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In reply to: Harold on Friday 18/11/05 11:28am

kelso has done nothing but make sure the company can pay his wages

 

this bounty saga is where the money will go from this so called placement

 

who will take it up they would have to be stupid it is 7 cents or less now

 

 

need new ceo get rid of kelso what 12 mths for a jv sure

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The question is what are the DLS investors going to do about the direction that it is going. AGM?

 

Just perhaps DLS is going in the right direct accept the DLS investors do not know because they are not being informed. (food for thought)

 

It has been a long time since a informative announcment and I agree with 2187 that announcments need to be full of content, not just a announcement for the sake of an announcement, however there must be a heap of news and information to be shared.

 

I have a feeling that something big is about to happen, Yogi has mentioned 30/12/05......although the market will not react becusae they will be on holiday. I think that 2006 will be a great year for DLS and others and we will be rewarded.

 

Kelso needs to announce these things (if any) so that everyone will have restored faith. Also the reason for the extra fund raising and what the story is with BUY....in full.

 

DLS up .04 hope it wasnt because other were asking for PK to step down.

 

JGK http://www.sharescene.com/html/emoticons/wink.gif

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In reply to: JGK on Saturday 19/11/05 08:00pm

From the Australian:

 

 

Oil minnow's board brawl lands in court

Nigel Wilson

November 16, 2005

A BOARDROOM stoush at exploration minnow Bounty Oil & Gas reaches court today in a bid to thwart an extraordinary general meeting called for tomorrow.

 

The Federal Court in Perth will today rule on an injunction brought by most of Bounty's existing board seeking to quash the EGM called by sacked managing director and company founder Tom Fontaine.

 

The EGM is timed to take place less than a fortnight before Bounty's scheduled AGM and is part of a play by Mr Fontaine and associates, including another significant shareholder, listed Drillsearch Energy, to oust the current board and return control of the company to Mr Fontaine.

 

Mr Fontaine and his associates are thought to control around 15 per cent of Bounty's capital. They are seeking to replace up to three Bounty directors.

 

Recently appointed managing director Laurence Roe said yesterday there were a number of issues at stake.

 

If the EGM went ahead, current shareholders could be disenfranchised, he said, pointing out that the proximity of the AGM meant shareholders would be able to vote on a series of resolutions posed by Mr Fontaine who retains a seat on Bounty's board.

 

At the heart of the dispute is a row over Mr Fontaine's links with Drillsearch and a new company, White Sands Petroleum, which has been involved in bringing a new drilling rig to Australia.

 

In a letter to shareholders dated October 21, four of Bounty's five directors - Kim Gardiner, Leith Wale, Didier Murcia and Mr Roe - alleged Mr Fontaine had provided "confidential company material to another listed company".

 

The letter said Bounty had loaned $US1 million ($1.36 million) to White Sands and loaned that company a further $217,000 towards start-up costs.

 

Mr Fontaine alleges in return that Bounty's current board has not acted in the interests of shareholders by selling off its stake in the Perth Basin to ArcEnergy.

 

While Bounty currently covers its administration costs through its 40 per cent stake in the Utopia oil field in southwest Queensland (it produces around 77 barrels a day) its immediate future lies in the 10 per cent carried interest it has in the Magnolia prospect in the Timor Sea, close to the Challis oil field, which will be drilled later this year.

 

Mr Roe said yesterday that while Bounty had around $500,000 in cash reserves, it was hoping to raise about $1 million before the AGM through the placement of 9 million shares.

 

He conceded the prospects of this placement were being adversely affected by the stoush.

 

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In reply to: scoon on Saturday 19/11/05 08:30pm

Interesting: Mr Fontaine looking to replace current directors with Drillsearch

 

 

Bounty board retaliates with move to get rid of founder

 

Bounty Oil and Gas has countered an attempt by company founder and former managing director Tom Fontaine to restructure the explorer's board by moving to oust him from his directorship.

 

Bounty is also pursuing legal action against Mr Fontaine claiming reimbursement of $US22,800 ($30,300) paid in relation to work he undertook at the Nyuni drill site in Tanzania.

 

Major shareholder Mr Fontaine fired the first shot in the looming boardroom stoush last week when he called an extraordinary meeting for November 17 to seek the removal of Bounty directors Leith Wale and Didier Murcia.

 

He has proposed replacing them with two new directors related to another major shareholder, Drillsearch Energy. Drillsearch is supporting Mr Fontaine's actions.

 

In retaliation, Bounty announced it would seek Mr Fontaine's removal as a director at its November 30 annual meeting.

 

On Friday, managing director Laurence Roe in conjunction with the Bounty board's three other directors - Mr Wale, Mr Murcia and Kim Gardiner - outlined in a letter a host of allegations against Mr Fontaine, including that he made several attempts to persuade directors to resign.

 

On Friday Mr Fontaine said he had not seen the letter but said he had nothing to be concerned about, including the legal action.

 

"I am completely unconcerned about any of these things. I think they have got more to be worried about," he said.

 

He said he would focus on developing key projects for Bounty, although he did not expect the current board to view them favourably.

 

"I honestly believe this all could have been resolved a lot more simply and been far less messy," he said.

 

Mr Fontaine's actions to remove the two directors were linked to frustration with the board for selling one of the company's key assets, its 7.5 per cent interest in two permits in the promising offshore Perth Basin to Arc Energy.

 

In his letter to shareholders, Mr Fontaine said drilling earlier this year at the Hadda 1 well proved an oil system in the area and the potential for significant oil discoveries in lightly explored permits covering 8500sqkm.

 

"Bounty's permit interests were adjacent to the 20 million barrel Cliff Head oil development and in my opinion were a major and significant asset of the company," he said. "In my opinion they had very significant potential. That upside is now limited to capped payments from Arc."

 

Mr Fontaine said Bounty should not have sold its North Perth Basin interests but should have pursued alternative funding proposals through a share placement.

 

"The Perth Basin was the making of Arc (Energy) and Voyager (Energy) and so I was shocked and completely opposed to the selling of that asset," Mr Fontaine said. "We're not in the real estate business, we should not be in the business of selling assets, we should be drilling them."

 

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Looking at the recent reports, this company has reasonable reserves and cash flow.

 

Why then are they issuing a whole heap of shares diluting the interests of current shareholders and setting back their share price?

 

They don't seem to need the money.

 

This is the second cap raising this year and it's damaging the company.

 

Why are they doing this?

 

Cheers, M.

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Now TransOceanic Securities Pty Limited ( "TransOceanic") a subsidiary of DLS, has become a substantial shareholder of Bounty Oil and Gas. With nearly 13million bits of paper and 8.76% voting power.

 

A game of chess being played out by both coy's.... http://www.sharescene.com/html/emoticons/cool.gif

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