Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2024material agreement▲ GoodMajor
Operator Coastal signed a binding Heads of Agreement with a rig contractor for the renamed Jacobson (formerly Cerberus) project. It covers two firm wells and one contingent, with drilling slated for late 2025, subject to approvals, tenure and a US$250,000 booking fee. Advances the Cerberus rig thread.
6 Aug 2024regulatory community update● Neutral
The PEP 11 operator filed a Federal Court application asking that the Joint Authority be compelled to decide the extension applications within 45 days. The first application has been pending 1,656 days. This escalates the long wait for a decision; Bounty holds 15%.
20 May 2024regulatory community update● Neutral
The PEP 11 operator has engaged consultant Klarite to start environmental approval work for Seablue-1 ahead of any extension decision. The release cites the new Federal Future Gas Strategy and 5.7 TCF of prospective resources. Approval and rig availability are still pending.
18 Mar 2024regulatory community update● Neutral
BPH says PEP 11 holders would consider challenging the NSW seabed mining and exploration bill under the Constitution if enacted. The permit is beyond NSW waters and remains in force. The operator is still seeking a rig for Seablue-1 while the extension decision is pending.
15 Mar 2024half year report▼ Bad
Half-year to December 2023: revenue $837k, down 24% on the prior half, and a net loss of $653k versus $198k a year earlier. Capital spending was $991k. Alton restart is being prepared, and a PEP 11 decision is expected within three months.
14 Feb 2024regulatory community update● Neutral
Bounty responds to proposed NSW legislation against offshore drilling, saying PEP 11 lies beyond NSW's 3 nautical mile jurisdiction and is under Commonwealth control. The permit remains in force, and the operator is still seeking a rig for Seablue-1.
12 Jan 2024capital raising announcement● NeutralMajor
Bounty raised $1.15M through a placement at 0.9 cents a share, an 18.2% discount to the last price. 128M new shares come with free attaching options at 2.5 cents expiring November 2025. Funds go to projects and working capital; this dilutes existing holders.
What it means for a shareholder
128m new shares at about A$0.009 to raise about A$1.1m. That's 8.5% dilution: every existing holder's slice gets 8.5% smaller. If you held A$1,000 of shares (111,304 at the issue price), your slice goes from 0.00812% to 0.00743% of the company. To keep it you'd need 10,395 more shares - about A$93 at the issue price.
Create a free account to see this worked out for your own holding.
29 Nov 2023investor presentation● Neutral
AGM CEO presentation largely repeats known facts. Watkins North 2 is online at about 207 bopd, Watkins North 1 at about 5 bopd, and Walter 1 was dry. It lists Surat targets, noting they are not reserves, and says the PEP 11 decision is anticipated shortly. Share price was $0.007.
24 Nov 2023regulatory community update▲ Good
BPH reports a NSW parliamentary committee recommended against the bill to ban offshore drilling, citing possible constitutional problems. NOPTA shows the PEP 11 applications as 'Under Assessment', with the Joint Authority decision the next step. Bounty holds 15%; no decision yet.
31 Oct 2023annual report● Neutral
The 2023 annual report repeats FY23 revenue of $1.77M, nil debt and an operating loss of $0.44M before non-cash charges. It expects about $2.4M of gross oil revenue in 2024 as the Watkins North wells come on. PEP 11 awaits NOPTA approval. The excerpt gives cash figures that differ ($1.23M and $1.50M).
31 Oct 2023annual report● Neutral
Corporate governance statement for FY23, current at 30 October 2023. It says Bounty has no written diversity policy or measurable gender objectives, and no women on the board or in key management roles. Administrative disclosure with no new business information.
31 Oct 2023annual report● Neutral
Appendix 4G, the checklist for the corporate governance statement, lodged for the year ended 30 June 2023 and signed by the Company Secretary. Administrative filing only, with no new business information.
29 Sept 2023annual report● Neutral
Media release on FY23 accounts: revenue $1.77M, cash and current assets $1.50M, nil debt, and an operating loss of $0.44M before $2.4M of non-cash charges. Management expects revenue of about $2.5M in 2024 once the Watkins North wells are tied in, with up to five drills planned.
