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Bounty Oil & Gas NL Annual Report - 2011
Tanzania
shallow gas accumulation offshore from Newcastle, NSW. The well did not encounter hydrocarbons although it intersected
excellent reservoir as predicted. The farm in partner Advent Energy Limited has now earned an additional 60% through
funding the well and Bounty retains a 15% interest. As a result of drilling the well the permit has been renewed for a
further period of three years and the next program is likely to involve 2D/3D seismic surveys to delineate the multi TCF gas
targets in this permit.
Commercialisation operations on Kiliwani North gas field commenced in September, 2011, with purchase of pipeline tangibles.
Tie in of the well to the sales gas plant and production is planned for 2012. The Nyuni 2 exploration well targeting 1.2 TCF gas
in place up dip from the Nyuni 1 gas discovery commenced on 17 June 2011.
Other Properties
During the period, Bounty continued to fund exploration and development expenditure in connection with its other operated and
joint venture interests located in Queensland, South Australia and Western Australia.
Corporate and Forward Development
During the period in mid December, 2010, the company completed a 1:10 non-renounceable rights issue at $0.10 to raise a total
of $5.331 million before issue expenses details of which are set out in Note 24 to the Financial Statements.
Dividends Paid or Recommended
No dividends have been paid or declared for payment for the year ended 30 th June 2011 and no dividend is
recommended.
Financial Position
The net assets of the group increased by $4.62 million to $28.28 million in the period 1 July, 2010 to 30 June, 2011.
This increase resulted from the following main factors:
• Continuing oil production with sales of $1.719 million.
• New capital raisings of $ 5.331million.
• Profit on trading of listed investments of $ 1.328 million.
At 30 June, 2011 current assets were $6.04 million.
During the financial year the company invested in:
• Development drilling, completions and surface production facility upgrades to further exploit its existing proved
producing oil reserves held in the Utopia Joint Venture, PL 214, Queensland.
• Acquisition of proved producing oil reserves held in the Naccowlah Block, ATP 259P, Queensland and
development drilling in the Block.
• Other petroleum exploration projects in Australia and Tanzania as summarised in the Review of Operations
above.
• Shares in listed public companies.
The directors believe the company is in a stable financial position to expand and grow its current operations.
Significant Changes in State of Affairs
There have been no significant changes in the state of affairs of the company during the financial year.
After Balance Date Events
Subsequent to balance date, the following material events have occurred:
On 1 st August 2011 the company placed 20,000,000 fully paid shares at $0.024 to raise $480,000 before issue
expenses, with each share having an unlisted 3 year share option exercisable at $0.032 and expiring 31 July 2014.
Except for the above no other matters or circumstances have arisen since the end of the financial year which have
significantly affected or may significantly affect the operations of the company, the results of those operations, or the
state of affairs of the company in future financial years.
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