15 July 2008drilling progress report● Neutral
Star Finch-1 report no. 6: still installing blowout prevention equipment, depth unchanged at 118m. No drilling progress.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2008drilling progress report● Neutral
Star Finch-1 report no. 5: casing cemented at 114m and pressure tested; blowout prevention equipment being installed. Depth unchanged at 118m.
11 July 2008drilling progress report● Neutral
Star Finch-1 report no. 4: 9⅝-inch casing run to 114m; preparing to cement it and install blowout prevention equipment. No further drilling yet.
10 July 2008drilling progress report● Neutral
Star Finch-1 report no. 3: the 12¼-inch hole reached 118m, the casing point, and crews are preparing to run casing. No hydrocarbons expected at this depth.
9 July 2008drilling progress report● Neutral
Star Finch-1 report no. 2: drilling at 55m in limestones, with no hydrocarbons expected at this shallow level. Casing is planned at about 100m.
8 July 2008drilling spud▲ GoodMajor
Operator Empire says Star Finch-1 (EP 460) spudded at 0600 on 8 July 2008, drilling at 27m with DCA Rig 7. Planned total depth is 450m, targeting the Birdrong Sandstone at 390m. DVM holds 20%. This starts the long-awaited first well.
8 July 2008drilling spud▲ Good
DVM confirms Star Finch 1 began drilling on 8 July 2008, at 27m depth. It plans to close its prospectus before the well drills out of the casing and is working towards ASX re-quotation. Repeats the operator's spud news.
17 June 2008drilling progress report● Neutral
Operator Empire says the camp and wellsite for Star Finch-1 (DVM 20%) are ready and most equipment is on site. Drilling will be announced once personnel are inducted. No spud yet, and no new result.
3 June 2008drilling scheduled● Neutral
DVM's own release repeats the drilling plan: Star Finch-1 (DVM 20%) in June 2008, then Lake MacLeod-1 (DVM 10%) in July/August, drilled back to back with DCA Rig 7. Targets are unproven: about 50 Bcf of gas or 25 million barrels of oil at Star Finch, and 30 million barrels at Lake MacLeod.
3 June 2008drilling scheduled▲ Good
Operator Empire says Western Australian government and landholder approvals are in place. Star Finch-1 (DVM 20%) is due in June 2008, then Lake MacLeod-1 (DVM 10%) in July, with an optional Star Finch-2 appraisal well if there is a discovery. This firms up the timing that was pushed back in April.
28 Apr 2008drilling scheduled▼ Bad
Operator Empire says flooding (over 508mm of rain in 48 hours) has delayed the Lake MacLeod and Star Finch wells. Drilling is now estimated for June 2008, with Star Finch 1 first, then Lake MacLeod 1. This pushes back the earlier April-May timing.
14 Feb 2008farm in farm out agreement▲ Good
Empire Oil & Gas, the operator, confirms the DVM farm-in on the same terms. It says DVM's funding means both the Lake MacLeod-1 and Star Finch-1 wells are fully funded, to be drilled back-to-back in April-May 2008.
13 Feb 2008farm in farm out agreement▲ GoodMajor
DVM farms into three Carnarvon Basin permits with Empire Oil & Gas in Western Australia. It pays 40% of Star Finch 1 for 20%, and 20% of Lake MacLeod 1 for 10%. Wells are planned for April-May 2008. Potential: 50 bcf gas at Star Finch and up to 150m barrels oil at Lake MacLeod, if present.
24 Dec 2007farm in farm out agreement● NeutralMajor
Change of direction to oil and gas: Heads of Agreement to acquire from Holloman Energy farm-in rights to earn 66.7% of three Eromanga Basin permits in South Australia. Consideration is 50m shares and 50m 5c options, plus a 62.5m share placement at 4c. Needs shareholder approval; drilling expected mid-February 2008.
8 Dec 2006farm in farm out completion● NeutralMajor
Due diligence is complete and the company has signed the Subscription and Shareholders Deed with XDK, as foreshadowed on 21 November. It subscribes $1.25m for 17.5% and gets one board seat on XDK's board of up to three.