Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Apr 2007drilling progress report● Neutral
Empire says the main drilling stage of Parrot Hill-2 is due to start this week, slightly delayed by Tropical Cyclone Kara contingency plans. Daily reports will follow once drilling begins. Still no result for Bounty's EP 435 well.
15 Mar 2007half year report▼ Bad
Half-year to 31 Dec 2006: operating loss $313,006, against a $759,664 profit in the prior half. Utopia sold 7,870 barrels for $638,259 (Bounty share $255,304). Restates PEP 11, AC/P32, EP 412, Parrot Hill-2 and Nyuni positions already known.
14 Mar 2007capital raising announcement● NeutralMajor
Bounty agreed to place 22,347,628 shares at 4.5 cents to raise $1,005,643 for working capital. This delivers the equity raising the chairman flagged in November, at a price well below the 8 cent placement of Dec 2005, so existing holders are diluted.
What it means for a shareholder
22.3m new shares at A$0.045 to raise about A$1.0m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.0138% to 0.0121% of the company. To keep it you'd need 3,080 more shares - about A$139 at the issue price.
Create a free account to see this worked out for your own holding.
12 Mar 2007drilling progress report● Neutral
Empire reports Parrot Hill-2 surface hole drilled to 183m and 9 5/8-inch casing run to 176m, now being cemented. Main drilling by an oilfield crew is planned from about 26 March. Target remains the Birdrong Sandstone at 1,115m. No result yet.
7 Mar 2007drilling progress report● Neutral
Empire says Parrot Hill-2 began on 4 March and was installing surface conductor pipe by 6 March. Surface hole to about 200m comes first. No result yet.
2 Mar 2007drilling spud● NeutralMajor
Bounty confirms Parrot Hill-2 starts 4 March 2007 and says it will raise its EP 435 interest from 5% to 10% by paying 12.5% of the well cost. It will be free-carried on the planned Whitlock Hill-1 well in EP 412.
2 Mar 2007drilling spud● NeutralMajor
Empire (operator) says Parrot Hill-2 starts 4 March 2007 with DCA Rig 7, targeting Birdrong Sandstone at 1,115m, TD 1,150m. Empire's table lists Bounty at 10%, with Black Fire Energy as a new 10% partner.
7 Feb 2007farm in farm out agreement● Neutral
Adelphi's release of the same BPCL farm-in to AC/P32. Bounty's interest falls to 12.8%; see ref 11 for the Bounty announcement.
7 Feb 2007farm in farm out agreement● Neutral
Norwest's release on BPCL's farm-in to AC/P32, a duplicate of Bounty's own announcement. See ref 11.
7 Feb 2007farm in farm out agreement▲ GoodMajor
India's BPCL farms into AC/P32 for 20%, paying US$1.42M towards past seismic costs (Bounty's share US$227,200). Bounty's stake falls from 16% to 12.8%. One well is required in the 12 months from 27 May 2007, optional for all parties.
31 Jan 2007admin correction● Neutral
Bounty corrected its December quarter report because the Utopia revenue figure was wrong: now A$259,139 total (Bounty share A$103,656), not A$388,709. Other content unchanged.
21 Dec 2006drilling scheduled● Neutral
Parrot Hill-2 in EP 435 has government approval and a rig contract with DCA Rig 7, but spudding slips from November 2006 to January 2007. Bounty is listed at 5% in the joint venture. It tests updip of a 1987 well that found a 6.2m oil column.
23 Nov 2006farm in farm out agreement● Neutral
Empire's Rough Range signed a farm-in with Jurassica for $2.2M towards three Carnarvon wells, planned for DCA Rig 7. Not Bounty's permits (EP 439 and others); Bounty is not named as a party in this text.
31 Oct 2006annual report● Neutral
2006 Annual Report and general meeting notice sent to shareholders. The chairman's letter recaps the year: four wells (one now producing at Utopia), the NZ legal loss, the PEP 11 farm-out to Asset Energy, and a December 2005 placement of 12M shares raising $960,000.
25 Oct 2006joint venture update▲ Good
MEC Resources' media release says its subsidiary Asset Energy will fund US$498,000 of seismic to earn 25% of Bounty's PEP 11 and a further 60% by drilling Biggus-1 (up to 1.2 Tcf, ~$20M, drilling due by Q3 2007). Confirms the MEC deal.
25 Oct 2006farm in farm out completion▲ GoodMajor
Bounty obtained a 12-month PEP 11 extension (to August 2007 to drill one well) and signed the farm-in with MEC's Asset Energy: 25% for seismic, a further 60% for funding a well. Bounty is free-carried; Peak Group is engaged to secure a rig. Resolves the PEP 11 thread.
28 Sept 2006farm in farm out agreement● NeutralMajor
Operator Empire farmed out 25% of EP 435 to Phoenix Resources for $800,000 towards the Parrot Hill-2 well, planned for November 2006 with ~750,000 barrels potential. Bounty's EP 435 interest remains 5% per the table, with Empire falling to 45%.
27 June 2006regulatory community update▼ BadMajor
New Zealand High Court dismissed both appeals against revocation of PEP 38215 (Bounty 90%). Bounty is unlikely to pursue it further and will write the project off in its 30 June 2006 accounts. Ends the permit and the farm-out talks.
13 June 2006drilling result▼ BadMajor
Dune-1 was a dry hole: it reached 1,401 metres, hit excellent-quality Birdrong sandstone at 1,369 metres but found no oil. It was plugged and the rig released. Operator is weighing Parrot Hill-2 next. Bounty's 5% interest earned nothing.
13 June 2006drilling result▼ Bad
Bounty confirms Dune-1 (5%) found no commercial hydrocarbons at 1,401 metres and has been plugged. The joint venture will evaluate further drilling in EP 435 and EP 412, where AOC's option and Rough Range's well obligation remain.
9 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,367 metres, gas increasing in the Muderong seal, Birdrong target at about 1,379 metres. No new information.
9 June 2006drilling progress report● Neutral
Dune-1 at 1,367 metres in the Muderong Shale, with gas rising to 300 ppm methane (total gas 3 units) just above the Birdrong reservoir predicted near 1,379 metres. An encouraging sign, though not a result.
8 June 2006drilling progress report● Neutral
Dune-1 reached 1,344 metres and entered the Muderong Shale seal. The secondary Windalia target was hit at 1,300 metres with no reservoir sand, consistent with nearby wells. Birdrong, the main target, is prognosed at 1,380 metres.
8 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,344 metres, Windalia top at 1,300 metres, slow drilling in the Muderong seal. No new information.
7 June 2006drilling progress report● Neutral
Dune-1 drilled to 1,287 metres in claystone, with a small gas peak of 12 units at 1,276 metres. Not a reservoir result; the Birdrong target is near.
7 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,287 metres, gas peak of 12 units at 1,276 metres. No new information.
6 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,234 metres, drilling ahead, methane 120-275 ppm. No new information.
6 June 2006drilling progress report● Neutral
Dune-1 reached 1,234 metres in claystone with background methane of 120-275 ppm. Windalia objective is next, then the Birdrong target. No reservoir result yet.
5 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,111 metres, drilling ahead, minor background gas. No new information.
5 June 2006drilling progress report● Neutral
Dune-1 reached 1,111 metres after a bit change. Background methane rose slightly to 50-350 ppm, a modest gas reading but not a reservoir result. Reservoir targets still lie ahead.
