,296 (1,280 bbl sold), down on the prior quarter as oil prices fell. Kiliwani North was granted a 676 sq km 'Location'; the Tanzanian joint venture approved a scaled-back 2009 budget; PEP 11 extension is pending.
29 Jan 2009asset acquisition disposition▲ GoodMajor
Bounty buys Ausam Resources, holding Surat Basin (Queensland) interests, for $500,000 in cash and shares. It gains Downlands gas revenue, minor reserves (24,000 boe) and a 50% stake in the Eluanbrook oil well (4.6 mmbbl potential) planned for Q3 2009: a new onshore direction.
18 Dec 2008regulatory community update● Neutral
Bounty and Asset Energy report 2008 work upgrading PEP 11 (Fish up to 9.2 Tcf P10; seabed seeps). Because suitable offshore rigs are unavailable, they applied to suspend work commitments and extend the permit one year beyond 3 Dec 2009; outcome expected in Q1 2009.
18 Dec 2008regulatory community update● Neutral
Partner MEC Resources repeats the PEP 11 update: Fish up to 9.2 Tcf (P10) and an application for a one-year suspension and extension beyond 3 Dec 2009. Asset holds 25% and is pursuing its right to earn 85%. Re-release of Bounty's announcement.
27 Nov 2008investor presentation● Neutral
CEO's AGM presentation restates known facts: Utopia 2P reserves of 1.14 mmbbl, Kiliwani North's 40 mmcfd test potentially adding 1.7 mmboe, PEP 11 structure up to 9 Tcf. It expects Tanzanian gas sales in late 2009 and revenue above $1M a year by end-2009 (company targets).
27 Nov 2008agm notice● Neutral
All three AGM resolutions passed on a show of hands: adoption of the remuneration report and re-election of directors Higginbotham and Ross. Proxy votes against were about 1.0M and 0.9M versus about 45M for. Routine; no business beyond the notice.
3 Nov 2008quarterly activities report● Neutral
September 2008 quarter: Utopia oil revenue $158,875 (1,297 bbl sold, Bounty share); Kiliwani North commercialisation planning and 2D seismic planned for first half 2009; PEP 11 upgraded to 5 Tcf; Wisteria-1 plugged and abandoned.
31 Oct 2008resource reserve update▲ GoodMajor
Partner MEC's mapping gives PEP 11 six structures with 5.1 Tcf risked recoverable gas (P50), up to 16.3 Tcf (P10). Fish is largest (9.0 Tcf P10). Bounty (75%) stays free carried on the first well; MEC is negotiating for a rig.
29 Oct 2008annual report● Neutral
Bounty issues its 2008 Annual Report and AGM notice; AGM set for 27 November 2008. It says Kiliwani North-1 adds a potential 1.7 mmboe, more than doubling probable reserves to 2.8 mmboe, and calls Wisteria-1 unsuccessful.
1 Oct 2008annual report● Neutral
Bounty's audited financial statements for the year to 30 June 2008 are filed, with directors' report, governance statement and tenement schedule. The excerpt shows no figures, so results are not stated here.
16 Sept 2008drilling result▼ Bad
Norwest reports Wisteria-1 reached final depth of 3,281m, with no significant hydrocarbon shows in the Plover. The joint venture will log and plug and abandon the well.
16 Sept 2008drilling result▼ BadMajor
Wisteria-1 in AC/P 32 is a dry hole: Plover reached at ~3,224m with only minor gas, final depth 3,281m, to be plugged and abandoned. Bounty keeps its 10% permit interest and now prioritises Kiliwani North and Utopia drilling.