Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2007drilling result▲ GoodMajor
Vanessa-1 is a gas discovery. Drill stem tests flowed an estimated 4.4 MMscfd from the Epsilon and 2.8 MMscfd from the Toolachee; a third test failed, suspected tool malfunction. Casing will be run and the well suspended as a possible gas producer. AuDAX holds 49.9%.
26 June 2007drilling result▲ Good
Re-release of the same Vanessa-1 gas discovery news, signed by AuDAX's managing director: Epsilon test about 4.4 MMscfd, Toolachee 2.8 MMscfd, well to be suspended as a possible gas producer.
22 June 2007drilling progress report● Neutral
Vanessa-1 reached total depth of 3,163m, short of the 3,250m plan, and is pulling out to run wireline logs. Drill stem tests may follow depending on the logs.
21 June 2007drilling progress report● Neutral
Vanessa-1 is at 3,149m in the Tirrawarra Formation with no hydrocarbon shows recorded there.
20 June 2007drilling progress report● Neutral
Vanessa-1 is at 3,102m in the lower Patchawarra, where sands appear tight. They will be evaluated by logs and possibly drill stem tests.
19 June 2007drilling progress report● Neutral
Vanessa-1 is at 3,041m in the Patchawarra after another bit change. No new results.
18 June 2007drilling progress report● Neutral
Vanessa-1 is at 3,032m. The Epsilon was 16.5m high with poor gas shows, to be checked by logs and tests; the Patchawarra had no shows. A mud pump motor failure briefly halted drilling.
15 June 2007drilling progress report● Neutral
Vanessa-1 hit the Toolachee at 2,894.5m, 13.5m high to prediction, but recorded no gas shows and only a very poor fluorescence show. Well is at 2,957m; the Epsilon is the next target.
14 June 2007drilling progress report● Neutral
Vanessa-1 is drilling at 2,858m, with the Toolachee, the first primary gas target, expected to be reached that night.
13 June 2007drilling progress report● Neutral
Vanessa-1 remains at 2,741m reaming back to bottom; drilling was expected to resume that morning.
12 June 2007drilling progress report● Neutral
Vanessa-1 has drilled to 2,741m and is reaming back to bottom after a bit change.
8 June 2007drilling progress report● Neutral
Vanessa-1 reached 2,566m in the Tinchoo Formation and is changing the bit. No hydrocarbon shows were noted in the Poolowanna.
7 June 2007drilling progress report● Neutral
Vanessa-1 is drilling ahead in the Poolowanna Formation at 2,520m.
6 June 2007drilling progress report● Neutral
Vanessa-1 is reaming tight hole back to bottom at 2,513m after a bit change. No new depth.
5 June 2007drilling progress report● Neutral
Vanessa-1 reached 2,513m in the Poolowanna Formation with no hydrocarbon shows so far, and is changing the bit. The JV also engaged ISIS to reprocess seismic for the next two wells, delaying Jasmine-1 and Michelle-1 by a few months.
1 June 2007drilling progress report● Neutral
Vanessa-1 is drilling ahead at 1,340m in the 8 1/2-inch hole, after the weather delays. Target depth is 3,250m.
31 May 2007drilling progress report● Neutral
Vanessa-1 surface casing has been run and cemented and the blowout preventers tested. Drilling of the 8 1/2-inch hole was due to start later that day. Depth remains 1,098m.
30 May 2007drilling progress report● Neutral
Vanessa-1 surface casing has been run and cemented, and drilling of the 8 1/2-inch hole is expected to start early next day.
29 May 2007drilling progress report● Neutral
Vanessa-1 is running its surface casing at 1,098m. Rain is not expected to cause delays.
28 May 2007drilling progress report● Neutral
Vanessa-1 crews returned after a week of force majeure from flooding. Surface casing was delayed a week. Gas targets are expected at about 2,900-3,000m, with P50 recoverable gas of 15 BCF (if present), up from 10 BCF.
22 May 2007drilling progress report● Neutral
Crews are expected to be remobilised to Vanessa-1 on 25 May. No further announcements until then.
21 May 2007drilling progress report● Neutral
Vanessa-1 crews are demobilised pending road reopening, now expected to take 2-5 days without more rain.
18 May 2007drilling progress report▼ Bad
Heavy rain led the operator to demobilise crews and suspend Vanessa-1 for an expected 4-7 days. Force majeure was declared, which reduces the standby rate.
17 May 2007drilling progress report▼ Bad
Vanessa-1 is still at 1,098m waiting for roads. Equipment could arrive next day if no rain, but significant rain may suspend operations for several days.
16 May 2007drilling progress report▼ Bad
Vanessa-1 remains at 1,098m making wiper trips while roads stay closed, with at least one more day expected.
15 May 2007drilling progress report▼ Bad
Vanessa-1 reached 1,098m, but rain has closed local roads and may delay running surface casing. Roads are expected closed two to three days.
14 May 2007drilling spud▲ GoodMajor
Vanessa-1, the gas prospect with a 3,250m planned depth, spudded 12 May 2007 and was at 770m in surface hole. It follows the Sarahlyn-1 dry hole.
7 May 2007drilling result▼ BadMajor
Sarahlyn-1 is a dry hole: logs show no economic hydrocarbons, with zones water wet or too tight. It was plugged and abandoned. The rig moves to Vanessa-1 around 12 May, and the JV approved a $500,000 ISIS Petroleum review.
4 May 2007drilling progress report● Neutral
Sarahlyn-1 reached total depth of 2,761m and logging showed some anomalous zones. These are being checked with a formation sampling tool (MDT). No result yet.
2 May 2007drilling progress report● Neutral
Sarahlyn-1 is drilling in basement at 2,753m. Wet gas readings peaked at 700 units, higher than expected, to be evaluated by logs.
