18 May 2012drilling progress report● Neutral
Cow Lagoon #1 in EP 176 has surface casing set at 240m. The rig is preparing to drill to a planned 850m, targeting the Barney Creek Shale and Reward and Coxco Dolomites. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 May 2012drilling result● NeutralMajor
Moreys 1 flowed gas and condensate from the Eumeralla Formation (1,985.5–1,995.5m), but the primary Waarre C target appears tight. Armour has completed its $2.5m spend and earned 51% of PEP169. Holdgate 1 is next.
10 May 2012drilling result● NeutralMajor
Lakes Oil reports Moreys-1 found tight gas and condensate in the Eumeralla Formation; the Waarre C primary target appears tight. Armour has now earned its 51% of PEP169. Holdgate-1 in PEP166 is due to spud about 20 May.
8 May 2012drilling scheduled▲ Good
Cow Lagoon #1 is due to spud 9 May, and the 56km Abner Range seismic survey is finished. Kilgour North #1 (about 1,800m) is planned for late May and Glyde #1 for June. Three more wells follow July to early September.
8 May 2012drilling progress report● Neutral
Lakes Oil's version of the same update: logs assessed at 2,300m total depth, and the 1,987–2,005m interval will be retested. Duplicates Armour's release.
8 May 2012drilling progress report● Neutral
After assessing the electric logs, Lakes Oil will retest the 1,987–2,005m interval in Moreys 1, which is at 2,300m total depth. A second test attempt follows the failed first one.
7 May 2012drilling progress report● Neutral
Lakes Oil's version of the same news: Moreys-1 reached total depth of 2,300m, logs are being prepared, and a retest of 1,987–2,005m will be reassessed afterwards. Duplicate of Armour's release.
7 May 2012drilling progress report● Neutral
Moreys 1 reached total depth of 2,300m. Electric logs are being prepared, and a retest of the 1,987–2,005m interval will be decided after log evaluation.
3 May 2012drilling progress report● Neutral
Armour reports Moreys 1 at 2,005m, with a drill stem test planned that day at 1,989–1,997m. Armour is funding the $2.5m well to earn 51% of PEP169. No result yet.
2 May 2012drilling progress report▼ Bad
Moreys-1 at 1,908m has passed through the Waarre C and B sands, with no significant gas readings. Drilling continues to test the Eumeralla Formation. The primary target showed no notable gas so far.
1 May 2012drilling progress report● Neutral
Moreys-1 reached 1,783m and intersected the Flaxmans Formation at 1,760m, 11m deeper than predicted, with rising background gas. The primary Waarre C target may be reached later that day. No test result yet.
30 Apr 2012drilling progress report● Neutral
Lakes Oil reports Moreys-1 at 1,570m, still drilling toward the 1,740m target. Armour funds the $2.5m well. Routine depth update with no result.
26 Apr 2012drilling progress report● Neutral
Lakes Oil reports Moreys-1 at 735m, drilling toward the first target at 1,740m. Armour is funding the $2.5m well to earn 51% of PEP169. Routine depth update.
26 Apr 2012drilling scheduled▲ GoodMajor
Armour starts ASX trading 26 April after raising $75m (150m shares at $0.50). Cow Lagoon #1 shale well in the Northern Territory is due to spud in early May, targeting about 800m. Moreys 1 in Victoria, funded to earn 51% of PEP169, spudded 19 April.