29 Jan 2008drilling progress report● Neutral
Key Petroleum says 9-5/8in casing is cemented and Kiliwani-1 is at 2,260m. Debris from a failed drill bit is being milled out before drilling into the reservoir section. No results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2008asset acquisition disposition● NeutralMajor
Drillsearch sold its entire 13.9% Bounty stake (26.4M shares) to GH Corporate Services on 25 January 2008, using proceeds to reduce its debt. This ends Drillsearch's holding in Bounty; the buyer GH Corporate Services is now a large holder.
22 Jan 2008drilling progress report● Neutral
Kiliwani-1 drilled to the 9 5/8in casing point at 2,257m and is on a clean-out trip before running casing. The main target is about 2,340m. No results yet.
21 Jan 2008farm in farm out agreement▲ GoodMajor
Norwest announces Cosmo Energy will take 22.5% of AC/P32 by funding Wisteria-1 on a 2-for-1 promoted basis. Wisteria-1 is expected in Q3 2008 with a rig secured. Bounty is listed at 10%, down from the 12.8% previously recorded (inference: it is among the farm-out parties).
15 Jan 2008drilling progress report● Neutral
Kiliwani-1 is at 2,121m, heading for the 9-5/8in casing point. Further mechanical delays hit worn flow pipe and mud pumps. No results.
8 Jan 2008drilling progress report● Neutral
Key Petroleum says Kiliwani-1 is at 1,977m after a bit change. Progress is slower than expected because of repeated mud pump and generator shutdowns on the rig. No results.
4 Jan 2008drilling progress report● Neutral
Kiliwani-1 is at 1,892m, drilling ahead, with 9 5/8in casing planned near 1,900m. The target is still about 2,340m. Routine progress, no results.
24 Dec 2007drilling progress report● Neutral
Kiliwani-1 is drilling ahead at 1,509m after cementing casing at 1,315m and passing a pressure test. The main target is still about 2,340m. Routine progress, no results.
18 Dec 2007drilling progress report● Neutral
Key Petroleum reports the 13-3/8in casing is set at 1,322m and the blowout preventer is being installed. Drilling to about 2,285m comes next. Routine, no results.
18 Dec 2007other● Neutral
Bounty repeats its change of address to Level 7, 283 George Street, Sydney, already notified on 5 December. Administrative re-release with no new substance.
17 Dec 2007drilling progress report● Neutral
Kiliwani-1 is at 1,322m, running 13 3/8in casing after widening the hole. The main target remains about 2,340m in Lower Cretaceous sands. Routine progress, no results.
11 Dec 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 still at 1,322m, opening the pilot hole and preparing to run 13-3/8in casing, with pump engine maintenance. Routine operations, no results.
7 Dec 2007drilling progress report● Neutral
Aminex says Kiliwani-1 is at 1,322m with no significant hydrocarbon shows so far, 'contrary to reports', and it is far too early to judge the result. This tempers the 5 December shallow gas-show news; the 2,340m target is still ahead.
5 Dec 2007other● Neutral
Bounty has moved its office to Level 7, 283 George Street, Sydney, with a new phone and fax and a PO Box mailing address. Administrative notice only.
5 Dec 2007drilling result▲ Good
Kiliwani-1 recorded encouraging gas shows at 1,163–1,241m in the shallow section, which Bounty says indicates hydrocarbons in the structure. The main Lower Cretaceous target is around 2,340m, so no result on it yet.
4 Dec 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 at 1,322m measured depth, preparing to run a 17½-inch hole opener. Routine operations with no new result.
27 Nov 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 at 340m, making up a 17½-inch drilling assembly. Routine operations, no results.
23 Nov 2007drilling progress report● Neutral
Kiliwani-1 reached the 340m surface casing point and is preparing to run 20-inch casing, then a leak-off test and further drilling. Bounty reports good progress; no results yet.
20 Nov 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 at 318m, rigging up to run 20-inch casing. Early-stage operations, no results.
19 Nov 2007drilling spud▲ GoodMajor
Kiliwani-1 in Tanzania spudded on 15 November 2007, planned to 2,548m and about 40 days. It targets an estimated 100 bcf recoverable, of which Bounty's 6% is 6 mmboe. Bounty is free-carried on this well but pays for the second.
16 Nov 2007drilling spud▲ Good
Key Petroleum reports Kiliwani-1 spudded on 15 November, planned to about 2,500m and roughly 40 days to drill. It is the first of two Nyuni wells; Bounty holds 6%. This is the long-awaited Tanzania drilling start.
15 Nov 2007agm notice● Neutral
Lodgement of the agenda and explanatory statement for the 15 November 2007 AGM, covering accounts, the remuneration report, Fontaine's re-election and ratification of the March placement. Administrative; repeats the notice already sent.
15 Nov 2007agm notice● Neutral
AGM results: all resolutions passed on a show of hands, including the remuneration report, Tom Fontaine's re-election and ratification of the March placement. Proxy votes were mostly in favour. Administrative.
15 Nov 2007other▲ Good
Chairman's AGM address: Kiliwani-1 is spudding, with up to 100 bcf potential and Bounty free-carried, and a capital raising is to be announced within a week to fund its 6% share of the second well. Reveleigh has resigned from Drillsearch, so Bounty's board is independent. Wisteria well in AC/P32 expected mid-2008.
6 Nov 2007drilling scheduled▲ Good
The Nyuni operator took delivery of the Caroil-6 rig on 2 November after months of delay. Kiliwani-1 will target the Songo-Songo gas reservoir to 2,500m, with 2–3 weeks of rig-up before spud. The long-delayed Tanzania drilling is now close.
30 Oct 2007drilling scheduled▼ Bad
Pan African expects to release the Caroil-6 rig around 31 October, putting the Kiliwani-1 spud at mid-November. This is a further slip from the October start previously expected for Bounty's free-carried Tanzania well.
24 Oct 2007agm notice● Neutral
An addendum to the AGM notice names the 24 allottees in the March 2007 placement of 22,347,628 shares at 4.5c, which shareholders are asked to ratify. Drillsearch took 10 million shares. The names had been omitted from the earlier notice.
4 Oct 2007admin correction● Neutral
Bounty corrected a typing error in its 30 June 2007 balance sheet: total equity was $5,458,966, not $5,498,966. Administrative fix only; no change to the underlying accounts beyond the totalling error.
24 Sept 2007farm in farm out completion▲ Good
Jurassica paid $1.24M towards two Carnarvon Basin wells, earning 30% of EP 412 for $600,000 towards Thornbill-1 (the well Rough Range owes). Bounty is named as a partner. Empire is considering starting with Thornbill-1, a gas prospect with up to 50 bcf potential.
21 Aug 2007regulatory community update▲ Good
Tanzania granted a six-month extension, to 19 May 2008, of the Nyuni licence deadline for the two-well programme, which was previously due by 19 November 2007. Drilling is expected from October 2007. This protects Bounty's 6% interest despite the rig delays.