20 Oct 2008drilling progress report● Neutral
Report 2: stuck pipe retrieved and 9 5/8-inch casing cemented at 155m after a nine-day crew break. Blow-out equipment is being installed. Depth is 160m; drilling to reservoirs still ahead.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2008drilling progress report● Neutral
Empire says full crews and certified staff return to Lake MacLeod-1 to restart on 16 October 2008. The stuck pipe must be freed and casing run before drilling to the reservoirs.
7 Oct 2008drilling progress report▼ Bad
Report 1: Lake MacLeod-1 reached 151m, but circulation was lost at 50m and sand packed off the drilling assembly. Equipment is being built to free it, and the crew is on a break. A setback, not a result.
1 Oct 2008drilling spud▲ GoodMajor
Surface hole drilling at Lake MacLeod-1 began 30 September 2008, with the main drilling planned from about 11 October. DVM earns 10%; the prospect is up to 150m barrels if filled, 30m in EP 461. First test of an early-formed structure in the basin.
1 Oct 2008drilling spud● Neutral
DVM confirms drilling has started at Lake MacLeod 1, where it holds 10%. Repeats the 150m barrel potential if filled and 30m barrels within EP 461. Same news as Empire's release.
16 Sept 2008drilling scheduled● Neutral
DCA Rig 7 is on location at Lake MacLeod-1 and rigging up; the camp is on site. Conductor and surface casing come before the main hole to the reservoirs. Well not yet drilling ahead.
9 Sept 2008drilling scheduled● Neutral
Empire says the Lake MacLeod-1 site and road are finished and DCA Rig 7 starts moving on 11 September 2008, after earlier rain delays. Drilling begins on rig-up. DVM earns 10%; up to 150m barrels if filled.
2 Sept 2008investor presentation● Neutral
Company presentation repeating known projects: Lake MacLeod 1 (10%, September spud, up to 150m barrels if filled), Turtle and Barnett oil fields, and the West Africa 20% farm-in with an option to 50%. No new figures or decisions.
2 Sept 2008farm in farm out agreement▲ GoodMajor
DVM signed a heads of agreement with unlisted Sphere Petroleum for 20% of its four West African permits (two offshore Guinea Bissau, two onshore Mali). It has an option to lift this to 50% by 31 December 2008. Subject to government approval and final agreements.
14 Aug 2008drilling scheduled● Neutral
Empire says DCA Rig 7 should reach Lake MacLeod-1 on 28 August 2008. The wet site has been moved to firmer ground. Empire's separate Bee-Eater-1 well follows; DVM holds no stake in it.
14 Aug 2008drilling scheduled● Neutral
DVM says heavy rain has delayed the rig for Lake MacLeod 1, now expected on site 28 August 2008. DVM is earning 10%; the structure could hold about 150m barrels recoverable, or 30m within EP 461.
12 Aug 2008other● Neutral
DVM is changing its share and option registry from Computershare to Security Transfer Registrars from 25 August 2008. Administrative.
7 Aug 2008half year report● Neutral
Half-year to 30 June 2008: loss of $969,653 (2007: $802,366), with exploration expenses of $541,461. Cash was $2.514m. Its share of the two wells is about $800,000 on a dry-hole basis, which the directors say cash covers.
5 Aug 2008asset acquisition disposition▲ GoodMajor
DVM agreed to acquire 100% of Drillsearch's Turtle (est. 12m barrels) and Barnett (est. 3m barrels) oil fields in the Bonaparte Basin. It pays $500,000 after an initial well, $1.5m from production over two years, and a 2% royalty. Needs government approvals. First new project since Star Finch.
24 July 2008drilling result▼ BadMajor
Wireline logs confirm Star Finch-1 has no economic hydrocarbons, resolving that well as a dry hole. Lake MacLeod-1 is next, with site works delayed by damp ground. The prospect is estimated at up to 150m barrels, or 30m barrels within EP 461.
24 July 2008drilling scheduled● Neutral
DVM traded again from 24 July after the 1-for-7 consolidation. Lake MacLeod 1 will be drilled to about 1,000m after Star Finch 1 is plugged and abandoned, targeting Devonian reefal limestones. DVM holds 10%; the feature could hold 150m barrels if filled.
24 July 2008regulatory community update▲ GoodMajor
DVM shares were requoted on the ASX at 11.00am on 24 July 2008. Lake MacLeod 1 will be drilled straight after the rig is released from Star Finch 1, and the company is still looking at new projects.
23 July 2008drilling result▼ BadMajor
DVM confirms Star Finch 1 reached the Birdrong Sandstone at 373m with no sign of hydrocarbons. Wireline logging comes next, then the rig moves to Lake MacLeod. Its first well as an explorer looks like a dry hole.
23 July 2008drilling progress report● Neutral
Star Finch-1 report no. 12: drilling at 372.5m in the Muderong Shale, close to the Birdrong target at about 390m. No hydrocarbon indications so far.
23 July 2008drilling result▼ BadMajor
Star Finch-1 hit the Mardie Greensand and Birdrong Sandstone, higher than predicted, but no hydrocarbons were seen in returns. Logs will be run; operator moves on to Lake MacLeod-1. A disappointing first sign for DVM's 20% interest.
22 July 2008listing compliance notice● Neutral
DVM confirmed to ASX that the prospectus closed oversubscribed, with 3,750,000 shares at $0.20 and matching options allotted, and refunds paid. It has 3,046 shareholders. Compliance letter for requotation; the earlier 'fully subscribed' description is refined to 'oversubscribed'.
22 July 2008other● Neutral
Top 20 shareholder and optionholder lists at 21 July 2008. The top 20 shareholders hold 42.96% of 31,160,107 shares; the top 20 optionholders hold 47.96% of 3,750,000 options. Administrative; no company action.
22 July 2008other● Neutral
Option distribution schedule (16 July 2008) shows 3,750,000 options, exercisable at $0.20 and expiring 30 June 2010, held by 154 holders. Administrative; no new information.
22 July 2008other● Neutral
Top 20 optionholders at 16 July 2008: they hold 47.96% of the 3,750,000 $0.20 options, with 154 holders in total. Administrative; repeats the option distribution already lodged.
22 July 2008other● Neutral
Share distribution schedule at 21 July 2008 shows 31,160,107 ordinary shares, held by 3,043 holders, after the consolidation and the prospectus issue. Administrative; no company action.
22 July 2008drilling progress report● Neutral
Star Finch-1 report no. 11: drilling ahead at 295m in the Toolonga Calcilutite; no hydrocarbons expected there. Target Birdrong Sandstone is at about 390m.
22 July 2008listing compliance notice▲ Good
ASX announced DVM's shares and options will be reinstated to quotation on 24 July 2008, after the April 2008 suspension. 31,160,107 shares and 3,750,000 options will be quoted. Resolves the requotation thread.
22 July 2008listing compliance notice● Neutral
DVM lodged its ASX listing application (Appendix 1A) as part of requotation after becoming an oil and gas explorer. It lists 31,160,107 shares and 3,750,000 $0.20 options. Administrative form; no new commercial information in the readable text.
21 July 2008drilling progress report▲ Good
Star Finch-1 report no. 10: pressure testing completed, casing shoe drilled out and integrity test passed. Now drilling 8½-inch hole at 130m towards the reservoir.
18 July 2008drilling progress report● Neutral
Star Finch-1 report no. 9: pressure testing continues at 118m. The operator says drilling is held until testing passes, crews hold well-control certification and are inducted in safety, as the structure is gas-prospective at shallow depth.