Bounty Oil and Gas NL Excellence in Oil & Philip F Kelso – CEO Sydney, March 2, 2011 Gas Gas y
DIS CLAIMER This presentation contains forward looking statements that are subj ect to risk factors associated with the oil f t i t d ith th il and gas industry. d i d t It It i is believed that b li d th t th the expectations reflected in these statements are reasonable but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: product price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, oil and gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, , physical p y risks, , legislative, g , fiscal and regulatory g y developments, economic and financial markets conditions in various countries, approvals and cost estimates. All references to dollars, cents or $ in this document are Australian currency, unless otherwise stated 2
Bounty – Core growth in 2011 y g • BUY has a strong balance sheet with $ 6 million cash at 31 December 2010 • BUY’s Core S trategy lifted gross revenue to $ 1 million for the Half Y ear to 31 December 2010 • • With Tapis around US With Tapis around US $ 100 per bbl oil revenues will help fund further $ 100 per bbl oil revenues will help fund further development and near field oil drilling in its oil proven Cooper Blocks planned for 2011 • Utopia 3D S urveys completed with U11 H to drill in April 2011 • 2 more wells in Naccowlah Block 3 BUY growth in 2011
BUY Fundamentals on Upward Path p 0.18 0.16 Bounty Closing Price 500,000 0.14 450,000 0.12 400,000 Bounty Quarterly Revenue 350,000 0.10 $ 300,000 0.08 $ 250,000 0.06 200,000 150,000 0.04 100,000 0.02 50,000 0.00 ‐ 26 May 06 26 May 07 26 May 08 26 May 09 26 May 10 1 Dec 05 1 Jun 06 1 Dec 06 1 Jun 07 1 Dec 07 1 Jun 08 1 Dec 08 1 Jun 09 1 Dec 09 1 Jun 10 1 Dec 10 Bounty Market Capitalisation 800 800 70 70 700 700 60 60 600 600 50 50 Issued Shares Issued Shares • Millions of Shares Millions of Shares Bounty’s focus on Core and Growth 500 500 $ Millions Market Cap Market Cap 40 40 Assets in Australia is providing a 400 400 30 30 300 300 platform for future reserve and 20 20 200 200 revenue growth revenue growth 10 10 100 ‐ ‐ 4 BUY Fundamentals Platform
Bounty – Foundations for Reserve Growth beyond 2011 2011 • BUY’s Growth S trategy this year will start in April 2011 with participation in the Nyuni 2 well in Tanzania targeting 8 MMBOE’s net to BUY BUY • If successful Nyuni 2 will push the Block along the commercialisation path • Azalea Prospect –AC 32P offshore Vulcan Graben, maj or 3D reprocessing proj ect completed and targeting 27 MMbbl oil net to Bounty up dip from oil in the Puffin Field drilling 2012 Bounty up dip from oil in the Puffin Field, drilling 2012 5 BUY growth beyond 2011
PEP 11 – S till a Maj or Growth Asset j • PEP 11 – BUY was free carried through New S eaclem 1 with around $20 million invested by Advent Energy Ltd i t d b Ad t E Ltd • BUY has reduced to a 15 % interest • • S S till early days with NS till early days with NS C 1 well data being analysed and C 1 well data being analysed, and • Multi TCF gas in the Fish - Baleen structures has yet to be tested • Block extended for 3 years y • 2D and 3D seismic surveys in 2011-2012 • Next well likely in 2013 6 PEP 11 S ydney Basin - a Growth Asset
BUY Proj ects and 2011 Proj ects j j AC/P 32 Tanzania Nyuni EP 359, ATP 789 412 & 435 Naccowlah Naccowlah Utopia PEL 218 Surat Production Exploration p High Impact Exploration PEP 11 Offshore Well Exploration Well Development Well • Wet conditions have curtailed activities in inland eastern Australia • However still proposed to participate in up to 8 wells in 2011 However, still proposed to participate in up to 8 wells in 2011 7 BUY Proj ects
S teady growth in oil assets y g 90 Nacccowlah Purchase Bounty Monthly 80 Average Production 70 her d Downlands Closed Weath Oil Production – provides underlying support 60 Downlands Closed for Bounty’s higher risk operations Boepd 50 40 Bounty has been pursuing oil development and 30 appraisal through Utopia oil field development, 20 Naccowlah acquisition and exploration in the 10 S urat basin western oil fairway. 0 Jul-09 Sep-09 Sep-10 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Aug-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Oct-10 Nov-10 Dec-10 Oil revenue aimed to reach $2 million in 2011 Oil revenue aimed to reach $2 million in 2011 Interests in 1 MMbo of low risk drilling targets 2.5 in S urat Basin western oil fairway, for drilling Bounty Reserves 2011 – 12. 2011 12. 2 2 1.5 MMboe 1 0.5 0 2007 2008 2009 2010 8 BUY Australian Oil
