24 Jan 2006drilling progress report● Neutral
Emily-1 has run 7 inch production casing, with cementing and rig release due next. This is the final report; the well is cased and suspended after the small oil recovery.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Jan 2006well test result● NeutralMajor
After a failed first test, Emily-1's second test over 1,901-1,907.5m recovered 33.6 barrels of fluid, only 1.3 barrels of it light oil. The JV will case and suspend the well and perforate the upper sand later with a smaller rig.
20 Jan 2006drilling progress report● Neutral
Emily-1 wireline logging is complete. A drill stem test is planned over 1,901-1,907.5m in the lower Birkhead, where the best shows and a log anomaly were seen.
19 Jan 2006drilling progress report● Neutral
Wireline logging tools could not get below 940m in Emily-1. A wiper trip is being made before re-running logs.
18 Jan 2006drilling progress report● Neutral
Emily-1 reached total depth of 2,324m (planned 2,364m) with no further shows. Wireline logs follow, and drill stem tests may be run on any shows.
17 Jan 2006drilling progress report▼ Bad
Emily-1 is at 2,186m in the Tinchoo Formation. No significant shows in the Poolowanna or top Tinchoo, two of the three objectives; logs will evaluate further. This is less encouraging than the earlier Birkhead/Hutton show.
16 Jan 2006drilling result▲ GoodMajor
Emily-1 recorded a fair oil show at 1,901.5m near the base Birkhead/top Hutton, in the primary objective, and the zone warrants testing. Rain closed roads and blocked test equipment, so testing is deferred to wireline logs and a possible later test. Well is at 2,027m.
13 Jan 2006security holder rights change● Neutral
AuDAX will issue 500,000 options exercisable at 20 cents, expiring 31 December 2008, to Bluefirm Pty Ltd for consulting and corporate advice. Issue is subject to shareholder approval.
13 Jan 2006drilling progress report● Neutral
Emily-1 is drilling ahead in 8½ inch hole, at 1,000m. No new results.
12 Jan 2006drilling progress report● Neutral
Emily-1 surface casing is cemented and equipment tested at 800m. Drilling of 8½ inch hole was due to start that afternoon. No new results.
11 Jan 2006capital raising announcement● NeutralMajor
AuDAX placed 6.9 million shares at 16 cents with free attaching options exercisable at 20 cents by 31 December 2008, raising $1,104,000 from sophisticated investors. Funds go to further Cooper Basin drilling and seismic.
What it means for a shareholder
6.9m new shares at A$0.160 to raise about A$1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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11 Jan 2006drilling progress report● Neutral
Emily-1 is at 800m, running the last joint of 9 5/8 inch surface casing. No new results.
10 Jan 2006drilling progress report● Neutral
Emily-1 reached 800m surface hole depth, with a wiper trip underway before running casing. No results yet.
9 Jan 2006drilling spud● NeutralMajor
Emily-1 spudded on 7 January 2006 and was drilling surface hole (448m at report time) towards a planned 2,364m. This starts the PEL-182 drilling programme in which AuDAX holds 39.9%.
5 Jan 2006drilling scheduled▲ GoodMajor
Operator Eagle Bay announced Emily-1, the first well in the new PEL-182 Cooper Basin permit, with AuDAX holding 39.9%. Pre-drill estimate is 10.5 million barrels of recoverable oil (P50), only if oil is present. Target depth is 2,364m.