20 Aug 2008drilling scheduled▲ Good
Adelphi reports Wisteria-1 could spud as early as 23/24 August after the earlier delay to 2009, because Montara work was rescheduled. Also covers Adelphi's US Sugarloaf well. Bounty's 10% is unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2008drilling scheduled▼ BadMajor
Bounty confirms the Wisteria-1 spud is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. The CEO calls the 20-plus week delay frustrating and says Bounty has begun sourcing a rig for Utopia development drilling.
4 Aug 2008drilling scheduled▼ Bad
Partner Adelphi says the operator, Coogee, has delayed Wisteria-1 from early August 2008 to the first quarter of 2009. Coogee needs the rig for urgent work installing the Montara platform and controls the rig schedule. This reverses the near-term spud expected.
4 Aug 2008drilling scheduled▼ Bad
Partner Norwest repeats that Wisteria-1 is delayed from early August 2008 to the first quarter of 2009 because the operator needs the rig for Montara platform work. Bounty's 10% is unchanged. Duplicates the Adelphi notice.
14 July 2008drilling scheduled● Neutral
Partner Norwest says Wisteria-1 in AC/P 32 is now scheduled to spud in early August 2008, slightly later than the late July Bounty had flagged. Bounty's 10% interest is unchanged; Norwest pays about 6% of dry hole costs.
23 May 2008drilling scheduled▲ Good
Wisteria-1 in AC/P 32 is on track to start in late July 2008 using the West Atlas rig. Bounty holds 10% but pays 7.6% of the dry hole cost. The well tests three zones with about 180 mmbbl combined potential.
18 Mar 2008drilling result▲ Good
Key re-releases operator Aminex's statement on the Kiliwani North-1 gas discovery. It adds that the gas-water contact is about 30m deeper than Songo Songo, indicating a separate structure, with minor oil shows. Repeats known facts.
17 Mar 2008drilling result▲ GoodMajor
Bounty confirms a gas discovery at Kiliwani North-1: about 60m gross gas in good sands at 2,030m, apparently a separate pool from Songo Songo. Appraisal drilling is needed; the well will be tested and completed. Interest adjusted from 6% to 5%.
17 Mar 2008drilling result▲ GoodMajor
Operator Key reports Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstone as Songo Songo, at 2,030m, ahead of schedule. It will be completed as a production well. Bounty's interest is shown as 5%, down from 6%.
11 Mar 2008drilling progress report● Neutral
Kiliwani North-1 is at 1,730m, drilling ahead in 8½in hole after running 9-5/8in casing. Drilling remains relatively trouble free. No results yet.
5 Mar 2008drilling progress report● Neutral
Key reports Kiliwani North-1 at 1,106m, running 9-5/8in casing, with drilling relatively trouble free. Bounty's interest shown as 6%. No results yet.
29 Feb 2008drilling progress report● Neutral
Kiliwani North-1 is at 445m with 13 3/8in surface casing cemented, preparing to test the blowout preventers. Good progress since the 23 February spud; planned depth is 2,012m. No results.
25 Feb 2008drilling spud● NeutralMajor
Kiliwani North-1 started drilling on 23 February 2008 from Songo Songo island, vertical to about 2,012m, roughly 35 days. It tests a possible new oil play and the Songo Songo reservoir sands. Bounty holds 6%.
15 Feb 2008drilling scheduled● Neutral
Key says the rig was released from Kiliwani-1 on 13 February and is moving to Songo Songo island. Kiliwani North-1 is planned as a vertical well to about 2,175m, starting around end of February, taking about 35 days.
11 Feb 2008drilling result▼ BadMajor
Kiliwani-1 reached 2,570m and is being plugged and abandoned: no commercial hydrocarbons found. Key says the target sands were too deep, below the Songo Songo gas-water contact. The rig moves to Kiliwani North-1, testing a possible new oil play.
11 Feb 2008drilling result▼ BadMajor
Bounty confirms Kiliwani-1 (TD 2,570m) found no commercial hydrocarbons and is being plugged and abandoned. The chairman says the target sands were too deep, below the Songo Songo gas-water contact. Focus shifts to Kiliwani North-1.
5 Feb 2008drilling progress report● Neutral
Kiliwani-1 is at 2,317m after recovering broken drill bit pieces on 2 February, drilling ahead in 8½in hole. The main target is at about 2,340m. No results yet.
5 Feb 2008drilling progress report● Neutral
Key Petroleum repeats that Kiliwani-1 is at 2,317m, drilling toward the primary target after clearing drill bit debris and changing to clean drilling mud. No results.
29 Jan 2008farm in farm out agreement▲ Good
Adelphi confirms the Cosmo Energy farm-in to AC/P32, giving the full interest table: Bounty 10%, Cosmo 22.5%, Coogee 22.5%. Wisteria-1 targets up to 200 million barrels and is expected in Q3 2008. Duplicates the Norwest announcement from the other partner's side.
29 Jan 2008drilling progress report● Neutral
Bounty reports 9-5/8in casing cemented and Kiliwani-1 at 2,260m, cleaning out broken drill bit debris. A pressure test then drilling to the roughly 2,340m target follow. No results.
29 Jan 2008drilling progress report● Neutral
Key Petroleum says 9-5/8in casing is cemented and Kiliwani-1 is at 2,260m. Debris from a failed drill bit is being milled out before drilling into the reservoir section. No results.
22 Jan 2008drilling progress report● Neutral
Kiliwani-1 drilled to the 9 5/8in casing point at 2,257m and is on a clean-out trip before running casing. The main target is about 2,340m. No results yet.
21 Jan 2008farm in farm out agreement▲ GoodMajor
Norwest announces Cosmo Energy will take 22.5% of AC/P32 by funding Wisteria-1 on a 2-for-1 promoted basis. Wisteria-1 is expected in Q3 2008 with a rig secured. Bounty is listed at 10%, down from the 12.8% previously recorded (inference: it is among the farm-out parties).
15 Jan 2008drilling progress report● Neutral
Kiliwani-1 is at 2,121m, heading for the 9-5/8in casing point. Further mechanical delays hit worn flow pipe and mud pumps. No results.
8 Jan 2008drilling progress report● Neutral
Key Petroleum says Kiliwani-1 is at 1,977m after a bit change. Progress is slower than expected because of repeated mud pump and generator shutdowns on the rig. No results.
4 Jan 2008drilling progress report● Neutral
Kiliwani-1 is at 1,892m, drilling ahead, with 9 5/8in casing planned near 1,900m. The target is still about 2,340m. Routine progress, no results.
24 Dec 2007drilling progress report● Neutral
Kiliwani-1 is drilling ahead at 1,509m after cementing casing at 1,315m and passing a pressure test. The main target is still about 2,340m. Routine progress, no results.
18 Dec 2007drilling progress report● Neutral
Key Petroleum reports the 13-3/8in casing is set at 1,322m and the blowout preventer is being installed. Drilling to about 2,285m comes next. Routine, no results.
17 Dec 2007drilling progress report● Neutral
Kiliwani-1 is at 1,322m, running 13 3/8in casing after widening the hole. The main target remains about 2,340m in Lower Cretaceous sands. Routine progress, no results.
11 Dec 2007drilling progress report● Neutral
Key Petroleum's update: Kiliwani-1 still at 1,322m, opening the pilot hole and preparing to run 13-3/8in casing, with pump engine maintenance. Routine operations, no results.