Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Aug 2013drilling spud● NeutralMajor
Egilabria 4 vertical well spudded 22 August in ATP 1087, planned to 1,800m, targeting the Lawn and Riversleigh Shales and basal Jurassic sands. Egilabria 2's eight-stage frac is planned within two weeks, followed by a production test.
13 Aug 2013drilling result▲ GoodMajor
Egilabria 2DW1 lateral reached 2,102m measured depth (1,747m TVD, 568m offset) and was cased, with gas flows and shows while drilling. An eight-stage frac is planned by end August, with production test results by end September. The rig then moves to Egilabria 4.
29 July 2013drilling progress report▲ Good
Egilabria 2 lateral is drilling faster than expected and following its planned path, with gas shows and flares at 1,250-1,638m. An eight-stage frac is designed; flow test results are expected around mid September. No flow rate yet.
18 July 2013drilling spud▲ GoodMajor
Drilling began on the Egilabria 2 DW1 lateral from the vertical well at about 1,300m, targeting 570-750m of lateral and up to eight frac stages across 1,605-1,745m of Lawn Shale. Halliburton is contracted to frac in August to try to prove commercial gas flow.
11 July 2013drilling result▲ GoodMajor
Egilabria 2 reached total depth of 1,900m; logs show the Lawn Shale is 137m thick versus 125m expected, with gas over 800m (1,091-1,900m). The vertical well will be plugged back and the lateral drilled within days. Frac design awaits log analysis.
5 July 2013drilling progress report▲ Good
Egilabria 2 passed the base of the Lawn Shale at 1,810m, finding it 150m thick versus 125m expected. A 4-hour shut-in produced a 5m flare with 32% methane peak. Armour will deepen by 100m and says results support the lateral and frac.
4 July 2013drilling progress report▲ Good
Egilabria 2 reached 1,791m in the Lawn Shale, which is dark and organic, with frequent gas flares and a 1,100-unit show after a one-hour shut-in. Target depth is deepened to about 1,900m (from 1,850m) for logging and possible testing.
2 July 2013drilling progress report▲ Good
A second strong gas show with a 6-8m flare was hit at 1,519m in Egilabria 2, which stopped at 1,521m for a bit change. The Lawn Shale target lies at 1,640-1,790m. Gas shows only; no flow rates.
1 July 2013drilling result▲ GoodMajor
Egilabria 2 hit a gas zone at 1,097m producing an 8m flare, with a peak show of 1,417 units (about 23.8%). Casing set at 735m; depth 1,330m. The Lawn Shale target is at 1,640-1,765m. Shows only, no flow rate or test result yet.
21 June 2013drilling progress report● Neutral
Egilabria 2 reached 745m on mud after water stopped air drilling; 9-5/8 inch casing is being set at 743m to isolate the water. Gas shows in tight sandstones continue. Planned depth remains 1,850m, then the lateral and frac.
20 June 2013drilling result● Neutral
Lakes Oil's Yallourn Power 1 corehole in PEP 166 reached total depth of 1,201m, with 791m of core from Early Cretaceous shales. Gas readings were up to 75 units; evaluation continues. Armour holds 25%. No hydrocarbon flow reported.
6 June 2013drilling progress report● Neutral
Egilabria 2 is at 545m with first gas detected at 425m and 502m (peaks of 900 units) in the South Nicholson Group, alongside water. Hard rock slowed drilling. Casing point is 785m; the Halliburton frac is still planned for July.
24 May 2013drilling progress report● Neutral
Egilabria 2 has set 13-3/8 inch casing at 322m and reached 391m in the Isa Superbasin. Planned vertical depth is now 1,850m, up from 1,750m, and the lateral is now planned to 2,200m measured depth, down from 2,360m.
13 May 2013drilling spud▲ GoodMajor
Egilabria 2 vertical well in ATP 1087 spudded 12 May 2013, the start of Armour's Queensland shale program, planned to 1,750m. A lateral and six-stage frac in July follow. Armour targets up to 9 TCF over three years from the Lawn Hill Shale.
26 Apr 2013drilling scheduled▲ Good
Armour mobilised its drilling contractor and expects Egilabria 2 to spud the week of 6 May 2013, to 1,750m. A lateral well and fracture stimulation in July follow, then Egilabria 3 and 4, then three NT wells.
