Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Dec 2009drilling result▲ Good
Utopia 7 was cased and perforated over 7 m of the Murta Zone, with production starting mid-January 2010. The CEO says side-wall cores suggest a wider oil zone than expected and targets at least 150 bopd from Utopia by end 2010. Utopia 8 is due to spud.
21 Dec 2009drilling result▲ GoodMajor
Utopia 7 found good oil shows in the Murta Zone at 1110 m and will be completed as a producer, with first oil expected mid-January 2010. It is the first of three wells in this phase; Bounty has 40%.
17 Dec 2009drilling spud● Neutral
Utopia development drilling has begun. The first well, Utopia 7 (spud 14 December), is drilling toward 1100 m in the Murta Zone; Bounty holds 40% and Newport operates. Drilling is expected to continue into January 2010.
4 Dec 2009drilling scheduled▲ Good
Bounty says Utopia development drilling starts about 8 December with the ADS 6 rig, operated by Newport Energy. Three wells (Utopia 8, 9, 10) to about 1100 m are planned, expected to lift revenue to around $2.5M pa. This starts the program flagged since October.
1 Oct 2009drilling progress report● Neutral
Beach's weekly report confirms Wakefield-1 in PEL 218 is cased and suspended at 2298 m pending evaluation of whether commercial hydrocarbons were found. The Ensign 30 rig was released 26 September. Bounty is listed at 23.28%. Other items concern Beach's Egypt wells.
29 Sept 2009drilling result● Neutral
Operator Beach reports Wakefield-1 had oil and gas shows at many levels and is cased and suspended. It calls the log interpretation inconclusive over the key zones. The joint venture will consider cased-hole testing, a more cautious view than Bounty's.
28 Sept 2009drilling result▲ GoodMajor
Wakefield 1 was cased and suspended at 2297 m for testing, with oil shows in at least six zones and possible new Adori and Murta oil pools. Gas-bearing Winton coals were also found. Bounty has now earned 23.28% of PEL 218. Commercial flows are unproven pending cased-hole testing.
23 Sept 2009drilling progress report● Neutral
Beach's weekly report says Wakefield-1 reached total depth of 2298 m in the Nappamerri Formation and is preparing to run wireline logs. Fair hydrocarbon shows were seen in the Murta, Namur, Adori and Birkhead Formations.
17 Sept 2009drilling progress report▲ Good
Wakefield 1 reached 1873 m with oil shows in several intervals, though the Birkhead and Hutton targets are not yet reached. Bounty says the shows are encouraging but need logging and testing to assess their significance.
16 Sept 2009drilling progress report● Neutral
Operator Beach's weekly report shows Wakefield-1 drilling at 1467 m in the Cretaceous. It lists Bounty at 23.28% and states Beach is free carried. The rest of the report covers other Beach wells.
10 Sept 2009drilling spud● Neutral
Wakefield 1 spudded on 10 September in PEL 218, targeting oil to 2400 m. Bounty is earning 23.28% above the Permian via a farm-in with Deka and Well Traced, vesting at casing point.
31 Aug 2009drilling scheduled● Neutral
The Ensign Rig 30 moves onto the Wakefield 1 location around 6 September, about 50 km northeast of Moomba. Planned depth is 2400 m. Reaching casing point earns Bounty 23.28% of PEL 218 above the Permian.
10 Aug 2009drilling scheduled▲ GoodMajor
Bounty will participate in the Wakefield 1 oil well in PEL 218 (Cooper/Eromanga Basin), spudding mid-September, targeting up to 11 mmbbl recoverable. Reaching casing point earns Bounty its 23.28% interest, ahead of the late-2009 timing previously flagged.
27 Mar 2009farm in farm out agreement▲ GoodMajor
Bounty farms into PEL 218 (Cooper Basin, South Australia): it has earned 5.5% by funding half of a 210 km seismic survey and will rise to 23.28% by funding Deka/Well Traced's share of a first well planned late 2009. Leads total 65 mmbbl recoverable (unrisked, gross).
31 Oct 2008resource reserve update▲ GoodMajor
Partner MEC's mapping gives PEP 11 six structures with 5.1 Tcf risked recoverable gas (P50), up to 16.3 Tcf (P10). Fish is largest (9.0 Tcf P10). Bounty (75%) stays free carried on the first well; MEC is negotiating for a rig.
