14 Apr 2016drilling scheduled● Neutral
MEC Resources' release of the same Advent Energy notice: a seismic vessel is contracted for the 200 line km PEP 11 Baleen survey, timing subject to approvals. Bounty holds 15%. Duplicate of other releases.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2016drilling scheduled● Neutral
Operator Advent Energy has contracted a vessel for a 200 line km high-resolution seismic survey in PEP 11 over the Baleen target. Timing awaits regulatory approvals. Bounty holds 15%. This is survey preparation, not a drilling commitment.
15 May 2015resource reserve update▲ GoodMajor
An independent report for Aminex puts Kiliwani North gas in place at 44 BCF gross, with 28 BCF booked as contingent resources (2C). Bounty (10%) plans its first reserves once the gas sales agreement is signed and production starts. Nyuni shelfal leads stay at 5.67 TCF.
2 Dec 2013drilling result● Neutral
Utopia 16 (Bounty 40%) was cased as a potential Murta producer with a 7 m oil column in low-productivity sands. Bounty went non-consent in Utopia 15, also cased with oil shows, and in Utopia 17, keeping buy-back rights in both.
15 Nov 2013drilling spud● Neutral
Utopia 16 spudded 11 November 2013 and was drilling at 995 m, aiming for the Murta Zone about 900 m east of Utopia 14. Bounty holds 40%. Utopia 17, where Bounty went non-consent, was cased and suspended pending operator review.
30 Oct 2013drilling scheduled● Neutral
Bounty plans a new Utopia drilling round at its 40% PL 214 field: it will join Utopia 16 and, if that succeeds, Utopia 15. It goes non-consent in Utopia 17, spudding the next day, keeping buy-in rights. This follows the Utopia 14 success.
16 Sept 2013drilling result▲ Good
Irtalie East 5 found 9 to 12 m of net oil pay in the main target, plus over 1.5 m in the Westbourne, and was cased as a future producer. Bounty holds 2%. The rig now moves to Cooroo North West 1.
2 Sept 2013drilling result▲ Good
Irtalie East 4 in the Naccowlah Block hit 6 to 8.5 m of net oil pay and was cased as a future producer. Bounty took part at its 2% interest. This follows the planned step-out development wells in the Naccowlah Block.
25 Feb 2013drilling result▲ GoodMajor
Utopia 12 found a gross 9.4 m oil interval with 5.8 m of net oil pay and has been cased for production. Bounty (40%) says the 2013 Utopia program, wells 12 and 14, added an estimated 900,000 bbl to 2P reserves and contingent resources, and more drilling will follow.
21 Feb 2013drilling spud● Neutral
Utopia 12 spudded on 21 February 2013 at the highest point of the producing Utopia Central field, with Bounty at 40%. Planned depth is about 1,100 m; the company says the well alone could add 25 bopd net.
20 Feb 2013drilling progress report● Neutral
The rig move to the Utopia 12 location was delayed by rain and flooding after Utopia 14 was released on 17 February, with spud expected the next day. Bounty holds 40%. Operational update only.
15 Feb 2013drilling result▲ GoodMajor
Utopia 14 logs show 7 m of net oil pay; the well is cased and will be completed for production within two months. Bounty estimates new 2P reserves of 1.892 million bbl gross (756,000 bbl net) and about $800,000 gross first-year revenue. More development drilling is expected.
13 Feb 2013drilling result▲ GoodMajor
Utopia 14 reached total depth with very good oil shows over a 12 m interval in the Murta zone, at the Utopia East closure about 3 km from the main pool. Logging is still to come; Bounty (40%) says this opens more of the 200 sq km lease.
11 Feb 2013drilling spud● Neutral
Utopia 14, the second of two Utopia development wells with Bounty at 40%, spudded 10 February 2013 to test a separate eastern closure, targeting about 1,030 m. Success is said to add around 25 bopd and could lead to a wider development of the field.
8 Feb 2013drilling result● Neutral
Utopia 13 hit the Murta oil reservoir with 2-3 m of net good sand above the oil-water contact and will be cased as a producer. Bounty went non-consent here, so it does not share in this well's result unless it buys in. Utopia 14 is due to spud around 11 February.
