Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2019regulatory community update▲ GoodMajor
Queensland has renewed Petroleum Lease 441 Downlands, which Bounty owns 100%. This resolves the renewal thread; Bounty plans to flow-test Downlands 2, negotiate pipeline access and a gas sales agreement, aiming to restart gas production.
4 June 2019drilling result▲ Good
Watson North 3 (16 May) and Watson North 2 (25 May) both found good oil shows in the Westbourne Formation, with 7.6 m net pay logged at Watson North 3. Both are cased and suspended as potential producers. Bounty holds 2%.
15 Mar 2019half year report▼ Bad
Half-year to 31 Dec 2018: petroleum revenue $1.45M on 13,800 bbl sold, net loss $3.16M after non-cash impairments of $2.77M (Tanzania) and $0.41M (relinquished permits). This makes the Kiliwani/Nyuni exit a cost; the loss widened from $0.92M a year earlier.
13 Mar 2019drilling scheduled● Neutral
The first three 2019 wells are done: Watkins 4 and 5 were very good and extended the Birkhead zones, while Watkins 6 was plugged. Two Watson North appraisal wells follow, starting with Watson North 2 around 21 March 2019.
7 Mar 2019drilling result▲ Good
Watkins 5 reached 1,713 m, finding a 13 m gross Birkhead interval with good oil shows. It is cased and suspended as a potential producer and the rig is released. Bounty holds 2%.
4 Mar 2019drilling spud● Neutral
Watkins 5, the third well in the 2019 five-well appraisal programme, has spudded. Planned depth is 1,811 m. Bounty holds 2%.
26 Feb 2019drilling result▼ Bad
Watkins 6 reached 1,713 m, testing the southern limit of the Watkins field, and found reasonable oil shows in several Westbourne and Birkhead sands. It was plugged and abandoned after logging, and the rig moved to Watkins 5. Bounty holds 2%.
20 Feb 2019drilling spud● Neutral
Watkins 6, the second well in the 2019 five-well appraisal programme, spudded 20 February with planned depth 1,706 m. Bounty holds 2%.
19 Feb 2019drilling result▲ Good
Watkins 4 reached 1,740 m, finding a 12 m gross interval in the Birkhead reservoir with good oil shows. It is cased and suspended as a potential producer. Rig moves to Watkins 6. Bounty holds 2%.
13 Feb 2019drilling spud● Neutral
Watkins 4 spudded 11 February 2019, the first of a five-well appraisal programme at Watkins and Watson North. Planned depth is 1,740 m. Bounty holds 2%.
12 Feb 2019joint venture update▲ GoodMajor
Bounty and Asset Energy say they have mutually resolved the outstanding 2018 seismic survey matters. Bounty keeps its 15% of PEP 11, with Asset Energy at 85% as operator. A work-commitment variation has been sought for a roughly $4M, 500 sq km 3D survey.
10 Dec 2018drilling result▲ GoodMajor
Wallis 1 found oil in the Adori, Birkhead and Birkhead/Hutton zones at 1,913 m and is cased and suspended as a potential producer. It was the last well of the 2018 Naccowlah campaign and the rig is released. Bounty holds 2%.
3 Dec 2018drilling spud● Neutral
Wallis 1, a near-field exploration well 6.3 km southwest of Jarrar, spudded 2 December with planned depth 1,931 m, targeting the Birkhead and Poolowanna zones. Bounty holds 2%.
30 Nov 2018drilling result▼ Bad
Wenda 1 reached 1,960 m with reasonable oil shows in the Westbourne and Birkhead zones and is being plugged and abandoned. It is the second near-field exploration well in a row not completed. Rig moves to Wallis 1. Bounty holds 2%.
27 Nov 2018investor presentation▲ Good
AGM presentation repeats known facts: 2019 oil revenue expected to reach $2.6M, 13 to 14 Naccowlah wells in the programme, Downlands gas renewal said to be imminent, and a target of over 1 million barrels in the Surat Basin. No new announcements are evident in the readable text.
27 Nov 2018other▲ Good
At the 2018 AGM the chairman said five of six wells in the 13-well Naccowlah programme so far were cased as future producers. He cited an oil price of about A$90 a barrel, and said drilling continues into the new year.
26 Nov 2018drilling spud● Neutral
Wenda, a near-field exploration well 6.6 km west of Jarrar, spudded 23 November with planned depth 1,963 m, targeting the Birkhead and Poolowanna zones. Bounty holds 2%.
20 Nov 2018drilling result▲ Good
Cooroo North West 2 reached 1,902 m and found good oil in the Westbourne and Birkhead zones. It will be cased and suspended as a potential Birkhead or dual-zone producer. Rig moves to Wenda. Bounty holds 2%.
15 Nov 2018joint venture update● Neutral
Bounty says it still holds its 15% registered PEP 11 interest and JOA rights, contrary to the 15 October notice requiring withdrawal. It is negotiating with operator Asset Energy on disputed cash calls and a possible change to its interest.
15 Nov 2018drilling spud● Neutral
Cooroo North West 2, an appraisal well in the producing Cooroo NW field, spudded 14 November with planned depth 1,899 m. Bounty holds 2%.
12 Nov 2018drilling result▼ Bad
Pallano East 1 reached 1,973 m with only reasonable oil shows and is being plugged and abandoned. It is a miss among the recent successes at Naccowlah. Rig moves to Cooroo NW 2. Bounty holds 2%.
5 Nov 2018drilling spud● Neutral
Pallano East 1, a near-field exploration well testing a 3D seismic structure northeast of Jarrar, spudded 4 November with planned depth 1,964 m. Bounty holds 2%.
5 Nov 2018drilling result▲ Good
Jarrar 5 found an oil column in the Birkhead/Hutton zone and is cased and suspended as a potential producer, resolving the pending result. The CEO counts four successful wells in the Birkhead zone. Rig moves to Pallano. Bounty holds 2%.
1 Nov 2018drilling progress report▲ Good
Jarrar 5 spudded 27 October and reached 1,954 m with oil shows in the Birkhead/Hutton zone. Logging is being prepared. Bounty holds 2%.
29 Oct 2018annual report● Neutral
2018 annual report: revenue down 41% to $1.57M; cash and current assets $2.48M, nil debt. The chairman cites a $1.27M Tanzania impairment and doubts further Kiliwani investment is justified. It expects strong 2019 revenue from Naccowlah wells and Surat production. AGM is 27 November.
29 Oct 2018annual report● Neutral
Corporate governance statement lodged with the annual report, current at 29 October 2018. It notes no separate diversity policy and no females on the board or in key management roles. Administrative; no new business information.
29 Oct 2018annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company website. Administrative only, with no new business information.
23 Oct 2018drilling progress report● Neutral
The rig has moved to the Jarrar 5 location, the second Jarrar appraisal well, and is under scheduled maintenance before spudding. It will test the Birkhead/Hutton zone. Bounty holds 2%.
18 Oct 2018drilling result▲ Good
Jarrar 4 reached 1,947 m and found an oil column in the Birkhead/Hutton zone. It is being cased and suspended as a potential producer. The rig moves 2 km to Jarrar 5. Bounty holds 2%. A third successful appraisal well after Watkins 2 and 3.
16 Oct 2018drilling spud● Neutral
Bounty reports two more appraisal wells at the Jarrar Field in PL 77, Naccowlah Block. Jarrar 4 was spudded 11 October and had reached 1,846 m with drilling continuing. Bounty holds 2%.
