buy a better buy with shale gas potential, page-14

Hi Pmunt and Redrun,

I have received a reply from Bounty regarding the Pmunt's post:

posted the following on the ICN and ADE threads. It appears that BUY shareholders are currently unaware of BUY position regarding the contested shale play in ATP 855P.

"The registered interests in ATP 855P are as follows:
Icon Energy Limited 80.0%
Deka Resources Pty Ltd 10.0% **
Well Traced Pty Ltd 10.0% **

** Subject to a separate Farmout Agreement between Deka Resources Pty Ltd (Deka), Well Traced Pty Ltd (Well Traced) and Primary Petroleum Pty Ltd (Primary), pursuant to which Deka and Well Traced have agreed, subject to the terms of their separate agreements, to transfer a combined 12.5% working interest in the Permit to Primary. Deka and Well Traced are wholly owned subsidiaries of Adelaide Energy Limited.

Primary Petroleum Pty Ltd is a wholly owned subsidiary of Bounty Oil & Gas NL (BUY); this does not appear in any announcements or disclosures by BUY.

The new interests in ATP 855P post farmout completion to Primary would appear to be as follows:
Icon Energy Limited 80.0%
Deka Resources Pty Ltd 3.75%
Well Traced Pty Ltd 3.75%
Bounty 12.5%

This may affect some of the assumptions by posters on this thread.

Is anyone aware of the terms of the farmout agreement to Primary as it would appear to have a significant potential to increase the enterprise value of Bounty which stands at ~$20M."

So, BUY has a potential to own about one sixth of ATP 855P that Icon owns which is not factored into the current share price. I have just bought into BUY at a bargain basement 3.6c.

I received a email last night to which I posted part of it. And I quote:

BUY has only one subsidiary namely Ausam Resources Pty Ltd. Any acquisition of a sub would be announced to ASX.

Our principal upcoming gas play is drilling Nyuni 2 in Tanzania and commercialisation of the 40 BCF at Kiliwani North 1 which is making material progress.


We are however interested (very interested) in shale gas. Any acquisition would be announced to ASX.

So I guess that shuts down that angle but its very refreshing that they took the time to answer my question.

Thanks mat DYOR