16 Sept 2008drilling result▼ Bad
Norwest reports Wisteria-1 reached final depth of 3,281m, with no significant hydrocarbon shows in the Plover. The joint venture will log and plug and abandon the well.
16 Sept 2008drilling result▼ BadMajor
Wisteria-1 in AC/P 32 is a dry hole: Plover reached at ~3,224m with only minor gas, final depth 3,281m, to be plugged and abandoned. Bounty keeps its 10% permit interest and now prioritises Kiliwani North and Utopia drilling.
16 Sept 2008drilling result▼ Bad
Adelphi reports Wisteria-1 reached 3,281m with no significant hydrocarbon shows in the Plover sandstone. The joint venture will log, then plug and abandon the well.
8 Sept 2008drilling progress report▼ Bad
Norwest reports Wisteria-1 at 2,886m has drilled through the Montara sandstone without reservoir-quality sand or significant shows. Only the Plover target remains. Bounty's 10% unchanged.
8 Sept 2008drilling progress report▼ Bad
Adelphi repeats that Wisteria-1 at 2,886m found no reservoir-quality Montara sandstone or significant shows. Only the Plover target remains before planned total depth of 3,323m.
8 Sept 2008drilling progress report▼ Bad
Bounty reports Wisteria-1 at 2,886m after two bit-change trips, with the Montara sandstone showing no reservoir quality or significant hydrocarbons. Drilling continues toward the Plover target; planned depth 3,323m.
1 Sept 2008drilling result▼ Bad
Partner Norwest repeats that Wisteria-1 found no reservoir-quality Puffin sandstone or significant shows at 2,019m. Montara and Plover targets (21-32 mmbbl P50) remain to be drilled. Bounty's 10% unchanged.
1 Sept 2008drilling result▼ BadMajor
Adelphi reports Wisteria-1 drilled through the Puffin sandstone target (174 mmbbl P50 pre-drill) with no reservoir-quality sand or significant shows, at 2,019m. Deeper Montara and Plover targets (21-32 mmbbl P50) remain.
1 Sept 2008drilling result▼ Bad
Bounty confirms the main Puffin target in Wisteria-1 (10% interest) had no reservoir sandstone or significant shows. The CEO notes oil was found in Puffin at Birch-1 in 1990, so the play may lie further west. Montara/Plover (21 and 12 mmbbl P50) still to test.
27 Aug 2008drilling progress report● Neutral
Wisteria-1 spudded at 1300 hrs on 22 August and has been drilled to 1,670m, where 13 3/8-inch casing is being set. The Puffin target is expected about 12 days after spud, with total depth of 3,323m in about three weeks. No results yet.
27 Aug 2008drilling progress report● Neutral
Partner Norwest repeats the operator's report that Wisteria-1 spudded 22 August and has drilled to 1,670m, with casing about to be set. Target depth is 3,323m. No new result; Bounty's 10% is unchanged.
22 Aug 2008drilling progress report● Neutral
Partner Adelphi says the West Atlas rig is on location at Wisteria-1 and expected to spud 22 August, to 3,323m in 97m of water. Puffin sands are expected about 12 days after spud. P50 potential is 174 mmbbl Puffin plus 21 and 12 mmbbl in deeper zones.
22 Aug 2008drilling spud▲ GoodMajor
Wisteria-1 in AC/P 32 is set to spud 22 August, the long-awaited well after earlier delays. Bounty holds 10% and pays 7.2% of costs (earlier stated 7.6%). Planned depth is 3,323m; the main Puffin target has 174 mmbbl P50 potential, with 200+ mmbbl in total.
20 Aug 2008drilling scheduled▲ Good
Norwest says Coogee now indicates Wisteria-1 could spud as early as 23/24 August, reversing the delay to 2009. It attributes this to weather and rescheduling of Montara work. The rig schedule remains the operator's call.
20 Aug 2008drilling scheduled▲ Good
Bounty says the Wisteria-1 spud, delayed to early 2009 just weeks ago, could now happen as early as 23/24 August. It cautions the timing depends entirely on the operator's Montara work and weather.
