12 June 2009director officer appointment● Neutral
Company Secretary Martin Stein resigned, citing other commitments, and Michael Higginson was appointed in his place. He is a former ASX executive officer and corporate consultant.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 May 2009investor presentation● Neutral
DVM released a technical paper on ATP-587-P for the APPEA conference. It repeated the Irriculla targets and the four-year, two-well, $2.335m work programme, and gave Irriculla 2 in-place estimates of 3.5m (P90), 12.8m (P50) and 34.6m (P10) barrels.
30 Apr 2009quarterly activities report● Neutral
March quarter: cash was $2.331m. DVM has formally left the Carnarvon Basin, applied for a Bonaparte Basin block near Turtle, and is weighing a new well or re-entry at Irriculla on ATP-587-P. AGM set for 22 May 2009.
6 Mar 2009annual report● Neutral
Annual report for 2008: two dry holes (Star Finch 1, Lake MacLeod 1) led DVM to withdraw from Carnarvon permits in February 2009. ATP-587-P is the main asset, with a joint venture sought before drilling. The company says it is being prudent with spending.
30 Jan 2009quarterly activities report● Neutral
December quarter: Lake MacLeod 1 was dry and DVM has told the operator it is withdrawing from the Carnarvon permits. ATP 587 was acquired (royalty here stated as 2.5%). Turtle/Barnett permits will be regathered for new applications; other projects are under review.
16 Dec 2008asset acquisition disposition▲ GoodMajor
DVM acquires 100% of ATP-587-P, a 946 sq km Eromanga Basin permit in Queensland, for $100,000 cash and 4.25m shares at 4.2 cents, plus a 3% royalty. Targets include 12.8m barrels at Irriculla and 575 BCF of gas. A new project after the setbacks.
8 Dec 2008material agreement termination▼ BadMajor
Sphere's chairman has emailed that it is terminating the farm-out over four West African projects, agreed in the September Heads of Agreement. DVM says the notice lacked full board authority and considers the agreement binding. It will pursue legal remedy and compensation.
27 Nov 2008security holder rights change● Neutral
DVM begins a sale process for unmarketable parcels (under $500, about 10,000 shares at 5 cents). About 2,600 of 3,002 holders are affected. Directors will stand in the market for up to 1.5m shares at 5 cents. Holders can opt out by 12 January 2009.
24 Nov 2008regulatory community update▼ BadMajor
On 21 November the WA Joint Authority refused DVM's intention to apply for a production licence over Turtle (WA-13-R); the NT/RL3 response is pending. DVM says that without both licences it cannot continue its development plan, and is assessing options.
24 Nov 2008material agreement termination▼ BadMajor
Drillsearch says the Turtle and Barnett retention leases were not renewed and have expired, so it has no interest to sell. The August 2008 sale agreement with DVM has lapsed, ending DVM's planned acquisition of both fields.
12 Nov 2008drilling progress report▼ Bad
Report 19: wireline logs have been run at 894m with no hydrocarbon indications, and the rig is being rigged down. Next step is to plug and abandon the well. Formation tops were revised slightly (Nannyarra now 713m).
12 Nov 2008drilling result▼ BadMajor
DVM confirms Lake MacLeod 1 reached 894m and logs show no commercial hydrocarbons; the well is being plugged and abandoned. This is DVM's second dry hole after Star Finch 1, ending its 10% farm-in with no discovery.
11 Nov 2008drilling progress report● Neutral
Report 18: Lake MacLeod-1 reached 894m in Nannyarra Sandstone with no hydrocarbon indications. The crew is pulling out of the hole to run electric wireline logs to evaluate the reservoir sections.
10 Nov 2008drilling progress report● Neutral
Report 17: Lake MacLeod-1 drilled from 747m to 873m in Nannyarra Sandstone with no hydrocarbon indications. Proposed total depth is now 900m, down from the earlier 1,000m. Wireline logging to follow.
