31 Oct 2022admin correction● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report. Administrative only, with no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2022annual report● Neutral
Annual report repeats FY22 results: revenue up 29% to $1.90M, cash and current assets $3.34M, no debt. Outlook is four more Naccowlah wells, Surat production in 2023, and Cerberus drilling subject to funding talks. The PEP 11 Federal Court case continues.
21 Oct 2022agm notice● Neutral
Bounty will hold its 2022 AGM on 30 November 2022. Director nominations closed 28 October. Notice of meeting details to follow. Administrative only.
30 Sept 2022annual report● Neutral
Media release on FY22 results: revenue up 29% to $1.90M, cash and current assets $3.34M with zero debt, and an operating loss of $0.36M before non-cash items. The PEP 11 Federal Court case continues; documents were due to be produced the next month.
30 Sept 2022annual report● Neutral
FY22 statutory accounts show revenue of $1.90M, up 29%, and a net loss of $2.49M, after a $1.75M write-off of oil and gas assets. Bounty will join four Naccowlah wells in early 2023, after Cooroo NW 7 in July.
23 Sept 2022director officer appointment● Neutral
Non-executive director Roy Payne resigned, citing expected overseas travel in 2022/23. He had served on the board since 2014. This follows the appointment of Sachin Saraf three days earlier.
20 Sept 2022director officer appointment● Neutral
Sachin Saraf, Bounty's CFO since 2014, is appointed an additional director. He also remains company secretary, per the later accounts. This broadens the board, which has had only a chair and two non-executives.
6 Sept 2022investor presentation● Neutral
Conference slides restate known facts: about 1.3 billion shares, $0.008 price, $11M market cap, $3M cash and assets, FY22 revenue $1.90M. FY23 revenue is targeted at about $2.4M, with four Naccowlah wells proposed for 2023 and Surat development through 2023.
23 Aug 2022regulatory community update● Neutral
BPH, PEP-11 operator's parent investor, says it is reviewing its options after media coverage of Scott Morrison's ministerial powers being used on PEP-11. The June Federal Court case alleges bias in the refusal. Bounty holds 15%; this is a third-party release.
29 July 2022quarterly activities report▲ Good
June quarter revenue was $678k at a record A$165/bbl realised, giving $1.9M for FY22. Cash and current assets were $3.3M with nil debt. Alton restart still awaits regulator approval, now expected late 2022. Cerberus option to lift to 50% costs a further $9M.
5 July 2022drilling result▲ GoodMajor
Cooroo NW 7 reached 1854 m on 4 July after spudding 30 June, with good oil shows in the Hutton and Birkhead formations. It will be cased and suspended as a future producer. Bounty holds 2%; no flow rates are given.
29 June 2022drilling scheduled▲ Good
Bounty announces the Cooroo NW 7 appraisal well in the Naccowlah Block, with spud expected 29 June 2022, targeting 1843 m. It follows the 2019-20 five-well program, which added proven reserves. Bounty holds 2%; results come when drilling ends.
29 June 2022investor presentation● Neutral
Webinar slides repeat known points: Naccowlah revenue of $240,000 a month, oil above A$150/bbl, and plans for Alton, Eluanbrook and Downlands in the Surat Basin in 2H 2022. Alton was shut in at under 50 bopd. No new results.
28 June 2022investor presentation● Neutral
Notice of a 29 June webinar by COO Kane Marshall on Surat Basin production growth. Announcement of the event only, with no new results.
23 June 2022production update▲ Good
Bounty says Naccowlah revenue is running at $240,000 a month with oil above A$150/bbl, and it is fast-tracking 100%-owned Surat Basin production in 2022 ahead of three appraisal drills. It is exploring alternative financing and farm-in partners.
9 June 2022regulatory community update▲ GoodMajor
WA regulator approved suspension of work programs and term extensions for Cerberus permits EP 490, 491 and TP 27 through to May 2026. An identical EP 475 application is pending, with approval anticipated. Year 3 seismic work has started.
