Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2007drilling scheduled● Neutral
Bounty reissues the operator's rig update: Caroil-6 remedial work finishes mid-August, delivery to the Nyuni partners late September, and Kiliwani-1 spud in early October. Same timetable as the operator's release; no new information.
8 Aug 2007drilling scheduled▼ Bad
Aminex now expects the Caroil-6 rig to be delivered to the Nyuni partners in late September, with Kiliwani-1 spudding in the first half of October. Bounty's 6% Tanzanian drilling slips again from the earlier late-May expectation.
31 July 2007quarterly activities report● Neutral
June quarter: Utopia produced 3,883 bbl (about 43 bopd; Bounty share of revenue $114,449). Cash ended at $995k. Tanzania drilling is delayed by rig repairs, PEP 11's Biggus well (now called Baleen-1) still lacks a rig, and Parrot Hill-2 has been plugged and abandoned.
9 July 2007regulatory community update▼ Bad
Bounty confirms it is still trying to find a semi-submersible rig to drill the Biggus prospect in PEP 11 before the 5 August 2007 permit year end, and has formally requested an extension of the permit term.
6 July 2007regulatory community update▼ Bad
Partner MEC Resources says Bounty could not source a rig to drill the PEP 11 offshore Sydney well before the permit year ends on 5 August 2007. Bounty has asked for a permit extension. This is the Biggus well due by August.
19 June 2007material agreement▼ Bad
Bounty relayed announcements that the Caroil-6 rig will not reach the Nyuni partners in June as planned because of mechanical problems at the neighbouring Songo-Songo field. Aminex expects a delay of several weeks. Bounty's Nyuni drilling start is pushed back.
31 May 2007farm in farm out completion▲ Good
Tanzanian approval for Aminex's farm-out of 25% of the Nyuni licence to RAK Gas was relayed via Key Petroleum. RAK pays 37.5% of two wells' cost. Bounty's interest stays at 6%. Caroil-6 rig to follow a nearby well first.
23 Apr 2007drilling result▼ BadMajor
Parrot Hill-2 in EP 435 found no commercial hydrocarbons on wireline logs; the well was plugged and DCA Rig 7 released on 22 April. This ends the well Bounty paid 12.5% of to lift its interest to 10%, against the 750,000 bbl prospect estimate.
20 Apr 2007drilling progress report● Neutral
Parrot Hill-2 reached total depth of 1,232m. Wireline logging tools got stuck at 1,169m, so crews are running open-ended drill pipe to clear the hole. The Birdrong logs, and so the well result, are still pending.
19 Apr 2007drilling progress report● Neutral
Parrot Hill-2 drilled into the Birdrong Sandstone, with only weak gas (maximum 6 units at 1,211m). The planned depth was revised to 1,232m, with electric logging next. Less encouraging than the earlier gas readings.
18 Apr 2007drilling result▲ Good
Parrot Hill-2 reached the Birdrong Sandstone at 1,197m, deeper than the 1,115m predicted, with gas up to 19 units. Depth target extended to 1,250m. Gas shows are encouraging but no oil or flow confirmed; logs come next.
17 Apr 2007drilling progress report● Neutral
Parrot Hill-2 reached 1,160m, with the top of the Windalia at 1,138m. Empire says the well is running low to prognosis, so the reservoir is deeper than plotted. Gas was 3–7 units.
16 Apr 2007drilling progress report● Neutral
Parrot Hill-2 at 1,099m, with gas rising to 6–10 units. Empire says revised surface elevations make the Birdrong target deeper than the 1,115m first planned.
16 Apr 2007drilling progress report● Neutral
Two-day report: Parrot Hill-2 reached 986m, then 1,033m by morning. Gas readings were rising with depth to 5–7 units. The well was re-surveyed, giving slightly different surface elevation.
13 Apr 2007drilling progress report● Neutral
Parrot Hill-2 drilled to 823m, then the bit was pulled for a change. Background gas was 4 units, with a 6-unit peak at 754m. Formation tops were reported close to prediction.
12 Apr 2007drilling progress report● Neutral
Parrot Hill-2 was drilling ahead at 756m in the Gearle Siltstone on 12 April. Minor gas readings of 3 units total gas were recorded from 460–654m, and the Birdrong Sandstone target was still ahead.
11 Apr 2007drilling progress report● Neutral
Parrot Hill-2 drilled from 266m to 443m on 10 April, reaching 504m in the Gearle Siltstone by morning. No hydrocarbon shows, none expected at this depth. Drilling on toward the Birdrong Sandstone.
10 Apr 2007drilling progress report● Neutral
Daily report: Parrot Hill-2 main drilling began 9 April and was at 334m in limestones by morning. No hydrocarbons expected at this depth. Target Birdrong Sandstone still planned at 1,115m.
4 Apr 2007material agreement▲ GoodMajor
Bounty signed a drilling contract for Maurel & Prom's Caroil-6 rig for two Nyuni wells in Tanzania, delivery expected late May. The first well targets Songo Songo South from Killiwani island; Bounty is free-carried through it and keeps a 5% interest.
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.
