Past year: ▲ 167%(0.15c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2018asset acquisition disposition▼ BadMajor
MEC says Asset Energy has given notice requiring Bounty to withdraw from the PEP 11 JOA and permit over unpaid invoices, so Bounty's 15% passes to Asset Energy once the regulator registers the transfer. Bounty loses its Sydney offshore interest and RL farmout upside.
5 Oct 2018asset acquisition disposition▼ BadMajor
Bounty intends to withdraw from Kiliwani North and the Nyuni PSA in Tanzania, subject to settling accounts with operator Ndovu (Aminex). It claims a USD 475,866 (AUD 665,000) gas receivable plus unquantified condensate payments. This ends its East African gas push.
28 Sept 2018annual report● Neutral
Media release for FY18 results: revenue down 41% to $1.57M, net loss $2.08M, cash and current assets $2.48M, nil debt. CEO expects revenue to be back above $2M in 2019 from Watkins Birkhead discoveries. Repeats the full-year accounts.
28 Sept 2018annual report▼ Bad
Full-year accounts to 30 June 2018: petroleum revenue $1.57M, net loss $2.08M including a $1.38M asset impairment. Revenue fell 41% mainly on lower Tanzanian gas output. Cash and current assets were $2.48M with nil debt. Text is truncated.
26 Sept 2018joint venture update● Neutral
MEC says NOPTA registered the RL Energy farmin to PEP 11, satisfying the last condition precedent after MEC shareholders approved on 31 July 2018. Further milestones are needed before the 3D survey and before RL earns an interest.
21 May 2018drilling result▲ GoodMajor
Watkins 2 and Watkins 3 (spudded 12 May, TD 1,736 m) both found oil in the Birkhead Formation and were cased and suspended as potential producers. The rig has been released. Bounty holds 2%. This continues the Naccowlah drilling program and adds to the Irtalie East 6 success.
16 May 2018joint venture update● Neutral
MEC says processing of the PEP 11 2D seismic has begun, due for completion in the third quarter of 2018. It also clarifies that after the 3D survey, RL Energy would hold up to 60%, Asset Energy at least 25% and Bounty 15%. Still needs MEC shareholder approval.
10 May 2018admin correction● Neutral
Bounty corrects its earlier release: the well is Watkins 2, not Watson 2, in the Watkins Oilfield in PL 35, 3 km northwest of Watson. Other details are unchanged; Bounty holds 2%.
10 May 2018drilling spud● Neutral
Bounty is joining a 2-well oil appraisal program in the Naccowlah Block; the first well was spudded 4 May 2018 and drilled to 1,697 m. Bounty holds 2%. Results are to be reported at the end of the well. Corrected in the next release.
4 May 2018farm in farm out agreement▲ GoodMajor
MEC said a conditional PEP 11 farmin agreement was signed by Asset Energy and RL Energy, replacing the term sheet. RL earns 5% by preparing the environmental approval documents and a further 55% by completing a 500 km2 3D survey, carrying Asset's costs up to $4M. Bounty (15%) supports it.
20 Apr 2018drilling result▲ GoodMajor
The PEP 11 2D seismic survey of about 200 line km was completed on 19 April 2018, meeting the Year 2 commitment and putting the permit in good standing. Processing comes next; the RL Energy farmout still depends on its conditions. Bounty holds 15%.
16 Apr 2018drilling progress report▲ Good
The PEP 11 2D seismic survey of about 200 line km has begun, mainly over the Baleen gas prospect 30 km southeast of Newcastle. It satisfies the Year 2 work commitment. Bounty holds 15%.
16 Mar 2018half year report▼ Bad
Half year to 31 Dec 2017: petroleum revenue $0.82M, down 37%, net loss $923,629 including a $467,000 Kiliwani North impairment. Underlying earnings before impairment were $456,629. This confirms the Kiliwani impairment flagged earlier. Text is truncated.
27 Feb 2018admin correction● Neutral
Bounty amends its 19 February Kiliwani release because parts were non-compliant with ASX Chapter 5. The 57 BCF Kiliwani South figure and the 4.8 TCF Nyuni figure are deleted and replaced with qualitative descriptions. The Kiliwani North reserves are unchanged.