2 June 2022regulatory community update● NeutralMajor
Advent's subsidiary, as PEP 11 operator for the joint venture including Bounty (15%), applied to the Federal Court to review the refusal to vary and extend the permit. This follows the March NOPTA refusal; the outcome is open.
29 Apr 2022quarterly activities report● Neutral
March quarter report: Naccowlah revenue $403k at a record A$149/bbl. Cerberus now described as earning 25–50%; Alton restart still awaiting regulator approval. PEP 11 joint venture is taking legal advice on the refusal.
7 Apr 2022farm in farm out agreement▲ GoodMajor
Bounty exercised its option to lift its Cerberus farm-in from 25% to 50%. Coastal issued a letter of intent for the Valaris JU-107 jackup rig for two firm and one contingent well. Bounty says no material cash calls are expected short term.
31 Mar 2022investor presentation● Neutral
Conference presentation repeating known points: 1.3 billion shares, $0.012 price, $16.4M market cap, 2021 petroleum revenue $1.59M. Cooroo Northwest well is slated for the second half of 2022; Alton restart plans are restated.
30 Mar 2022regulatory community update▼ Bad
BPH Energy repeats the NOPTA refusal of the PEP 11 variation and extension, with the joint venture taking legal advice on a statutory review. Duplicates Bounty's own announcement.
30 Mar 2022regulatory community update▼ BadMajor
NOPTA formally refused the PEP 11 work-program variation and 24-month term extension, confirming the December 2021 government signal. The joint venture (Bounty 15%) can seek review and is taking legal advice; Bounty says it has already pivoted to Cerberus.
29 Mar 2022investor presentation● Neutral
Notice that COO Kane Marshall will present at the NWR Near Term Producers Conference on 30 March 2022. Announcement of an event only, with no new information.
23 Mar 2022drilling result▲ Good
Carnarvon's Pavo-1 oil discovery in the Bedout Sub-basin is said to upgrade analogous Stork and Amos targets at Cerberus. Santos plans Yoorn-1 on Cerberus's northern border in Q4 2022. This is another company's discovery, not Bounty's; its resources are under review.
16 Mar 2022half year report● Neutral
Half-year to 31 Dec 2021: revenue $816k (up 17% on prior half), net loss $493k versus $594k a year earlier. PEP 11 flagged as material uncertainty; two further Naccowlah wells planned for 2022.
8 Mar 2022drilling scheduled▲ GoodMajor
Cerberus drilling program set at two firm wells (a Stork/Amos target and new Belfon) plus contingent Expanse; rig tender issued, indicative timing Q4 2022 subject to approvals. Preliminary seismic analysis is said to lower risk; updated resource estimates promised by end-March work.
1 Feb 2022investor presentation● Neutral
Notice of a 3 February webinar by COO Kane Marshall on Cerberus seismic, drilling timetable and Queensland production. No new results; states 2022 SW Queensland oil revenue is anticipated at $1.8 million.
28 Jan 2022quarterly activities report● Neutral
December quarter report: Naccowlah revenue $429k at a record realised A$117/bbl; Cerberus farm-in (25%) continues, Honeybadger mean prospective resource 294 MMbbl. Alton restart still awaits Queensland regulator approval; PEP 11 submission to NOPTA being prepared.
19 Jan 2022investor presentation● Neutral
Operations update: Cerberus drilling aimed for late 2022 subject to approvals, with three target locations to be fixed by end-February 2022 and jackup rigs in discussion. Cooroo Northwest budget approved; PEP 11 submissions to NOPTA under way.
31 Dec 2021listing compliance notice● Neutral
Bounty answered an ASX query on its 16 December disclosure timing. It says it learned of a media article about PEP 11 at about 9.57am, asked for a pause at about 10.06am, and confirms it complied with Listing Rule 3.1.