BUY - Bounty Oil

[Profitseeker]

If NWE needed the capital, now was the right time to do it. People will claim that they should have waited to Magnolia and issued shares somewhere between $0.50 and $1,00, but given that Magnolia has a 30% chance of success, better off a placement at $0.16 then a placement at $0.10 if Magnolia turns out to be a duster. Company directors do not exist to play russian roulette with shareholders funds, an issue now is prudent management as it allows the company to continue to with their other projects even if Magnolia doesn't come through. NWE will still only have 217mill shares on issue after this announcement - safely at the low end of the junior oiler spectrum.

But surely they could have made the issue only available to current share holders?

 

[doctorj]

Institutional holders are a necessary evil.

 

[Profitseeker]

Old director with sour grapes. Unbelievable. As if I am going to vote in favour of his proposal after this carry on. If he really wants to reak havoc that badly on the board he should have bought them out.

 

[Profitseeker]

Whilst BUY share price is down, DLS seems to be surging. Does anyone know why? Are people speculating that DLS may make a play for BUY so as to get access to Magnolia? Either way, I wish the players would just put their cards on the table and stop this struggle which is affecting the share price.

 

[ozewolf]

Hi Profit Seeker,

Bounty, Hardman and Woodside are in this which we all know.
Proper results will start to spud by first quarter of next year when they go into production.
Until then I'd be accumulating on market corrections only.

I personally used to have HDR and made a good return.

Regards
Ozewolf

 

[Profitseeker]

Hi Ozewolf,

Which of the projects are you talking about? I thought HDR had withdrawn from the project they had with BUY and i am not aware of any projects involving both Woodside and BUY? Please enlighten me.

 

[Profitseeker]

Bounty Seeks Injunction to Prevent General Meeting
Friday, November 11, 2005
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Bounty Oil & Gas NL (Bounty) has today initiated proceedings in the Federal Court seeking an injunction to prevent a General Meeting, called by non-executive and former managing director Mr Tom Fontaine, from taking place on 17 November 2005.

Bounty believes that Mr Fontaine’s Notice of Meeting and the Proxy Form are in contravention of the Corporations Act 2001 (Cth) and the Company’s Constitution.

Mr Fontaine has called for a General Meeting of shareholders to be held just 9 business days before the Company has its scheduled Annual General Meeting. Mr Fontaine has been given opportunity to
have his resolutions added to the business for the AGM, but has not taken this opportunity.

The Company will inform the market as to the outcome of the injunction in due course.

 

[Profitseeker]

This argument that the board is having has really got on my nerves. If this had not happened I'd love to see where the share price would be in anticpation of Magnolia being drilled.

 

[Profitseeker]

My heart is beginning to flutter with this stock. if Magnolia is a success it will go to the heavens else death looms.

 

[doctorj]

Sell on spud!

It's the way the game is often played. If it follows other large, risky drills, it will make a short term high on or about spud date and drift downwards between spud and logs. A duster will see it plummet well below pre-spud levels (see GOP) and a gusher will give you plenty of time to get onboard, you'll miss the gap up after news, but Magnolia is a big well and it should take a while to factor that fully into the price.

Also, my mail is that results of Magnolia won't be out until about Christmas. Expected spud date first week December and about 3 weeks (23 days) to drill to TD.

 

[Profitseeker]

Sounds like a good plan.

I could have done with the drilling not being delayed though.

 

[doctorj]

Very tight rig market - delays are part of the game.

 

[Profitseeker]

Isn't the rig owned by Bounty though?

 

[Profitseeker]

Tom Fontaines mob have bought more shares in Bounty. Is this just a ploy to give themselves more votes at the AGM or do they know something?

 

[etrader1]

Profitseeker,

I think it's a ploy to have more votes at the AGM because they know something! Tom Fontaine's mob at DLS surely would not waste their money just to keep him on the board of BUY. They obviously see a value in BUY enough to put their money in the company. The current share price looks a bit depressing but I would hold on to my small parcel until Magnolia has been drilled.

Cheers!

 

[laurie]

Profitseeker,

I think it's a ploy to have more votes at the AGM because they know something!
Cheers!

And if that's the case to me that's inside trading.....now to prove it

cheers laurie

 

[Profitseeker]

Profitseeker,

I think it's a ploy to have more votes at the AGM because they know something! Tom Fontaine's mob at DLS surely would not waste their money just to keep him on the board of BUY. They obviously see a value in BUY enough to put their money in the company. The current share price looks a bit depressing but I would hold on to my small parcel until Magnolia has been drilled.

Cheers!

That is what i am banking on mate. Good luck to you.

 

[Profitseeker]

Good announcement out today. (In my opinion) See attached.

 

[Profitseeker]

oh dear. TF reigns.

 

[yogi-in-oz]

Warning ..... astrostuff ahead:

Hi folks,

BUY ..... will be alert for some positive news
over the next couple of days, as 2 time cycles
slot into place ..... may be finance-related???

Another minor cycle due around 19122005, as well ...

happy days

yogi