29 Sept 2023annual report▼ Bad
FY23 statutory accounts show revenue of $1.77M, down 7%, and a net loss of $2.91M, including a $2.12M asset write-off. Bounty's 2% share of Naccowlah 2P reserves is 69,000 bbl. Cash and current assets are not stated in the excerpt provided.
29 Sept 2023annual report● Neutral
Re-release of the 29 September full-year media release with the same figures and no new information.
7 Sept 2023drilling result▲ GoodMajor
The campaign closed with Watkins North 1 (2%) and 2 (10%) cased for production, and Walter 1 (2%) plugged and abandoned after weak oil shows. Bounty expects the two Watkins North wells to add over A$1M a year to revenue once tied in.
1 Sept 2023regulatory community update● Neutral
BPH's release says additional information has gone to NOPTA on the PEP 11 extension and variation applications. The operator is still seeking a rig for Seablue-1, with drilling possible in the first half of 2024. PEP 11 stays in force and no decision has been made.
28 Aug 2023drilling spud● Neutral
Walter 1, the third well of the Naccowlah program, has spudded and was at 612 m. It targets the Birkhead and Hutton formations about 2 km west of the Watson South Field. Results are due at the end of the well.
25 Aug 2023drilling result▲ GoodMajor
Watkins North 2 (Bounty 10%) found good oil shows with 7.6 m of net pay in the Birkhead sands, and was cased and suspended as a future producer. Bounty also joins Walter 1, a further exploration well, with the rig moving there.
18 Aug 2023drilling spud● Neutral
Watkins North 2, in which Bounty holds 10%, has spudded after the Watkins North 1 success, with a planned depth of about 1,858 m. Results are expected around 25 August.
15 Aug 2023drilling result▲ GoodMajor
Watkins North 1 reached 1,711.6 m and found fair to good oil shows and porosity in the Birkhead Formation. It will be cased and suspended as a future oil producer. This is the first success of the 2023 Naccowlah campaign, following the Tequila 2 failure in January.
11 Aug 2023drilling progress report● Neutral
Watkins North 1 had set surface casing at 621.5 m and was preparing to drill to about 1,712 m. No result yet.
9 Aug 2023drilling spud● Neutral
Watkins North 1 in the Naccowlah Block spudded on 9 August 2023 after four days of rig maintenance. At 6am it was drilling surface hole at 55 m, with results due at the end of the well.
4 Aug 2023drilling scheduled● Neutral
Santos's rig is on location and Watkins North 1 in the Naccowlah Block is due to spud around 6 August, to about 1,840 m, taking roughly 8 days. This is the first of the three wells flagged in the quarterly reports.
21 July 2023regulatory community update● Neutral
A newly declared Hunter offshore wind area is said not to materially affect the PEP 11 title or main targets. The extension applications are still being considered by NOPTA, and the operator is looking for a rig for the 35-day Seablue-1 well, possibly in the first half of 2024.
16 Mar 2023half year report● Neutral
Half-year to December 2022: revenue $1.106M, up from $816k, and net loss $198k, narrower than $493k a year earlier. Bounty says NOPTA is reconsidering PEP 11 with a decision expected within three months. Cerberus awaits operator funding progress.
14 Feb 2023other● Neutral
ASX paused trading in Bounty shares pending the PEP 11 judgment announcement. Administrative notice only.
14 Feb 2023regulatory community update▲ GoodMajor
The Federal Court quashed the March 2022 refusal of the PEP 11 extension, finding apprehended bias by then Prime Minister Scott Morrison. The application goes back to the Joint Authority for fresh decision. This resolves the court case; the extension itself is still undecided.
13 Feb 2023regulatory community update● Neutral
Notice that the Federal Court will hand down judgment in the PEP 11 case on 14 February. Bounty will request a trading halt beforehand. Procedural notice only.
7 Feb 2023regulatory community update● Neutral
The judge vacated earlier pre-hearing orders in the PEP 11 case. Bounty and BPH expect the court to consider the agreed settlement and decide the matter. PEP 11 stays in force meanwhile.
