Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2007quarterly activities report● Neutral
December quarter: Utopia produced 5,458 bbl, about 59 bopd, with Bounty's revenue share A$155,484. Cash fell to $331,305 from $635,160. Parrot Hill-2 drilling was expected to start in February 2007, and AC/P32 partner talks were at an advanced stage.
21 Dec 2006drilling scheduled● Neutral
Parrot Hill-2 in EP 435 has government approval and a rig contract with DCA Rig 7, but spudding slips from November 2006 to January 2007. Bounty is listed at 5% in the joint venture. It tests updip of a 1987 well that found a 6.2m oil column.
29 Nov 2006agm notice● Neutral
All AGM resolutions passed, including the remuneration report, re-election of chairman Graham Reveleigh, ratification of the 12M-share placement at 8 cents, and appointment of DFK-Richard Hill as auditor. Administrative.
29 Nov 2006agm notice● Neutral
Chairman's AGM address: Bounty plans to take part in four wells in 2007 (two Carnarvon, two Tanzania) and says it will certainly raise additional equity capital. Restates the dry Magnolia-1 and the PEP 11 farm-out.
23 Nov 2006farm in farm out agreement● Neutral
Empire's Rough Range signed a farm-in with Jurassica for $2.2M towards three Carnarvon wells, planned for DCA Rig 7. Not Bounty's permits (EP 439 and others); Bounty is not named as a party in this text.
31 Oct 2006quarterly activities report● Neutral
September quarter: Utopia (Bounty 40%) produced 5,249 bbl, about 57 bopd, with Bounty's revenue share A$151,648. PEP 11 extended to Aug 2007 with Peak Group rig talks; AC/P32 in talks with a new partner; Nyuni seismic due soon.
31 Oct 2006annual report● Neutral
2006 Annual Report and general meeting notice sent to shareholders. The chairman's letter recaps the year: four wells (one now producing at Utopia), the NZ legal loss, the PEP 11 farm-out to Asset Energy, and a December 2005 placement of 12M shares raising $960,000.
25 Oct 2006joint venture update▲ Good
MEC Resources' media release says its subsidiary Asset Energy will fund US$498,000 of seismic to earn 25% of Bounty's PEP 11 and a further 60% by drilling Biggus-1 (up to 1.2 Tcf, ~$20M, drilling due by Q3 2007). Confirms the MEC deal.
25 Oct 2006farm in farm out completion▲ GoodMajor
Bounty obtained a 12-month PEP 11 extension (to August 2007 to drill one well) and signed the farm-in with MEC's Asset Energy: 25% for seismic, a further 60% for funding a well. Bounty is free-carried; Peak Group is engaged to secure a rig. Resolves the PEP 11 thread.
28 Sept 2006farm in farm out agreement● NeutralMajor
Operator Empire farmed out 25% of EP 435 to Phoenix Resources for $800,000 towards the Parrot Hill-2 well, planned for November 2006 with ~750,000 barrels potential. Bounty's EP 435 interest remains 5% per the table, with Empire falling to 45%.
31 July 2006quarterly activities report● Neutral
June quarter: Utopia (Bounty 40%) averaged 51.3 bopd after workovers, giving $167,000 revenue. Dune-1 dry; NZ permit lost and written off. PEP 11 farm-in with MEC awaits a permit suspension and extension. New 3D seismic bought on AC/P32; Nyuni seismic planned before end-2006.
27 June 2006regulatory community update▼ BadMajor
New Zealand High Court dismissed both appeals against revocation of PEP 38215 (Bounty 90%). Bounty is unlikely to pursue it further and will write the project off in its 30 June 2006 accounts. Ends the permit and the farm-out talks.
13 June 2006drilling result▼ BadMajor
Dune-1 was a dry hole: it reached 1,401 metres, hit excellent-quality Birdrong sandstone at 1,369 metres but found no oil. It was plugged and the rig released. Operator is weighing Parrot Hill-2 next. Bounty's 5% interest earned nothing.
13 June 2006drilling result▼ Bad
Bounty confirms Dune-1 (5%) found no commercial hydrocarbons at 1,401 metres and has been plugged. The joint venture will evaluate further drilling in EP 435 and EP 412, where AOC's option and Rough Range's well obligation remain.
9 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,367 metres, gas increasing in the Muderong seal, Birdrong target at about 1,379 metres. No new information.
9 June 2006drilling progress report● Neutral
Dune-1 at 1,367 metres in the Muderong Shale, with gas rising to 300 ppm methane (total gas 3 units) just above the Birdrong reservoir predicted near 1,379 metres. An encouraging sign, though not a result.
8 June 2006drilling progress report● Neutral
Dune-1 reached 1,344 metres and entered the Muderong Shale seal. The secondary Windalia target was hit at 1,300 metres with no reservoir sand, consistent with nearby wells. Birdrong, the main target, is prognosed at 1,380 metres.
8 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,344 metres, Windalia top at 1,300 metres, slow drilling in the Muderong seal. No new information.
7 June 2006drilling progress report● Neutral
Dune-1 drilled to 1,287 metres in claystone, with a small gas peak of 12 units at 1,276 metres. Not a reservoir result; the Birdrong target is near.
7 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,287 metres, gas peak of 12 units at 1,276 metres. No new information.
6 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,234 metres, drilling ahead, methane 120-275 ppm. No new information.
6 June 2006drilling progress report● Neutral
Dune-1 reached 1,234 metres in claystone with background methane of 120-275 ppm. Windalia objective is next, then the Birdrong target. No reservoir result yet.
5 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,111 metres, drilling ahead, minor background gas. No new information.
5 June 2006drilling progress report● Neutral
Dune-1 reached 1,111 metres after a bit change. Background methane rose slightly to 50-350 ppm, a modest gas reading but not a reservoir result. Reservoir targets still lie ahead.
2 June 2006drilling progress report● Neutral
Empire's Dune-1 report: drilling at 936 metres in the Lower Gearle Siltstone, trace methane only. Reservoir targets still lie ahead near 1,300 metres. Bounty holds 5%.
1 June 2006drilling progress report● Neutral
Dune-1 reached 812 metres. Tops were revised: Korojon Calcarenite at 710 metres and Upper Gearle siltstone at 780 metres, a thicker tertiary section, but reservoir objectives remain as predicted. Trace gas only.
1 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 812 metres after a bit change, drilling ahead slowly through compact Gearle section, trace methane only. No new information.
31 May 2006drilling progress report● Neutral
Dune-1 changed to a new bit and completed a blowout preventer test, then drilled to 783 metres through claystone. Trace background methane only.
31 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 783 metres after a bit change and blowout preventer test, trace methane only. No new information; letterhead now shows a Sydney office.
30 May 2006drilling progress report● Neutral
Dune-1 drilled to 780 metres and is pulling out to change the drill bit. Only trace background methane recorded.
