Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2011drilling progress report● Neutral
Utopia 10 was fracture stimulated in December and is now on production test. Utopia 11H horizontal well is delayed by rain and rig maintenance to late January-early February 2011. Field reserves are 3 MMbo, 1.2 MMbo net to Bounty.
4 Jan 2011drilling result▼ BadMajor
Bounty reported New Seaclem-1 finished at about 750 m with no hydrocarbons, no gas discovery in the post-Mesozoic section. CEO Kelso said the no-cost commitment well secured the permit for at least 3 years at Bounty's 15% interest, with new seismic planned for the Fish-Baleen prospects.
4 Jan 2011drilling result▼ BadMajor
MEC reports New Seaclem-1 reached 750 m with no hydrocarbons; sands logged were porous but appear to hold salty water. Advent has provisionally lifted its PEP11 interest to 85%, cutting Bounty to 15%. Fish and Baleen deeper targets are untested.
30 Dec 2010drilling progress report● Neutral
MEC says logs show a Tertiary sandstone over 40 m thick with 30% average porosity at New Seaclem-1. Up-dip potential is untested and needs more seismic. This is a reservoir-quality finding, not a hydrocarbon discovery.
29 Dec 2010drilling progress report▼ Bad
Bounty confirms no gas shows in the Great White and Marlin target intervals to 581 m. The well is deepening to about 750 m into an older section. Bounty says it is disappointed, and sees further seismic and a commitment well ahead for PEP 11.
29 Dec 2010drilling progress report▼ Bad
MEC reports New Seaclem-1 found no gas or hydrocarbons in the Great White and Marlin target intervals, with wireline verification still to come. The well is now deepening into an interpreted Triassic section at 715 m. Early sign the 7 TCF shallow targets have failed.
24 Dec 2010drilling progress report● Neutral
New Seaclem-1 reached 346 m after running 13 3/8" casing at 314 m, with wireline logging done. Drilling through the reservoir section is now expected around 28 December, later than the 25-26 December previously expected. Bounty remains free carried.
22 Dec 2010resource reserve update▲ Good
MEC releases an independent expert report commissioned by Advent on PEP11, estimating mean aggregate prospective resources of 15.9 Tcf recoverable, including Fish at 11.5 Tcf. These are unrisked prospect estimates, not discoveries, and the report was commissioned by Advent.
20 Dec 2010drilling progress report● Neutral
New Seaclem-1 has 30" casing cemented at 221.2 m and a 17½" hole drilled to 314 m; 13 3/8" casing is next. The well is one day behind schedule but still expected to reach the target on 25-26 December.
15 Dec 2010drilling progress report● Neutral
Bounty confirms the 15 December spud and the pilot hole to 310.5 m, with blowout preventers due 19 December. Target zone still expected 25-26 December. Repeats the MEC report; no new result.
15 Dec 2010drilling spud▲ GoodMajor
New Seaclem-1, the first exploration well offshore NSW, spudded at about midnight on 15 December, ahead of schedule. The pilot hole reached 310.5 m. The gas target zone is expected around 25-26 December. Bounty is free carried (15% after the well).
14 Dec 2010drilling progress report▲ Good
Rig is anchored and ballasted at New Seaclem-1 in calm seas, with spud expected later on 14 December, two days ahead of the revised schedule. Bounty remains free carried, falling to 15% after the well.
13 Dec 2010drilling progress report● Neutral
MEC repeats that Ocean Patriot ran its first anchor at New Seaclem-1, with spud anticipated early 16 December. Gives planned total depth of 826 m and Tanvinh P50 estimates of 1.16 Tcf (Great White) and 2.97 Tcf (Marlin).
13 Dec 2010drilling progress report● Neutral
Ocean Patriot reached the New Seaclem-1 site and ran its first anchor on 13 December. Spud is now expected early 16 December, later than the late 14 December previously expected. Bounty stays free carried.
9 Dec 2010drilling progress report▲ Good
MEC reports Advent took operational control of Ocean Patriot overnight and the rig is under tow to New Seaclem-1. Spud still expected late 14 December. Confirms the handover that had slipped from 7 December.