30 Jan 2013drilling scheduled▲ GoodMajor
Bounty will join two Utopia development wells (Utopia 12 and 14, 40% interest) from around 5 February 2013, targeting an additional gross 8 MMbbl. Success could more than double its Utopia oil output. It goes non-consent on Utopia 13 but keeps buy-back rights.
14 Aug 2012farm in farm out completion● NeutralMajor
PEP 11 renewed for five years from 13 August 2012. Advent's subsidiary Asset Energy has formally registered its 85% interest, earned by drilling New Seaclem-1, leaving Bounty with 15%. This completes the transfer left open since January 2011.
6 Oct 2011drilling result▼ BadMajor
Nyuni-2 is suspended after drilling to 3,450 m, when the mud motor and bit jammed irretrievably during a sidetrack. Gas shows were seen but logging was incomplete and Nyuni-1's main sands appear deeper here. The well can be re-entered later. Bounty holds 5%.
6 Oct 2011drilling result▼ Bad
Key, Bounty's 5% partner, confirms Nyuni-2 is suspended after the drill assembly jammed in the sidetrack. Gas indications were found in Neocomian and shallower sands, and the well can be re-entered later. Partner-side repeat of Bounty's announcement.
19 Sept 2011drilling progress report▼ Bad
Nyuni-2 drilling is blocked by debris from logging tool centralisers, so the well will be sidetracked from about 3,000 m. Separately, a firm order has been placed for 6-inch line pipe to connect Kiliwani North-1 to Songo-Songo Island facilities, advancing commercialisation.
16 Sept 2011drilling progress report▼ Bad
Key reports Nyuni-2 stalled on 14 September by rubber debris from logging-tool centralisers. The operator will pull back to about 3,000 m and sidetrack around the blockage, taking several days. Partner-side repeat of Bounty's update; the first sign of trouble at the well.
26 Aug 2011drilling progress report● Neutral
Key Petroleum, Bounty's 5% partner, repeats the Nyuni-2 update: cased to 2,945 m and drilling to resume toward 3,325 m. Key is free carried. It adds that Nyuni-1 in 2004 gave a 233 Bcf contingent resource. Partner-side repeat of Bounty's release.
26 Aug 2011drilling progress report● Neutral
Nyuni-2 has been cased to 2,945 m after a few days' rig shutdown to replace damaged equipment, and drilling will resume toward a planned 3,325 m. Operations are described as satisfactory. Bounty holds 5%. This breaks the silence since the July decision to stop routine reports.
17 June 2011drilling spud● Neutral
Key Petroleum, Bounty's 5% partner, confirms Nyuni-2 spudded shortly after midnight on 17 June, targeting Neocomian and Aptian/Albian sands. Drilling should take 9-10 weeks. Partner-side repeat of Bounty's announcement.
17 June 2011drilling spud● NeutralMajor
Nyuni 2 spudded on 17 June on Nyuni Island, a gas appraisal well to about 3,325 m, taking 9-10 weeks. Bounty holds 5%. Success would be a major step for its gas position; updates are promised at least every 2 weeks.
3 June 2011drilling result▲ GoodMajor
Utopia 11H reached 1264 m with a 176.5 m horizontal leg in the Murta, with strong oil shows. It is completed as an oil producer, expected on production before 30 June. Bounty holds 40%; flow rates are not yet reported.
30 May 2011drilling progress report▲ Good
Utopia 11H reached horizontal in the Murta reservoir at 1094 m with excellent oil shows. It will drill a further 200-300 m. Bounty holds 40%.
27 May 2011drilling scheduled▲ Good
Nyuni 2 is expected to spud around 8 June, with a rig on site, targeting over 1 TCF of recoverable gas. A new PSA adding four blocks is imminent, and Kiliwani North first gas is provisionally early 2012. Bounty holds 5%.
20 May 2011drilling spud▲ Good
Utopia 11H, a short horizontal oil development well, has spudded after weather and rig delays. It targets the Murta zone. Utopia holds 3 MMbo (1.2 MMbo net to Bounty), and results will guide further development.
25 Feb 2011farm in farm out completion● Neutral
Tanzania approved Aminex taking a further 15% of the Nyuni PSA from Key, taking Aminex to 65%. Bounty's 5% is unchanged, and Nyuni-2 is still due to spud in April.