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Bounty Oil & Gas NL (ASX:BUY) Interim Financial Report December 2010

Interim Financial Report – Half Year to 31 December 2010
Bounty Oil & Gas NL (“Bounty”) is pleased to announce its interim Financial Report for the half year ended 31 December 2010.
- Record group oil revenue for the half year of $1.016 million (2009: $262,750)
- Cash at 31 December 2010 of $6.34 million
- Strong balance sheet with nil debt and net assets of $28.71 million
- Net profit after tax of $172,391, following on from a loss of $1.625 million for the full year ended 30 June 2010
- 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.
- Preparations to drill Nyuni 2 exploration well in Tanzania in April 2011 targeting 800 BCF to 1TCF gross gas.
- Bounty was free carried in the $20 million New Seaclem 1 exploration well in PEP 11 offshore Sydney Basin and reduced to a 15% interest.
- Major gas prospects and leads in PEP 11 yet to be tested and the permit has been extended for 3 years. The future work program will include 2D or 3D seismic and a second well.
Commenting; Bounty’s CEO, Philip Kelso said:
“Bounty has commenced 2011 in a strong position with record revenue of $1.016 million for the half year, 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 record a 287% increase in petroleum revenue while advancing its other exciting growth projects, the first of which will be participation in the Nyuni 2 Well in Tanzania. The well which is timed for April, 2011, will if successful place the joint venture in a strong position to commercialise the existing proved gas reserves at Nyuni and potentially lead to a significant gas project in Tanzania.
“During the half year we continued to invest in seismic reprocessing 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.
“Bounty will continue to place significant resources and effort into advancing its Surat Basin oil projects at Bellbird and elsewhere.
“Bounty recorded a pleasing profit and has a strong balance sheet, which with continuing operating revenue from oil, will enable Bounty to grow further in the coming 12 months.”
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