7 Feb 2007farm in farm out agreement● Neutral
Adelphi's release of the same BPCL farm-in to AC/P32. Bounty's interest falls to 12.8%; see ref 11 for the Bounty announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Feb 2007farm in farm out agreement● Neutral
Norwest's release on BPCL's farm-in to AC/P32, a duplicate of Bounty's own announcement. See ref 11.
7 Feb 2007farm in farm out agreement▲ GoodMajor
India's BPCL farms into AC/P32 for 20%, paying US$1.42M towards past seismic costs (Bounty's share US$227,200). Bounty's stake falls from 16% to 12.8%. One well is required in the 12 months from 27 May 2007, optional for all parties.
21 Dec 2006drilling scheduled● Neutral
Parrot Hill-2 in EP 435 has government approval and a rig contract with DCA Rig 7, but spudding slips from November 2006 to January 2007. Bounty is listed at 5% in the joint venture. It tests updip of a 1987 well that found a 6.2m oil column.
23 Nov 2006farm in farm out agreement● Neutral
Empire's Rough Range signed a farm-in with Jurassica for $2.2M towards three Carnarvon wells, planned for DCA Rig 7. Not Bounty's permits (EP 439 and others); Bounty is not named as a party in this text.
25 Oct 2006farm in farm out completion▲ GoodMajor
Bounty obtained a 12-month PEP 11 extension (to August 2007 to drill one well) and signed the farm-in with MEC's Asset Energy: 25% for seismic, a further 60% for funding a well. Bounty is free-carried; Peak Group is engaged to secure a rig. Resolves the PEP 11 thread.
28 Sept 2006farm in farm out agreement● NeutralMajor
Operator Empire farmed out 25% of EP 435 to Phoenix Resources for $800,000 towards the Parrot Hill-2 well, planned for November 2006 with ~750,000 barrels potential. Bounty's EP 435 interest remains 5% per the table, with Empire falling to 45%.
13 June 2006drilling result▼ BadMajor
Dune-1 was a dry hole: it reached 1,401 metres, hit excellent-quality Birdrong sandstone at 1,369 metres but found no oil. It was plugged and the rig released. Operator is weighing Parrot Hill-2 next. Bounty's 5% interest earned nothing.
13 June 2006drilling result▼ Bad
Bounty confirms Dune-1 (5%) found no commercial hydrocarbons at 1,401 metres and has been plugged. The joint venture will evaluate further drilling in EP 435 and EP 412, where AOC's option and Rough Range's well obligation remain.
9 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,367 metres, gas increasing in the Muderong seal, Birdrong target at about 1,379 metres. No new information.
9 June 2006drilling progress report● Neutral
Dune-1 at 1,367 metres in the Muderong Shale, with gas rising to 300 ppm methane (total gas 3 units) just above the Birdrong reservoir predicted near 1,379 metres. An encouraging sign, though not a result.
8 June 2006drilling progress report● Neutral
Dune-1 reached 1,344 metres and entered the Muderong Shale seal. The secondary Windalia target was hit at 1,300 metres with no reservoir sand, consistent with nearby wells. Birdrong, the main target, is prognosed at 1,380 metres.
8 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,344 metres, Windalia top at 1,300 metres, slow drilling in the Muderong seal. No new information.
7 June 2006drilling progress report● Neutral
Dune-1 drilled to 1,287 metres in claystone, with a small gas peak of 12 units at 1,276 metres. Not a reservoir result; the Birdrong target is near.
7 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,287 metres, gas peak of 12 units at 1,276 metres. No new information.
6 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,234 metres, drilling ahead, methane 120-275 ppm. No new information.
6 June 2006drilling progress report● Neutral
Dune-1 reached 1,234 metres in claystone with background methane of 120-275 ppm. Windalia objective is next, then the Birdrong target. No reservoir result yet.
5 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 1,111 metres, drilling ahead, minor background gas. No new information.
5 June 2006drilling progress report● Neutral
Dune-1 reached 1,111 metres after a bit change. Background methane rose slightly to 50-350 ppm, a modest gas reading but not a reservoir result. Reservoir targets still lie ahead.
2 June 2006drilling progress report● Neutral
Empire's Dune-1 report: drilling at 936 metres in the Lower Gearle Siltstone, trace methane only. Reservoir targets still lie ahead near 1,300 metres. Bounty holds 5%.
1 June 2006drilling progress report● Neutral
Dune-1 reached 812 metres. Tops were revised: Korojon Calcarenite at 710 metres and Upper Gearle siltstone at 780 metres, a thicker tertiary section, but reservoir objectives remain as predicted. Trace gas only.
1 June 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 812 metres after a bit change, drilling ahead slowly through compact Gearle section, trace methane only. No new information.
31 May 2006drilling progress report● Neutral
Dune-1 changed to a new bit and completed a blowout preventer test, then drilled to 783 metres through claystone. Trace background methane only.
31 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 783 metres after a bit change and blowout preventer test, trace methane only. No new information; letterhead now shows a Sydney office.
30 May 2006drilling progress report● Neutral
Dune-1 drilled to 780 metres and is pulling out to change the drill bit. Only trace background methane recorded.
30 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 780 metres, pulling out to change the bit, trace methane only. No new information.
29 May 2006drilling progress report● Neutral
Dune-1 reached 722 metres after a delay fishing slip dye from the hole; the problem appears resolved. Only trace methane. Penetration rates are similar to nearby wells.
29 May 2006drilling progress report● Neutral
Bounty's repeat of the Dune-1 report: 722 metres, drilling delayed by a fishing job, trace methane only. Participant table now correctly shows Asia Pacific Energy at 20% and Bounty at 5%.
26 May 2006drilling progress report● Neutral
Dune-1 milled out the slip dye and resumed drilling, at 629 metres. Only minor trip gas of 4 units recorded.
25 May 2006drilling progress report▼ Bad
Dune-1 drilled only 612–620 metres of marl; a technical problem with slip pieces in the borehole needed resolving before drilling could continue.