Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2017drilling progress report▲ Good
The Arctic Fox rig has mobilised to the Franklin Bluffs pad for Icewine#2, with cellar and conductor installation under way. Spud remains on schedule for April 2017, and the HRZ stimulation and flow test is expected June-July 2017.
13 Jan 2017resource reserve update▲ GoodMajor
Conventional review complete: a further 710 million barrels gross added, taking unrisked prospective resources to 1.47 billion barrels gross (1.14 billion net). Icewine#2's Plan of Operations was approved 23 Dec; only the Permit to Drill remains, spud late Q1 2017.
2 Dec 2016drilling progress report▲ Good
Icewine#2 permitting is on track, with two major permits passing milestones, and rig and vendor contracts expected within weeks. Spud is now 'late Q1 2017'. 2D seismic processing is finished; conventional leads are matured, with volumes due before year end.
18 Oct 2016resource reserve update▲ GoodMajor
Internal estimate of 758 million barrels of unrisked prospective recoverable oil (gross) across the top five conventional leads, 587 million net to 88E at 77.5%. About 20 leads are mapped from the 2016 seismic; the Alpha lead holds 118 million barrels.
5 Sept 2016drilling scheduled▲ GoodMajor
Icewine#2 well design changed from a horizontal to a vertical well with multi-stage stimulation, cutting completion cost by about US$5m. The company says it is fully funded from current cash. Early 2D seismic shows features consistent with a basin floor fan play.
6 May 2016drilling progress report▲ Good
2D seismic acquisition is done: 662 of 750 line-km shot, with the rest and some 3D inline data bought from Alaska Seismic Ventures, within a ~US$3m budget. Award notices arrived for 172,937 acres; net payment of US$4.25m is due before final award.
6 Apr 2016resource reserve update▲ GoodMajor
DeGolyer & MacNaughton's independent prospective resource for the HRZ rises to 1.4 billion barrels oil equivalent (unrisked mean, gross), with geologic chance of success up from 40% to 60%. The company's own estimate is 3.6 billion. These are undiscovered, unrisked prospective volumes. Delivers the resource report awaited since February.
17 Mar 2016drilling result▲ GoodMajor
Company says Phase I at Icewine is complete and its three main risks (brittleness, thermal maturity, permeability) are substantially reduced, building on the Icewine #1 core results. Phase II starts with planning for the horizontal Icewine #2H well. Bank of America approved seismic funding; resource report due mid-April.
29 Feb 2016drilling result▲ GoodMajor
Integrated core and log analysis shows 196 ft gross and 180.5 ft net pay (92%), effective porosity 11%, TOC 3.55% and hydrocarbon saturation above 70%. Icewine #1 cost US$16.61m versus US$16.58m budget. Horizontal Icewine #2H planning started; seismic cut to a cheaper 2D survey from mid-March.
15 Feb 2016drilling result▲ GoodMajor
Final thermal maturity analysis puts Icewine #1 in the crossover between volatile oil and condensate windows, matching pre-drill predictions. Most of the ~272,000 acres is mapped as sweetspot. Early rock mechanics look encouraging; an updated resource report is underway. Resolves the thermal maturity thread.
29 Dec 2015drilling result▲ GoodMajor
Icewine #1 reached its planned 11,600 ft total depth on 24 December within budget. Two HRZ and Pebble Shale cores recovered 97%, and early analysis suggests much of the HRZ lies in the thermal maturity sweetspot. Kuparuk sands (11,262-11,320 ft) showed up to 15% porosity, better than expected, though no closure at this location. Lab results are still pending.
21 Dec 2015drilling result▲ Good
The first HRZ core (11,075-11,165 ft) recovered 96%. Heavy gas readings during drilling conflict with no cut or fluorescence in core chips, possibly mud contamination; a gas/condensate phase is likely but it is too early to be definitive. Log analysis also upgrades conventional potential, including a 4,000-4,400 ft sandstone sequence with 18-19% average porosity.
15 Dec 2015drilling progress report▲ GoodMajor
Icewine #1 reached the top of the HRZ shale at 11,075 ft, deeper than predicted, with visible gas bleeding from cuttings and persistent oil shows. The company says depth does not affect its thermal maturity model. The SPP closed with A$4.755m of applications, scaled back about 6% to A$4.43m; A$7.43m was raised in total, taking shares to about 3.08b.
9 Dec 2015drilling progress report● Neutral
The 7-inch casing was run and cemented at 10,450 ft and the blowout preventer test passed. Drilling ahead to a 10,570 ft coring point, with two 90 ft cores planned in the next 5-7 days. The well is said to be within budget. The SPP closes 11 December.