9 Dec 2010drilling progress report▲ Good
Bounty confirms Ocean Patriot handover to Advent was completed the night of 8 December and the rig is under tow to New Seaclem-1, about four days away. Spud expected late 14 December. Bounty remains free carried.
8 Dec 2010drilling result▲ GoodMajor
Utopia 10 reached 1,141 m, hitting the Murta oil zone at the predicted 1,018 m with 100% oil fluorescence over 7 m. Cased pending fracture stimulation. Supports the Utopia reserve increases (Bounty 40%); a further development well follows.
7 Dec 2010drilling scheduled▲ Good
MEC reports Ocean Patriot tow to New Seaclem-1 begins 8 December, taking about four days, with spud expected late 14 December. This brings the start forward from the 10 December handover Bounty reported on 3 December.
7 Dec 2010drilling scheduled● Neutral
Bounty says Ocean Patriot handover to Advent is expected 8 December, then a four-day tow, with New Seaclem-1 spud expected 14-15 December. Bounty remains free carried, falling to 15% after the well.
3 Dec 2010drilling scheduled▼ Bad
Rig handover for New Seaclem-1 slips from 7 to a provisional 10 December, with about six more days to move to site. Another small delay to the long-awaited PEP 11 well; Bounty remains free carried.
2 Dec 2010drilling spud▲ Good
Utopia 10 development well spudded 2 December in PL 214, to 1,100 m in the Murta zone and then fracture stimulated. Fourth Murta development well under operator Bridgeport; the horizontal Ufouria 1H follows. Aims to lift oil output (Bounty 40%).
25 Nov 2010drilling scheduled▲ Good
MEC Resources reports a provisional 7 December 2010 date for handover of the Ocean Patriot rig for New Seaclem-1. This firms up the long-delayed start, though Advent has yet to give the exact schedule. Bounty remains free carried.
25 Nov 2010drilling scheduled● Neutral
Bounty repeats Advent's provisional 7 December 2010 start of rig handover for Ocean Patriot at New Seaclem-1, attaching the rig owner's schedule. Bounty stays free carried, falling from 75% to 15% after the well. Duplicates the MEC-sourced item of the same date.
15 Nov 2010drilling result▼ BadMajor
Ubute-1 will be plugged and abandoned, a dry hole for Bounty's 40%, with only trace oil. Logs showed reservoir-quality Birkhead and Hutton sands, which the company says improves prospects for stratigraphic traps in Utopia and in ATP 789P. Resolves the Ubute-1 test.
12 Nov 2010drilling progress report▼ Bad
Ubute-1 reached 1,414 m with no hydrocarbon shows in primary or secondary targets. The Murta Formation came in 12 m low, suggesting the structure may be absent. Logs are next; the next two wells are Utopia development wells.
5 Nov 2010drilling spud● Neutral
Ubute-1 oil exploration well spudded in ATP 560P near Utopia, targeting 500,000 barrels at about 1,350 m. Bounty holds 40%, Bridgeport 60% operator. First of three Utopia wells in six weeks, and the first exploration well there for some time.
27 Aug 2010drilling scheduled▲ GoodMajor
The first PEP 11 well is named New Seaclem-1, about 55 km east of Newcastle, targeting gas to 826 m at the Great White and Marlin prospects. Drilling is estimated for late October. Advent estimates 1.16 and 2.97 Tcf (P50) respectively.
5 July 2010resource reserve update▲ GoodMajor
Advent, the PEP 11 farm-in partner, raised its best-estimate prospective gas resource to 13.2 Tcf (P50), with 6.0 Tcf Permo-Triassic and 7.2 Tcf Cainozoic. These are partner estimates for the whole permit; Bounty falls to 15% after the first well.
20 Jan 2010drilling result▲ GoodMajor
Utopia 9 was completed as an oil producer, finishing the three-well first phase near budget. The CEO says the wells beat projections and expects about $2M added 2010 revenue at A$87 per barrel; 8-12 further wells are likely. This is more than the earlier plan.
4 Jan 2010drilling result▲ Good
Utopia 8 found a second oil discovery, with good shows over 10 m (1016-1026 m) in the Murta Zone, higher than in Utopia 7. It will be completed as a producer; Utopia 9 is next.
