2 June 2008well test result● Neutral
Well test equipment has reached Songo Songo Island and testing of Kiliwani North-1 has started. Bounty will not announce results until the full sequence is complete and verified.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2008investor presentation● Neutral
CEO presentation to a Sydney conference, repeating known facts: 5.5 cent share price, $14M market cap, 1.14 mmbbl 2P reserves, Wisteria-1 in July and Kiliwani North gas sales targeted late 2008. Management says it has potential to lift reserves to 20 mmboe in 12 months.
23 May 2008drilling scheduled▲ Good
Wisteria-1 in AC/P 32 is on track to start in late July 2008 using the West Atlas rig. Bounty holds 10% but pays 7.6% of the dry hole cost. The well tests three zones with about 180 mmbbl combined potential.
1 May 2008quarterly activities report▲ Good
March quarter report: Kiliwani North-1 gas discovery (60m column) and Bounty's 5% interest; full production testing planned for May. Wisteria-1 targeted for July. Utopia quarter revenue was $85,267. Bounty expects a material reserve increase at Kiliwani North.
18 Apr 2008capital raising announcement▲ GoodMajor
The share purchase plan is fully subscribed at $2.44M, including a further 19.86M shares at 3.5 cents (about $695,000) with the shortfall placed. Shares on issue reach 259.74M. A further $360,000 from investors awaits shareholder approval, for about $2.80M in total.
What it means for a shareholder
19.9m new shares at A$0.035 to raise about A$695,000. That's 7.6% dilution: every existing holder's slice gets 7.6% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.0119% to 0.011% of the company. To keep it you'd need 2,366 more shares - about A$83 at the issue price.
Create a free account to see this worked out for your own holding.
31 Mar 2008well test result▲ Good
Kiliwani North-1 was perforated with strong flow and pressures recorded, and the rig was released on 29 March. A long-duration flow test is expected to start in about four weeks. The well came in ahead of schedule and under budget.
19 Mar 2008regulatory community update▲ Good
Key reports the operator has formally notified Tanzania's petroleum corporation of the Kiliwani North-1 gas discovery. Key says the well's proximity to the Songo Songo plant gives confidence it will be economic. Administrative step.
19 Mar 2008director officer appointment● Neutral
J. Gary Higginbotham is appointed non-executive director of Bounty. No further detail is given. This follows Tom Fontaine's resignation days earlier.
18 Mar 2008drilling result▲ Good
Key re-releases operator Aminex's statement on the Kiliwani North-1 gas discovery. It adds that the gas-water contact is about 30m deeper than Songo Songo, indicating a separate structure, with minor oil shows. Repeats known facts.
17 Mar 2008drilling result▲ GoodMajor
Bounty confirms a gas discovery at Kiliwani North-1: about 60m gross gas in good sands at 2,030m, apparently a separate pool from Songo Songo. Appraisal drilling is needed; the well will be tested and completed. Interest adjusted from 6% to 5%.
17 Mar 2008drilling result▲ GoodMajor
Operator Key reports Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstone as Songo Songo, at 2,030m, ahead of schedule. It will be completed as a production well. Bounty's interest is shown as 5%, down from 6%.
17 Mar 2008capital raising announcement● Neutral
Bounty extends the share purchase plan close from 20 March to 31 March 2008, giving holders time to consider the Kiliwani North gas discovery. Allotment moves to 4 April. Price stays at 3.5 cents.
14 Mar 2008director officer appointment▼ BadMajor
Director Tom Fontaine resigns effective 15 March 2008, stating he does not approve of the current management of the company and cannot reconcile this with the board. This follows the CEO appointment a week earlier.
11 Mar 2008drilling progress report● Neutral
Kiliwani North-1 is at 1,730m, drilling ahead in 8½in hole after running 9-5/8in casing. Drilling remains relatively trouble free. No results yet.
10 Mar 2008capital raising announcement● Neutral
The share purchase plan opens: up to $5,000 per holder at 3.5 cents, targeting about $1.99M from up to 56.99M shares. Funds go to Wisteria-1, Nyuni and Utopia. Brokers get a 4% fee. Closing date stated as 20 March (one cover note says 21 March).
