BUY 33.3% 0.4¢ bounty oil & gas nl

eremia and bounty......

  1. Jim
    891 Posts.
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    The discovery of another oil pool in the onshore perth basin should rub off a little on all the perth basin participants mauled by the recent offshore program. The stock that stands to gain the most though is Bounty. BUY holds 25% of the woodada ground to the south and will be conducting an oil wildcat on leafcutter. HDR recently reported that drilling would be in May with the JV owned rig. Hartley Poyntons came out with a spec buy on BUY a couple of days ago saying that leafcutter will be drilled this month.

    The important points with leafcutter is that it is a larger trap than eremia, bounty has a large % of it and has a very low cap, esp after the recent disappointments and despite the fact that BUY prudently (in retrospect) farmed down to a free carry on these wells.

    I'd hope to see 12c plus before the well was drilled.

    Bounty is also is a large partner in the permits to the north of cliffhead where apache is running seismic, holds the permits adjacent to drillsearch in the bonaparte and has an exciting offshore sydney gas prospect being proved up.

    Hartleys report that the positive cash flow from its woodada stake are worth 6cps

    not a bad few months ahead.....
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