26 Feb 2018regulatory community update● Neutral
MEC says seismic equipment is being mobilised from the UK, with the PEP 11 2D survey expected to start in April and take 3-4 days. Bounty holds 15%. Timing slips from early 2018 to April, but the survey now looks near.
19 Feb 2018resource reserve update▼ BadMajor
First Kiliwani North reserves: 2P of 1.94 BCF gross after compression, with about 6.4 BCF already produced. Bounty's 9.5% share is 0.175 BCF. A Kiliwani South lead is named. Reserves are far below the 30.8 BCF in place because of compartmentalisation.
10 Jan 2018regulatory community update▲ GoodMajor
NOPSEMA formally accepted the PEP 11 Baleen 2D seismic environment plan, resolving the approval Bounty had been waiting on. Advent will start mobilising equipment. This clears a condition of the RL Energy farmout. Bounty holds 15%.
8 Jan 2018regulatory community update▲ GoodMajor
NOPTA approved an extension of the PEP 11 term to February 2021. This resolves the pending extension application. Commitments now include a 2D survey by Feb 2019, one exploration well in year 4 and 500 km2 of 3D seismic in year 5. Bounty holds 15%.
8 Jan 2018joint venture update● Neutral
MEC update on investee Advent: PEP 11 NOPSEMA response expected 11 January, RL Energy term sheet restated, and a marketing agency engaged to find drilling funders. Mostly repeats known facts; the rest concerns MEC's loan and Advent's other assets.
6 Dec 2017farm in farm out agreement▲ GoodMajor
Bounty confirms its conditional PEP 11 farmout to RL Energy: RL funds the 200 km 2D seismic to earn 10%, taking Bounty to 13.5%. An expedited 3D option (about $4M) could lift RL to 60%, diluting Bounty to about 6%. Cuts Bounty's cost exposure.
5 Dec 2017farm in farm out agreement▲ GoodMajor
A binding term sheet was agreed for RL Energy to fund PEP 11 2D seismic and earn 10%, diluting Bounty from 15% to 13.5%. Options could take RL to 60% via 3D seismic. Conditional on environment plan approval and title standing. This is the partner talk Bounty flagged.
4 Dec 2017regulatory community update● Neutral
MEC says NOPSEMA asked Advent for further written information on the PEP 11 seismic environment plan, with a reply due in 21 days and a decision about 21 days after. No resubmission needed. Bounty holds 15%; survey still early 2018.
29 Nov 2017investor presentation● Neutral
AGM presentation repeats known Surat Basin and AC/P 32 plans: Alton production targeted early 2018, Downlands gas likely 2018, Azalea 100 MMbo recoverable. Adds a Surat target table of about 1,040,000 bbl contingent resources. Text is truncated.
29 Nov 2017other● Neutral
Chairman's AGM address notes record income from oil and gas sales despite low oil prices. Alton workovers are being readied, and the AC/P 32 farm-out has still not succeeded. Largely repeats known points; no new figures.
9 Nov 2017listing compliance notice▼ BadMajor
ASX queried Bounty's September quarter Appendix 5B, saying cash of $1.089M and forecast outflows of $1.149M mean it may lack funds to continue operating, though gas receivables are owed. ASX asked about capital raising plans and compliance with Listing Rule 12.2. A response was due 9 November.
7 Nov 2017admin correction● Neutral
Bounty corrects its AGM notice: the 29 November 2017 meeting is on a Wednesday, not a Friday. Administrative only.
1 Nov 2017regulatory community update● Neutral
MEC says Advent resubmitted the revised PEP 11 environment plan to NOPSEMA. The 200 line km 2D seismic is now targeted for early 2018, later than the third quarter 2017 earlier expected. Bounty holds 15%.
31 Oct 2017annual report● Neutral
2017 Annual Report repeats record $2.68M revenue, $0.9M operating profit before non-cash items and $2.39M cash with nil debt. It says Kiliwani is expected to contribute at lower rates in 2018, and an equity raising could be needed to drill a well.
31 Oct 2017other● Neutral
Corporate governance statement, current at 30 October 2017. It says there is no written diversity policy and no women in key management or on the board. No new business information.
31 Oct 2017other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new business information.