6 Mar 2008director officer appointment● NeutralMajor
Philip Kelso is appointed Chief Executive Officer of Bounty. The chairman cites his upstream experience and the 2008 drilling program, led by Wisteria-1 in AC/P 32. No terms are given in this release.
5 Mar 2008drilling progress report● Neutral
Key reports Kiliwani North-1 at 1,106m, running 9-5/8in casing, with drilling relatively trouble free. Bounty's interest shown as 6%. No results yet.
29 Feb 2008drilling progress report● Neutral
Kiliwani North-1 is at 445m with 13 3/8in surface casing cemented, preparing to test the blowout preventers. Good progress since the 23 February spud; planned depth is 2,012m. No results.
28 Feb 2008admin correction● Neutral
Bounty corrects the share purchase plan: maximum is 56.994M shares raising about $1.994M, not 55M shares and $2.75M. The closing date moves to 20 March 2008. Oversubscriptions may be accepted.
28 Feb 2008capital raising announcement● NeutralMajor
Bounty launches a share purchase plan at 3.5 cents per share, an 11% discount to the five-day average price. Proceeds fund Wisteria-1, Nyuni drilling and Utopia development. This is the capital raising promised at the AGM; the size was corrected in a later release.
25 Feb 2008drilling spud● NeutralMajor
Kiliwani North-1 started drilling on 23 February 2008 from Songo Songo island, vertical to about 2,012m, roughly 35 days. It tests a possible new oil play and the Songo Songo reservoir sands. Bounty holds 6%.
20 Feb 2008half year report▼ Bad
Half-year to 31 December 2007: net loss $442,237, up from $313,006 a year earlier, on revenue $188,558. Net assets $5.02M, no debt, 189.98M shares on issue. Wisteria is planned for July 2008.
15 Feb 2008drilling scheduled● Neutral
Key says the rig was released from Kiliwani-1 on 13 February and is moving to Songo Songo island. Kiliwani North-1 is planned as a vertical well to about 2,175m, starting around end of February, taking about 35 days.
11 Feb 2008drilling result▼ BadMajor
Kiliwani-1 reached 2,570m and is being plugged and abandoned: no commercial hydrocarbons found. Key says the target sands were too deep, below the Songo Songo gas-water contact. The rig moves to Kiliwani North-1, testing a possible new oil play.
11 Feb 2008drilling result▼ BadMajor
Bounty confirms Kiliwani-1 (TD 2,570m) found no commercial hydrocarbons and is being plugged and abandoned. The chairman says the target sands were too deep, below the Songo Songo gas-water contact. Focus shifts to Kiliwani North-1.
5 Feb 2008drilling progress report● Neutral
Kiliwani-1 is at 2,317m after recovering broken drill bit pieces on 2 February, drilling ahead in 8½in hole. The main target is at about 2,340m. No results yet.
5 Feb 2008drilling progress report● Neutral
Key Petroleum repeats that Kiliwani-1 is at 2,317m, drilling toward the primary target after clearing drill bit debris and changing to clean drilling mud. No results.
31 Jan 2008quarterly activities report● Neutral
December quarter report: Kiliwani-1 spudded targeting 100 bcf (Bounty 6 mmboe), and Bounty holds 10% of AC/P32 after farming down on a 2:1 basis, with Wisteria planned for July 2008. Utopia quarter sales were 2,687 bbl, revenue $102,074.
29 Jan 2008farm in farm out agreement▲ Good
Adelphi confirms the Cosmo Energy farm-in to AC/P32, giving the full interest table: Bounty 10%, Cosmo 22.5%, Coogee 22.5%. Wisteria-1 targets up to 200 million barrels and is expected in Q3 2008. Duplicates the Norwest announcement from the other partner's side.
29 Jan 2008drilling progress report● Neutral
Bounty reports 9-5/8in casing cemented and Kiliwani-1 at 2,260m, cleaning out broken drill bit debris. A pressure test then drilling to the roughly 2,340m target follow. No results.