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Sydney, Sep 27, 2011 (ABN Newswire) - Bounty Oil and Gas Nl (
ASX:BUY) is pleased to release financial statements for the year ended 30 June, 2011.
Highlights:
- Record group oil revenue for the year of A$1.72 million up 164% (2010: A$659,000).
- Cash and current assets at 30 June 2011 of A$6.04 million.
- Strong balance sheet with nil debt and net assets of A$28.28 million.
- Net loss reduced to A$0.25 million (2010: Loss A$1.625 million).
- Bounty increased its 2P oil reserves by completing the purchase of a 2% interest in the Naccowlah
- Block, SW Queensland and progressing other Australian projects to increase core oil reserves and production.
- Contracts to purchase the Kiliwani North pipeline tangibles let as development of the KN 1 gas reserves commences in Nyuni Block, Tanzania.
- Participating in Nyuni 2 exploration well with side track drilling about to commence.
- Major gas prospects and leads in PEP 11 yet to be tested and the permit has been extended for 3 years following the New Seaclem 1 exploration well. The future work program will include 2D or 3D seismic and a second well.
Commenting; Bounty's CEO, Philip Kelso said:
"Bounty has commenced 2012 in a strong position with a 164% increase in petroleum revenue to A$1.72 million for the full year, and additions to its proved producing oil reserves and strategic additions to its acreage in the Cooper and Surat Basins.
Bounty's focus on its core oil projects enabled it to improve revenue while advancing its other exciting growth projects. Commercialisation of the KN1 gas pool in Nyuni Block will be a significant project in 2012, as we look for additional reserves in the Block. At the Nyuni 2 well the joint venture is about to deepen the well with a sidetrack.
The development drilling in Utopia Block has extended reserves and the recently completed 3D seismic surveys have indicated that the Utopia oil pool contains up to 8 million barrels of 2P reserves above the oil water contact.
During the half year Bounty continued to invest in seismic reprocessing and studies in ACP 32 in the Vulcan Graben offshore Western Australia, where better definition of the Wisteria / Azalea target is giving us confidence that in 2012 we will advance to another drill test of this 174 million barrel oil target. This will be an exciting test for Bounty shareholders given Bounty's increased interest of 15%.
Bounty is also continuing to place significant resources and effort into advancing its Surat Basin oil projects.
It will shortly undertake 3D seismic surveys to prepare for a multi-zone test updip from the Farrawell 1 oil discovery in ATP 754P. The well will also test for conventional gas/condensate and CSG.
Bounty's focus in the next year will be to again lift its revenue while endeavouring to maintain low overheads and pursuing its high impact projects."
For the complete full year financial statements, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-BUY-650396.pdf
ASX:BUY) is pleased to release financial statements for the year ended 30 June, 2011.Highlights:
- Record group oil revenue for the year of A$1.72 million up 164% (2010: A$659,000).
- Cash and current assets at 30 June 2011 of A$6.04 million.
- Strong balance sheet with nil debt and net assets of A$28.28 million.
- Net loss reduced to A$0.25 million (2010: Loss A$1.625 million).
- Bounty increased its 2P oil reserves by completing the purchase of a 2% interest in the Naccowlah
- Block, SW Queensland and progressing other Australian projects to increase core oil reserves and production.
- Contracts to purchase the Kiliwani North pipeline tangibles let as development of the KN 1 gas reserves commences in Nyuni Block, Tanzania.
- Participating in Nyuni 2 exploration well with side track drilling about to commence.
- Major gas prospects and leads in PEP 11 yet to be tested and the permit has been extended for 3 years following the New Seaclem 1 exploration well. The future work program will include 2D or 3D seismic and a second well.
Commenting; Bounty's CEO, Philip Kelso said:
"Bounty has commenced 2012 in a strong position with a 164% increase in petroleum revenue to A$1.72 million for the full year, and additions to its proved producing oil reserves and strategic additions to its acreage in the Cooper and Surat Basins.
Bounty's focus on its core oil projects enabled it to improve revenue while advancing its other exciting growth projects. Commercialisation of the KN1 gas pool in Nyuni Block will be a significant project in 2012, as we look for additional reserves in the Block. At the Nyuni 2 well the joint venture is about to deepen the well with a sidetrack.
The development drilling in Utopia Block has extended reserves and the recently completed 3D seismic surveys have indicated that the Utopia oil pool contains up to 8 million barrels of 2P reserves above the oil water contact.
During the half year Bounty continued to invest in seismic reprocessing and studies in ACP 32 in the Vulcan Graben offshore Western Australia, where better definition of the Wisteria / Azalea target is giving us confidence that in 2012 we will advance to another drill test of this 174 million barrel oil target. This will be an exciting test for Bounty shareholders given Bounty's increased interest of 15%.
Bounty is also continuing to place significant resources and effort into advancing its Surat Basin oil projects.
It will shortly undertake 3D seismic surveys to prepare for a multi-zone test updip from the Farrawell 1 oil discovery in ATP 754P. The well will also test for conventional gas/condensate and CSG.
Bounty's focus in the next year will be to again lift its revenue while endeavouring to maintain low overheads and pursuing its high impact projects."
For the complete full year financial statements, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-BUY-650396.pdf
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About Bounty Oil and Gas Nl
Bounty Oil and Gas Nl (ASX:BUY) is an independent Australian oil and gas explorer and producer. It was formed in 1999 and listed on the Australian Stock Exchange in February 2002.
From its inception, it has pursued an active programme of land acquisition, exploration and development whilst remaining free of debt. The company has production at Utopia in SW Queensland and two undeveloped gas discoveries offshore Tanzania. Recently the project emphasis has been benn changed slightly from high impact offshore exploration to a greater emphasis on lower risk onshore oil appraisal and development opportunities in Queensland.
The management team and directors are well versed in the oil and gas business and cover all aspects from finance to technical operations management. In addition, Bounty has excellent relations with Australia's best consultants and international consulting firms and can call on a broad spectrum of expertise as required.
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