2011 Drilling - Nyuni Tanzania –Targeting 1.2 TCF Gas Bewara East • Proven hydrocarbon system Okuza Bewara West Bewara West • All proj ects within 20 km of gas plant and 0.49 Tcf pipeline Nyuni Nyuni West • Increasing local demand from both power 0.87 Tcf generators (3 new plants planned) and Nyuni East Amina industrial end users, commercialisation closer To Dar es Salaam Imbi Songo Songo East • • Kiliwani North proven 40 Bcf gas 3 5 km Kiliwani North proven 40 Bcf gas 3.5 km Songo Songo from gas plant Kiliwani North 0.3 Tcf • Drilling Nyuni 2 in March/ April 2011 Songo Songo South Fanjove North targeting 0.87 Tcf up dip from known gas in targeting 0.87 Tcf up dip from known gas in Nyuni 1 Fanjove South • Fanj ove North next well subj ect to successful transition zone seismic Deep South programme defining top of structure 0 5 10 Kilometres • All targets accessible from Islands Gas Accumulation f Edge Lead Exploration Block Exploration Block Shelf Development Block BUY 5% Oil Seep 9 Gas Pipeline Nyuni Block Tanzania
Nyuni 2 - Target y g A B Nyuni 1 Nyuni 2 _ -2200 Albian Aptian Albian Aptian _ Neocomian -2300 Gas _ -2400 _ 15 m Gas Column in -2500 SL Albian Aptian Nyuni 1 Albian Aptian Nyuni 1 _ metres AS -2600 _ Gas Down to in Nyuni 1 -2700 _ -2800 _ Lowest Closing Contour Lowest Closing Contour S S ubstantial structure with four ubstantial structure, with four -2900 _ way dip closure -3000 • Albian/ Aptian age sands proven reservoir in Nyuni 1 and Neocomian age sands tested 40 MMcfg/ day in Kiliwani North 1 • Neocomian main reservoir in S ongo S ongo Gas Field • 20 km from S ongo S ongo Gas Plant 10 S uccess will add 8 MMboe to Bounty’s contingent resources
2011 Drilling - Utopia Development g p p Warragon Utopia 3 Utopia 5 Black Stump Utopia 6 0 5 10 Utopia 7 Kenmore Kilometres Utopia 2 Utopia 1 Utopia 9 Utopia 8 Utopia 8 Utopia 10 Glenvale Monler North 1 Monler Endeavour Ufouria 1 Kooyong Thunbunnee 1 Finnish 1 Cranstoun Utopia 11H Utopia 11H Nudgee 1 Minni Ritchi Marcoola T oolerah Creek 1 Gimboola Sirius (Qld) 1 • Utopia 10 successfully intersected Mulberry Tintaburra Tarbat/Ipundu the reservoir but the stimulation the reservoir but the stimulation Talgeberry g y B B a a l l l l e e r r a a caused high water cut. Toobunyah ATP 560P U Seagoon 1 Kooroopa North Jackson PL 214 • Utopia 11H is a short leg horizontal Moomba Takyah Kooroopa Utopia from Ufouria 1 to Utopia 1. Drilling Utopia 10 Ufouria 1 delayed by wet weather –April Minedella 1 Utopia 4 2011 Utopia 11H Currawinya 1 Muginanullah 1 Oil Field Zenoni • Completed 3D to give framework Lead Hakheem 1 Gas Pipeline for further development wells later for further development wells later Oil Pi Oil Pipeline li Aros 1 & 2 in 2011 11 Targeting wells with 100 – 150 bopd production
2011 Drilling Naccowlah g PL 182 259P N PL 87 82 149 ATP 259P N 181 • Two successful wells drilled in 2010, 107 PL 175 79 PL 109 Watson West 1 and Irtalie East 1. 105 PL 62 • PL 189 One exploration and one development PL 25 Pitchery Pitchery well planned for 2012 Naccowlah South Karri Bogala Naccowlah West Wilson Tinpilla • Two new completions and three new Gunna connections will ensure production Jackson PL 26 PL 23 (weather permitting) at a substantially (weather permitting) at a substantially ATP 259P N ATP 259P N Jackson South Koora Kihee higher rate than in 2010 PL 24 Cooroo North Wallawanny North Nockatunga 77 PL 36 Winna Jarrar Thungo • Naccowlah will provide revenue in Dilkera PL 76 excess of $1 million per annum excess of $1 million per annum C Corella ll Irtalie East 1 I t li E t 1 Echuburra Maxwell 133 78 0 10 20 Kilometres Kilometres Tennaperra Tennaperra Minos Wandilo Watson West 1 Watson PL 35 G Genoa North N th Watson South Genoa 12 Naccowlah acquisition adds oil reserves
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