16 Sept 2008drilling result▼ Bad
Adelphi reports Wisteria-1 reached 3,281m with no significant hydrocarbon shows in the Plover sandstone. The joint venture will log, then plug and abandon the well.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2008drilling progress report▼ Bad
Norwest reports Wisteria-1 at 2,886m has drilled through the Montara sandstone without reservoir-quality sand or significant shows. Only the Plover target remains. Bounty's 10% unchanged.
8 Sept 2008drilling progress report▼ Bad
Adelphi repeats that Wisteria-1 at 2,886m found no reservoir-quality Montara sandstone or significant shows. Only the Plover target remains before planned total depth of 3,323m.
8 Sept 2008drilling progress report▼ Bad
Bounty reports Wisteria-1 at 2,886m after two bit-change trips, with the Montara sandstone showing no reservoir quality or significant hydrocarbons. Drilling continues toward the Plover target; planned depth 3,323m.
1 Sept 2008capital raising announcement● NeutralMajor
Bounty placed 34M shares at 4 cents (about $1.36M) to exempt investors, within its 15% placement capacity. Shares on issue rise to 300.84M. Funds go to drilling, development and working capital; continues the raising authorised 30 July.
What it means for a shareholder
34.0m new shares at A$0.040 to raise about A$1.4m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0104% to 0.00913% of the company. To keep it you'd need 3,544 more shares - about A$142 at the issue price.
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1 Sept 2008drilling result▼ Bad
Partner Norwest repeats that Wisteria-1 found no reservoir-quality Puffin sandstone or significant shows at 2,019m. Montara and Plover targets (21-32 mmbbl P50) remain to be drilled. Bounty's 10% unchanged.
1 Sept 2008drilling result▼ BadMajor
Adelphi reports Wisteria-1 drilled through the Puffin sandstone target (174 mmbbl P50 pre-drill) with no reservoir-quality sand or significant shows, at 2,019m. Deeper Montara and Plover targets (21-32 mmbbl P50) remain.
1 Sept 2008drilling result▼ Bad
Bounty confirms the main Puffin target in Wisteria-1 (10% interest) had no reservoir sandstone or significant shows. The CEO notes oil was found in Puffin at Birch-1 in 1990, so the play may lie further west. Montara/Plover (21 and 12 mmbbl P50) still to test.
27 Aug 2008admin correction● Neutral
Partner Adelphi re-issues its 27 August drilling update to fix two places where Magnolia-1 was wrongly written instead of Wisteria-1. Content is otherwise unchanged: Wisteria-1 setting casing at 1,670m, Bounty's 10% unchanged.
27 Aug 2008drilling progress report● Neutral
Wisteria-1 spudded at 1300 hrs on 22 August and has been drilled to 1,670m, where 13 3/8-inch casing is being set. The Puffin target is expected about 12 days after spud, with total depth of 3,323m in about three weeks. No results yet.
27 Aug 2008drilling progress report● Neutral
Partner Norwest repeats the operator's report that Wisteria-1 spudded 22 August and has drilled to 1,670m, with casing about to be set. Target depth is 3,323m. No new result; Bounty's 10% is unchanged.
22 Aug 2008drilling progress report● Neutral
Partner Adelphi says the West Atlas rig is on location at Wisteria-1 and expected to spud 22 August, to 3,323m in 97m of water. Puffin sands are expected about 12 days after spud. P50 potential is 174 mmbbl Puffin plus 21 and 12 mmbbl in deeper zones.
22 Aug 2008drilling spud▲ GoodMajor
Wisteria-1 in AC/P 32 is set to spud 22 August, the long-awaited well after earlier delays. Bounty holds 10% and pays 7.2% of costs (earlier stated 7.6%). Planned depth is 3,323m; the main Puffin target has 174 mmbbl P50 potential, with 200+ mmbbl in total.
20 Aug 2008drilling scheduled▲ Good
Norwest says Coogee now indicates Wisteria-1 could spud as early as 23/24 August, reversing the delay to 2009. It attributes this to weather and rescheduling of Montara work. The rig schedule remains the operator's call.
20 Aug 2008drilling scheduled▲ Good
Bounty says the Wisteria-1 spud, delayed to early 2009 just weeks ago, could now happen as early as 23/24 August. It cautions the timing depends entirely on the operator's Montara work and weather.
