share placement kills credibility, page-28

Macattack,

The first well will cost in excess of $20M to drill and complete. This is cheap for an offshore well - thats because all they need is a jackup rig since water depth is 75m. Deepwater wells can cost ~$50M each to drill. Wells such as propsed for PEP11 2000-2500m deep take weeks to drill. Rigs cost 200K-500K and more per day to operate.

Bounty's total production is 13 (yes THIRTEEN) barrels of oil per day and revenue (from memory)is about $150K per quarter. Then deduct expenses ... This is/was/will be insuffcient for them to continue operating even while being free carried for THE FIRST WELL in PEP11. So they had to raise capital at 1.5c and 5c and ... and ... and ...

Bounty's current cash position does not support any substantial future investment in any of their prospects. You will see significant dilution and every opportunity will be taken to raise capital going forward.