3 Dec 2015drilling progress report● Neutral
Icewine #1 drilled to 10,400 ft, nearing the 10,490 ft casing point above the HRZ shale target. A 110 ft interval with strong gas shows looks mostly tight. Management calls heavier gas readings encouraging; coring is expected within about seven days. Also responds to a media article and reminds holders of the SPP.
30 Nov 2015drilling progress report● Neutral
The blowout preventer test passed over the weekend and the rig is running back in the hole, with drilling due to restart within hours. Depth remains 8,773 feet. The company says it is days from reaching the top of the HRZ target. No new result.
27 Nov 2015drilling progress report▲ Good
Drawworks repairs finished 25 November, with depth still 8,773 feet. The rig is pulling out of the hole for a routine blowout preventer test before drilling on. The company says it expects to stay within budget and is days from the HRZ top. This ends the repair delay.
24 Nov 2015drilling progress report▼ Bad
Drawworks repairs at Icewine #1 are further delayed because the manufacturer's engineer was held at the Canada/US border over visa issues. A second US engineer was mobilised and the company says costs remain within budget, with most rig and repair costs not borne by the JV. Depth remains 8,773 feet.
18 Nov 2015drilling progress report▼ Bad
Drilling stopped at 8,773 feet for drawworks repairs, expected to take about 5 days and stay on budget. Heavier gas readings are described as encouraging for the thermal maturity model, though not proof. This is a setback after last week's fast progress.
13 Nov 2015drilling progress report● Neutral
Icewine #1 resumed drilling 10 November after the blowout preventer test and drilled to 6,258 feet at fast rates. Minor oil shows are seen but judged minor. The next casing point is about 10,450 feet, ahead of the HRZ shale target.
6 Nov 2015drilling progress report● Neutral
Icewine #1 has cemented the 9 5/8-inch casing at 3,515 feet and is testing blowout prevention gear. Drilling ahead in the 8 1/2-inch hole should resume within 24 hours. No new result; the next two to three weeks are described as critical.
30 Oct 2015drilling progress report● Neutral
Icewine #1 has drilled to 3,515 feet and is setting 9 5/8-inch casing. The company reports no safety incidents and operations on schedule. Next casing point is about 10,300 feet, followed by coring of the HRZ shale target.
23 Oct 2015drilling spud▲ GoodMajor
Icewine #1, the company's first well on the Alaska North Slope acreage, spudded 22 October. It targets 11,600 feet in about 30 days, aiming at the HRZ shale. Definitive shale results will take several months of core analysis.
24 Sept 2015drilling progress report● Neutral
Kuukpik Rig 5 has started moving from Deadhorse to the Franklin Bluffs pad, with rig-up due before the planned mid-October Icewine #1 spud. The company says conventional potential is secondary because there is no 3D seismic.
19 Jan 2015resource reserve update▲ GoodMajor
DeGolyer and MacNaughton estimate Icewine unconventional prospective resource at 492m barrels recoverable (gross mean, unrisked), 431m net to Tangiers at 87.5%, with 41% chance of geologic success. These are undiscovered, unrisked prospective volumes, not reserves.
4 Aug 2014drilling result▼ BadMajor
TAO-1 was a dry hole. Drilled to 3,518m, it found no favourable reservoir at Trident and no shows at Assaka, and will be plugged and abandoned. This ends the high-impact test of the 190m barrel net prospective resource for the 25% holder.
28 July 2014drilling progress report▼ Bad
TAO-1 reached the shallow secondary target Assaka with no hydrocarbon shows so far; full evaluation at section total depth. Drilling continues to the main Trident target, which Tangiers interprets as not dependent on Assaka.
14 July 2014drilling progress report● Neutral
No major operational issues at TAO-1; Assaka and Trident still expected within 60 days of spud. Because the well is designated 'tight', no depth or formation details will be released during drilling beyond what disclosure rules require.
27 June 2014drilling spud▲ GoodMajor
TAO-1 spud on 26 June 2014, offshore Morocco, with the Ralph Coffman rig. Assaka and the main Trident target are due within about two months; deepening to TMA is contingent on results. No flow testing planned. Tangiers holds 25%.
3 June 2014drilling progress report▲ Good
Tangiers says TAO-1 dry-hole cost is about US$73m, covered by cash and receivables. The rig is arriving nearby, with spud around 15 June. The US$3m guarantee has been replaced by Galp, and the US$7.5m back costs are being transferred.