7 Nov 2008drilling progress report● Neutral
Report 16: Lake MacLeod-1 was at 747m on 6 November and 750m next morning, in Nannyarra Sandstone, with no hydrocarbon indications. Bit change and blow-out equipment test completed; wireline logging is next. Release shows proposed depth as 760m, against 1,000m earlier.
6 Nov 2008drilling progress report● Neutral
Report 15: Lake MacLeod-1 reached 745m, now in Nannyarra Sandstone (top 708m, revised), with no hydrocarbon indications. The rig is testing blow-out equipment after a bit change, then will drill a little further and run wireline logs.
5 Nov 2008admin correction● Neutral
Report 14: Empire corrects its earlier release, saying Lake MacLeod-1 was still in the Gneudna Formation, not the Nannyarra Sandstone. Well is at 725m with no hydrocarbons. This also contradicts DVM's 668m Nannyarra top.
4 Nov 2008drilling progress report● Neutral
Report 13: Lake MacLeod-1 at 697m, reported as in the Nannyarra Sandstone (top 668m). No hydrocarbons in the Gneudna limestones. Empire corrected this the next day. Wireline logging is being prepared.
4 Nov 2008drilling progress report▼ Bad
DVM says Lake MacLeod 1 drilled the primary Gneudna objective with no hydrocarbon indications, and reported the top Nannyarra at 668m. Drilling continues to 1,000m, then logging. Negative so far; Empire later corrected this depth call.
3 Nov 2008drilling progress report● Neutral
Report 12: Lake MacLeod-1 drilled from 568m to 657m over three days, reaching 666m on 3 November in Gneudna limestones. No hydrocarbons reported in the Gneudna so far.
31 Oct 2008drilling progress report● Neutral
Report 11: Lake MacLeod-1 passed through the Birdrong Sandstone (542m) with no shows, and Gneudna Formation top came at 559m, near prediction. Drilling at 573m; reservoir evaluation continues, no hydrocarbons in top Gneudna limestones.
31 Oct 2008drilling progress report● Neutral
DVM said Lake MacLeod 1 had drilled into the Cretaceous Birdrong Sandstone with no hydrocarbon indications, and was at 573m. It expected to reach the primary Gneudna target over the weekend or early the following week.
30 Oct 2008drilling progress report● Neutral
Report 10: Lake MacLeod-1 at 517m on 29 October, 523m next morning, entering Windalia Radiolarite. Progress slowed by a rig repair. No hydrocarbons, none expected.
29 Oct 2008drilling progress report● Neutral
Report 9: Lake MacLeod-1 reached 449m on 28 October and 453m the next morning. Formation tops are slightly uncertain; no hydrocarbons expected in this section.
28 Oct 2008drilling progress report● Neutral
Report 8: Lake MacLeod-1 drilled from 256m to 391m on 27 October and was at 405m the next morning, in Gearle Siltstone. No hydrocarbons expected in this shallow section.
27 Oct 2008drilling progress report● Neutral
DVM repeats Lake MacLeod 1 at 315m, drilling ahead in 8.5-inch hole with no shows expected at this depth. Same news as Empire's report. DVM earns 10%; up to 150m barrels if filled.
27 Oct 2008quarterly activities report● Neutral
September quarter report: DVM holds 10% of Lake MacLeod 1, drilling at 256m. Star Finch 1 was dry in July. July prospectus raised $750,000 at $0.20 with options, and trading resumed 24 July. Turtle/Barnett and West Africa deals remain pending.
27 Oct 2008drilling progress report● Neutral
Report 7: tests passed and 24-hour drilling began 26 October 2008. Lake MacLeod-1 is at 315m in the Toolonga Calcilutite, formation tops 5-15m high to prediction. No hydrocarbons expected at this depth.
24 Oct 2008drilling progress report● Neutral
Report 6: blow-out equipment installed and pressure testing under way at Lake MacLeod-1, still 160m. Drilling ahead is expected 25 October 2008.
23 Oct 2008drilling progress report● Neutral
Report 5: still 160m, continuing to install blow-out equipment and flow lines before pressure testing. No new formation drilled.