24 Apr 2013resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified 322 PJ (264.4 Bscf) unrisked prospective resources across 23 Coxco Dolomite targets, and 12.5 PJ (10.3 Bscf) 3C contingent resource for Glyde 1. This is the first independently certified contingent resource. Armour is in confidential gas sales talks with three parties.
20 Mar 2013drilling progress report▼ Bad
Yallourn Power 1 corehole is at 590m and coring ahead. Lakes says the fractured formation has made coring slower than expected. Armour holds 25% of the well.
1 Mar 2013resource reserve update▲ GoodMajor
An in-house review of ATP 1087 identified four new play types: targets of up to 18 TCF gas in place in the Riversleigh Shale, and up to 1.8 TCF gas plus 137m barrels of liquids in three other plays. Recoverability is not assessed. Drilling is planned for Q2 2013.
18 Feb 2013drilling progress report● Neutral
Lakes Oil's Yallourn Power 1 corehole in PEP 166 is at 454m with casing cemented. The rig is being swapped for a coring rig, with coring due to start early next week. Armour funds 25%; planned depth 1,200m.
12 Feb 2013resource reserve update▲ GoodMajor
Armour identified 18 conventional Coxco Dolomite targets in the Batten Trough with 314 PJ risked prospective resources, superseding the earlier 130 BCF Glyde estimate. Unconventional mean prospective resource is 18.7 TCF. Drilling 21 wells could yield a 314 PJ 2C contingent resource.
16 Jan 2013drilling progress report● Neutral
Yallourn Power 1 was at 166m, with intermediate casing set at 158m, drilling towards about 450m. Planned total depth is 1,200m, about 40 days. Armour has 25%. The well was spudded 19 December 2012.
16 Jan 2013drilling spud● Neutral
Lakes Oil spudded the Yallourn Power 1 stratigraphic corehole in PEP 166, targeting 1,200-1,500m to test oil-bearing source rock. Armour funds 25% of the well. The text states Lakes views it as a potential game changer.
6 Dec 2012drilling scheduled● Neutral
Lakes Oil says a rig is mobilising to drill a stratigraphic corehole near Yallourn Power Station in PEP 166, Gippsland. Armour contributes 25%. It aims to test oil source rocks previously seen with traces of oil.
30 Oct 2012resource reserve update▲ GoodMajor
Armour estimates a mean prospective conventional gas resource of 130.7 BCF for the Greater Coxco/Glyde field in EP 171, up from 10.2 BCF previously. Discovery was notified to the NT. Airborne gravity and magnetic surveys are planned for further targets.
24 Aug 2012drilling result● NeutralMajor
Glyde #1 lateral finished at 840m, cased with perforated sections and suspended awaiting production testing; independent resource assessment started. NT spend of $19.6m exceeded the $17.264m plan by $2.3m, five of eight wells drilled, and the drilling contractor is suspended over dissatisfaction.
10 Aug 2012drilling result▲ GoodMajor
Glyde #1 lateral, at 672m, is flaring gas at an estimated 3.5-4.5 million cubic feet a day while air drilling, with no water seen. This resolves the pending lateral result positively; a formal flow test awaits NT approval.
7 Aug 2012drilling result▲ GoodMajor
Glyde 1 reached 698m, intersecting 132m of gas-charged, naturally fractured Barney Creek Shale with continuous gas shows and negligible CO2. A 600m lateral well is now being drilled to test commercial potential.
30 July 2012drilling spud● NeutralMajor
Glyde 1 in EP171 (100%) spudded 27 July, with surface casing at 234m. It will drill to 800m, targeting the Barney Creek Shale and Coxco Dolomite near a 1979 gas flow. It spudded four days later than the 23 July target given on 17 July.
17 July 2012drilling result▼ BadMajor
Kilgour North 1 was suspended at 1,142m after repeated water inflows flushed hydrocarbons from the Lynott and Reward reservoirs. The rig moves to Glyde, due to spud 23 July. Armour has identified additional targets.
17 July 2012resource reserve update▲ GoodMajor
Armour booked its first gas resource: a mean prospective resource of 100.4 BCF for the Greater Cow Lagoon Structure in the Lynott and Reward Formations. Three down-dip targets (Batten Creek, Looking Glass, Ryans Bend) are identified for coring.
