Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 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.
22 Oct 2008drilling progress report● Neutral
Report 4: still 160m at Lake MacLeod-1, installing blow-out prevention equipment. No new formation drilled.
21 Oct 2008drilling progress report● Neutral
Report 3: Lake MacLeod-1 stayed at 160m with 9 5/8-inch casing at 155m. The wellhead (Braidenhead) was installed and was being pressure tested before blow-out equipment was fitted. No new formation was drilled.
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.
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 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.
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.
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 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.
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.
17 July 2008drilling progress report● Neutral
Star Finch-1 report no. 8: blowout prevention equipment installed and pressure testing begun. Depth still 118m.
16 July 2008drilling progress report▼ Bad
Star Finch-1 report no. 7: still installing blowout prevention gear, delayed waiting on double rams. Depth unchanged at 118m.