20 Aug 2008drilling scheduled▲ Good
Adelphi reports Wisteria-1 could spud as early as 23/24 August after the earlier delay to 2009, because Montara work was rescheduled. Also covers Adelphi's US Sugarloaf well. Bounty's 10% is unchanged.
8 Aug 2008regulatory community update▲ Good
MEC Resources says partner Advent's new seismic mapping confirms the Baleen prospect in PEP 11 and shows several additional large structures, including a 'Fish' structure. Baleen is estimated at 1+ Tcf. It says Advent can earn up to 85% from Bounty, consistent with the earlier farm-in.
6 Aug 2008admin correction● Neutral
Standard Corporations Act section 708A notice accompanying the 7.105M share issue. It states Bounty has complied with its disclosure obligations. No new information.
6 Aug 2008capital raising announcement● Neutral
Bounty issued 7.105M shares at 3.5 cents (about $249,000) under the authority approved on 30 July. Shares on issue rise to 266.84M. Proceeds go to drilling, development and working capital.
What it means for a shareholder
7.1m new shares at A$0.035 to raise about A$249,000. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.0119% to 0.0116% of the company. To keep it you'd need 846 more shares - about A$30 at the issue price.
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5 Aug 2008drilling scheduled▼ BadMajor
Bounty confirms the Wisteria-1 spud is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. The CEO calls the 20-plus week delay frustrating and says Bounty has begun sourcing a rig for Utopia development drilling.
4 Aug 2008drilling scheduled▼ Bad
Partner Adelphi says the operator, Coogee, has delayed Wisteria-1 from early August 2008 to the first quarter of 2009. Coogee needs the rig for urgent work installing the Montara platform and controls the rig schedule. This reverses the near-term spud expected.
4 Aug 2008drilling scheduled▼ Bad
Partner Norwest repeats that Wisteria-1 is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. Bounty's 10% is unchanged. Duplicates the Adelphi notice.
31 July 2008quarterly activities report● Neutral
June quarter report repeats the Kiliwani North-1 test (40 mmcfd, Bounty 5%) and the PEP 11 extension, and says Wisteria-1 is due to spud in August. Utopia quarter revenue was $148,158 (1,251 bbl sold), up from $85,267 the prior quarter.
30 July 2008agm notice▲ Good
Shareholders passed all five resolutions at the 30 July meeting, ratifying earlier placements and approving new allotments of 30M and 80M shares and director participation. This clears the way for the capital raising flagged on 30 June.
17 July 2008joint venture update▲ GoodMajor
Bounty says the Kiliwani North-1 test (40 mmcfd) satisfies it that a commercial gas field will be developed. The JV applied for a separate appraisal area and will fast-track production. No reserves are stated yet; prospects total over 1 Tcf risked, which is not a reserve figure.
14 July 2008drilling scheduled● Neutral
Partner Norwest says Wisteria-1 in AC/P 32 is now scheduled to spud in early August 2008, slightly later than the late July Bounty had flagged. Bounty's 10% interest is unchanged; Norwest pays about 6% of dry hole costs.
30 June 2008agm notice● NeutralMajor
Bounty calls a 30 July 2008 general meeting to ratify 2008 placements and authorise further raisings of up to about $5.2M, with 110M shares to be placed. The board says it needs the funds for Tanzania and Wisteria-1; it has raised about $2.8M so far in 2008.
6 June 2008listing compliance notice▼ Bad
ASX asks Bounty whether the new CEO's remuneration terms have been finalised and disclosed, citing Listing Rule 3.1 and earlier unanswered emails from March to June. Bounty must also confirm compliance. A query only; no answer in this text.
5 June 2008well test result▲ GoodMajor
Kiliwani North-1 flowed gas at a stabilised 40 million cubic feet a day (about 6,700 barrels of oil equivalent) with condensate of one barrel per million cubic feet and no CO2 or H2S. The chairman says this exceeded expectations. Bounty holds 5%.
4 June 2008regulatory community update▲ GoodMajor
PEP 11 permit conditions are suspended and varied for 12 months to 3 December 2008, extending the permit term to 3 December 2009. This resolves the earlier extension request. Bounty 75% and Asset Energy 25% unchanged; the Baleen-1 rig and funding remain unresolved.