BOUNTY OIL & GAS NL
(ABN: 82 090 625 353)
FULL YEAR REPORT
For the year ended 30 June 2020
Bounty Oil and Gas NL | Financial Statements - 2020 |
TABLE OF CONTENTS
Page | |
Table of Contents | 2 |
Directors Report including Remuneration Report | 3-14 |
Auditor's Independence Declaration | 15 |
Consolidated Statement of Comprehensive Income | 16 |
Consolidated Statement of Financial Position | 17 |
Consolidated Statement of Changes in Equity | 18 |
Consolidated Statement of Cash Flows | 19 |
Contents of Notes to Consolidated Financial Statements | 20 |
Notes to and Forming Part of the Financial Statements | 21-42 |
Directors Declaration | 43 |
Independent Auditors Report to Members | 44 -46 |
Additional Information Required by ASX Listing Rules | 47-48 |
Schedule of Petroleum Tenements | 49-50 |
Abbreviations | 51-52 |
Corporate Directory | 53 |
Bounty Oil & Gas NL
ACN: 090 625 353
ABN: 82 090 625 353
Website
Bounty maintains a website at:
www.bountyoil.com
On our website you will find full information about the Company. Every announcement made to the Australian Securities Exchange (ASX) is published on the website. You will also find detailed information about the Company's Exploration and Production Permits.
Stock Exchange Listing
Bounty Oil & Gas N.L. securities are listed on the Australian Securities Exchange.
ASX Code: BUY
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Bounty Oil and Gas NL | Financial Statements - 2020 |
DIRECTORS' REPORT
Your directors present their report on the consolidated entity Bounty Oil & Gas NL ("Bounty", "company" or "the group") being the company and its controlled entities for the financial year ended 30 June 2020.
Directors
The names of the directors in office at any time during or since the end of the financial year are:-
| G. C. Reveleigh | (Chairman) |
| C. Ross | (Non-executive Director) |
| R. Payne | (Non-executive Director) |
Company Secretary
The following persons held the position of company secretary and chief financial officer of the group during the financial year:
- S. Saraf
Principal Activities
The principal activity of the company and the group during the financial year was that of exploration for, development, production and marketing of oil and gas (petroleum). Investment in listed entities is treated as a secondary activity and business segment.
There were no significant changes in the nature of the company's principal activities during the financial year.
Operating Results
Consolidated loss of the group attributable to equity holders after providing for income tax amounted to $3.1 million (see comparative details below).
Consolidated | Consolidated | |
2020 | 2019 | |
$ million | $ million | |
Profit/(loss) from ordinary activities before | (3.1) | (2.78) |
income tax | ||
Income tax attributable to loss | - | - |
Net profit/(loss) after income tax | (3.1) | (2.78) |
Revenue from continuing operations for the period was $2.91 million down 21% on the previous year (2019: $3.6 million) primarily due to lower crude prices and decrease in oil production.
The operating loss was determined after taking into account the following material items:
- Petroleum revenue; (mainly from oil and gas sales) of $2.91 million
- Direct petroleum operating expenses of $1.51 million
- Employee benefits expense of $0.75 million
- Non-cashexpenses for:
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Bounty Oil and Gas NL | Financial Statements - 2020 | |
o | Impairment charge to oil and gas assets of | $2.90 million |
o | Amortisation and depreciation expenses of | $0.62 million |
Details of drilling activity, exploration and development operations and cash flows for the year ended 30 June 2020 have been reported by the company to the Australian Securities Exchange in the Quarterly Activity Report and Appendix 5B for each of the quarters during the year and in additional announcements on particular items.
A summary of revenues and results of significant business and geographical segments is set out in Note 4 to the Financial Statements. Brief details are set out below:
Review of Operations
Production & Sales:
During the year ended 30 June 2020, the company:
- Produced oil as a joint venture participant from several oil fields and leases operated by Santos Limited in ATP 1189P, Naccowlah Block, SW Queensland.
Petroleum revenue and production in barrels of oil equivalent (boe) are summarised below:-
Naccowlah Block | ||
Bounty Share | 2020 | 2019 |
(2% interest) | ||
Totals | ||
Revenue $ | $2.91 million | $3.66 million |
Production boe | 27,286 | 39,792 |
Exploration and Development
Significant exploration and development operations during the year under review were:
Australia
Onshore
Cooper Basin, South-western Queensland
ATP 1189P Naccowlah Block; SW Queensland:
Oil production operations continued at a decreased rate from the producing fields including Jackson and from wells including recent wells in the Irtalie East, Watson, Watson North and Watkins Fields. New pipelines and production infrastructure were completed. Australian $ oil prices were lower with offsets from hedging. Cost cutting efforts continued. New appraisal drilling continued in the financial year with very good success.
Further Later Development Plans were lodged with the Department of Natural Resources Mines and Energy for the Naccowlah Block ATP 1189P Petroleum Leases and a number of lease renewals were pending.
The operator Santos Limited undertook further near field exploration (NFE) and development drilling in the 12 months ending 30 June 2020 and Bounty participated in all wells with the following results:-
Well | Results |
Tennaperra 9 | Cased for production |
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