5 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 daily report: 212 metres, circulating and preparing to run 9 5/8-inch casing. No hydrocarbon indications. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 May 2006drilling progress report● Neutral
Dune-1 reached the 212-metre casing point and is preparing to run casing. Separately, approvals were received to build Dune-2 and Dune-3 sites, allowing quick follow-up drilling if Dune-1 finds oil.
4 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 daily report: 182 metres, drilling ahead at 186 metres, no hydrocarbons expected at this depth. No new information.
4 May 2006drilling progress report● Neutral
Dune-1 reached 182 metres in limestone, drilling ahead at 186 metres. No hydrocarbon indications, none anticipated in the surface hole. Routine update.
3 May 2006drilling progress report● Neutral
Dune-1 reached 144 metres in Cape Range Group limestones, drilling ahead at 150 metres. No hydrocarbon shows, none anticipated in the surface hole. Routine update.
3 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 daily report: 150 metres, drilling ahead, no hydrocarbons expected at this depth. No new information.
2 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 daily report: 91 metres, drilling ahead, no hydrocarbon indications. No new information.
2 May 2006drilling progress report● Neutral
Dune-1 drilled to 91 metres in surface hole through sandstone and calcilutite. No hydrocarbon shows, none expected at this depth. Routine daily update.
1 May 2006drilling spud● Neutral
Bounty re-releases the Dune-1 spud report: the well started at 1300 hours on 30 April and was at 28 metres with no hydrocarbon shows. Bounty holds 5%. Duplicate of the operator's report.
1 May 2006drilling spud▲ GoodMajor
Dune-1 in EP 435 was spudded at 1300 hours on 30 April and was at 28 metres, with no hydrocarbon indications. Bounty holds 5% alongside Rough Range 70% and AOC 25%. Targets are the Birdrong Sandstone below 1,300 metres.
28 Apr 2006drilling scheduled● Neutral
Empire says Dune-1 in EP 435 (Bounty earning 5%) will begin drilling on 29 April 2006, with daily ASX updates starting 1 May. Success could open further prospects along the Bullara Trend.
26 Apr 2006farm in farm out agreement● NeutralMajor
Bounty confirms its farm-in to Dune-1 in EP 435: it earns 5% by paying 10% of well costs. This follows the Magnolia dry hole and ties to its 65% EP 412 next door along the same trend.
26 Apr 2006farm in farm out agreement● NeutralMajor
Empire Oil & Gas announces Bounty will earn 5% of EP 435 by funding 10% of the Dune-1 well, targeting the Birdrong Sandstone at about 1,350m. The Dune structure has potential for 2.0 million barrels recoverable.
17 Mar 2006half year report▲ Good
Appendix 4D summary: revenue of $1.448 million and profit of $760,000 for the half year, with no dividend. The report notes the profit stems from a $1 million permit interest sale and a $215,000 unrealised investment gain.
17 Mar 2006admin correction● Neutral
Auditor's independence declaration from Grant Thornton for the half-year review: no breaches of independence rules. Administrative, no new substance.
17 Mar 2006half year report▲ GoodMajor
Half-year to December 2005 shows a profit of $759,664, including a $1 million permit sale. After Magnolia-1, OPIC and AWE exited AC/P32, lifting Bounty's interest from 10.4% to 16%. MEC Resources has an option over PEP 11.
17 Mar 2006half year report● Neutral
Grant Thornton's review of the half-year accounts found nothing to suggest they are not fairly presented. It is a review, not an audit.
16 Jan 2006capital raising announcement▲ Good
After the December 2005 placement and a loan repayment, Bounty reports about $2.4 million of additional working capital. It plans Utopia development (40%), an EP 412 well owed by Empire, Tanzania seismic review, and farm-outs of PEP 11 and PEP 38215.
11 Jan 2006drilling result▼ BadMajor
Magnolia-1 reached 3,109m with no hydrocarbon shows in the Plover, and the joint venture will plug and abandon it. Adelphi calls the result disappointing; Bounty's AC/P32 exploration well is a dry hole.
11 Jan 2006drilling result▼ Bad
AWE confirms Magnolia-1 reached 3,109m on 10 January with all targets intersected without hydrocarbon shows; the well will be plugged and abandoned. Same dry-hole outcome as the other partners reported.
11 Jan 2006drilling result▼ BadMajor
Bounty confirms the Magnolia-1 dry hole at 3,109m. Management says Bounty was virtually free-carried, so its exposure is almost nil, and promises announcements on other projects soon.
9 Jan 2006drilling progress report▼ Bad
Bounty's own update confirms no hydrocarbon shows in the Montara and Upper Vulcan targets at 2,987m, with drilling continuing to the Plover. Bounty holds 10.4% of AC/P32.
9 Jan 2006drilling progress report▼ Bad
Norwest reports the same result: Montara and Upper Vulcan targets intersected at 2,987m with no hydrocarbon shows, and drilling continues to the Plover. Nothing new beyond the other partners' releases.
9 Jan 2006drilling progress report▼ Bad
AWE confirms Magnolia-1 at 2,987m, with the primary Montara target and one secondary target intersected without hydrocarbon shows. This repeats the partners' news.
9 Jan 2006drilling progress report▼ Bad
Magnolia-1 drilled through the Montara and Upper Vulcan sandstone targets at 2,987m without hydrocarbon shows. Drilling continues to the deeper Plover target. An early negative sign for the 10.4% partner Bounty.
3 Jan 2006drilling progress report● Neutral
Adelphi reports Magnolia-1 in the AC/P32 permit has set casing at 1,366m and is preparing to drill on towards a 3,240m target. Bounty holds 10.4%; the partners cite 60–100 million barrels of recoverable oil in a success case.
3 Jan 2006drilling progress report● Neutral
Bounty's own Magnolia-1 update confirms 13 3/8" casing at 1,366m with drilling about to resume. The primary Montara target at about 2,700m is expected within roughly seven days. Bounty holds 10.4% in AC/P32.
3 Jan 2006drilling progress report● Neutral
AWE reports Magnolia-1 at 1,380m, with 903m drilled in the week, and about to drill ahead. This repeats the partners' news; Bounty's 10.4% and the 60–100 million barrel success case are unchanged.
3 Jan 2006drilling progress report● Neutral
Norwest's update repeats the Magnolia-1 position: 1,380m drilled, casing set, target depth 3,240m. It also states Norwest's drilling cost share is capped at US$8 million. Bounty's 10.4% is unchanged; no new result.