Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 June 2019drilling result▲ GoodMajor
Amerigo Vespucci #1 reached its 5,977 ft target depth, with strong oil and gas shows on mud logs through the bottom 1,000 ft. Logging starts within 24 hours and completion later this week. These are drilling shows, not a flow result.
16 May 2019drilling progress report● Neutral
Vespucci #1 is at about 5,000 feet, at the top of the Niobrara, with ~1,000 feet left to the ~6,000-foot target. Drilling is on schedule and the 3D seismic is on track to finish in May. No hydrocarbon results reported.
10 May 2019drilling progress report● Neutral
Vespucci #1 intermediate casing is cemented and drill string is going back in. Target depth of ~6,000 feet is expected within 12 days, followed by a five-day logging program. No hydrocarbon results yet.
2 May 2019drilling progress report● Neutral
Rig is on site and Vespucci #1 drilling restarts this week to finish the remaining ~1,200 feet. The 3D seismic program is well advanced, with completion expected mid-May and results to be published afterwards.
11 Apr 2019drilling scheduled● Neutral
Vespucci #1 rig mobilisation starts 16 April, with drilling of the final ~1,200 feet likely late April or early May. Schlumberger will again collaborate on completion. Drilling was halted at 4,800 feet in December; this confirms the planned restart.
5 Mar 2019drilling progress report● Neutral
Flow back on JW Powell #23-25 has recovered about 24% of frack fluid, aiming for ~30%. Natural gas appeared during flow back, described as an encouraging sign. No flow rate yet.
14 Feb 2019drilling progress report● Neutral
Fracking and completion of JW Powell #23-25 were done and flow back of frack fluids has begun, likely to take about 14 days. The CEO says the logs look excellent. No flow rates are reported yet.
7 Feb 2019drilling progress report● Neutral
Completion of JW Powell #23-25 is under way, with frac tanks and water arriving on site. The fracture stimulation is scheduled for next week, a week behind schedule because of poor US weather.
16 Jan 2019drilling result▲ GoodMajor
JW Powell #23-25 reached 6,072 feet, with oil and gas shows through a 537-foot-thick Niobrara and oil-covered sidewall cores. Fracking is due late January. This is encouraging but untested; no flow rates yet. It is the first well in section 35 of the 21,500-acre property.
9 Jan 2019drilling progress report● Neutral
JW Powell #23-25 has been drilled through the Pierre to 4,896 feet, cased and cemented, and is now drilling the production section to about 6,000 feet. Drilling and completion are still expected before end of January; Vespucci #1 will be flow tested after Powell.
20 Dec 2018drilling spud▲ Good
JW Powell #23-25 spudded on 16 December; it has drilled and cased the conductor to 100 feet and is drilling the surface section to about 1,000 feet. Target depth is ~6,000 feet in the Niobrara; drilling and completion are expected before end of January.
14 Dec 2018drilling progress report● Neutral
JW Powell #23-25 is set to spud this weekend, with completion targeted by end of January. Vespucci #1 is shut in to build pressure ahead of a Pierre flow test next month. Management stresses gas wells matter as a very material gas offtake deal is in late-stage talks.
3 Dec 2018drilling progress report▲ Good
Vespucci #1 is at 4,800 feet after passing through the shallower Pierre Formation, where cuttings showed strong signs of oil and gas. Fremont will production-test the Pierre first and drill the final ~1,200 feet to the Niobrara after Powell #1. Powell is expected to spud mid-December.
12 Nov 2018drilling spud▲ GoodMajor
Amerigo Vespucci #1 spudded on 9 November and was drilling at about 500 feet. It is a vertical well targeting the Niobrara B and C benches, the first of the 2018 two-well program funded by the September placement.
5 Nov 2018drilling scheduled● Neutral
Fremont received its Colorado drilling permit for Amerigo Vespucci #1, with machinery on site and spud due this week, about a month after the early-October target. A permit for the second well, Powell #1, has been submitted.
22 Oct 2018drilling progress report● Neutral
Vespucci #1 spud slips from early October, due to well design work and awaiting the drilling permit. An unnamed global service firm is appointed to fracture stimulate Vespucci and Powell #1. Production has risen to 120 bopd from 100 after workovers.
25 Sept 2018drilling scheduled▲ Good
Vespucci #1, a vertical Niobrara well ~540 metres from C11-12, is scheduled to spud in early October, first of two back-to-back wells this year. Digital Formation estimates up to 470,000 barrels of oil equivalent in place in one section. Rig and crew secured.
9 Aug 2018resource reserve update▲ GoodMajor
Gustavson's independent report lifts Pathfinder's P90 contingent gas resource 145% to 540 Bcf and oil 55% to about 54-55m barrels (from 220 Bcf and 35m). It likens the geology to the Wattenberg Field. Delivers the upgrade promised on 5 July.
1 Dec 2017drilling result▼ BadMajor
Remediation of Bird #13-18 failed: an under-pressured fracture zone creates a vacuum that blocks flow testing. The well will be shut in over winter, with attempts to resume in April 2018. Resolves the 9 November remediation plan unsuccessfully.
9 Nov 2017farm in farm out agreement▼ BadMajor
Bird #13-18 cannot yet produce because of an under-pressured fracture zone that appears to be draining oil. Capillary Energy will fund remediation in exchange for a 5% net revenue interest. Work is to start within 7 days, a setback after the 30 October results.
30 Oct 2017drilling result▲ GoodMajor
Bird #13-18 mud logs confirm three oil zones totalling 729 ft, with a maximum oil column of 1,963 ft. Completion continues as pressures have not stabilised; no flow rate yet. Follows the October reports of oil shows and the reinstatement after suspension.
13 Oct 2017drilling result▲ GoodMajor
Bird #13-18 reached target depth in the Sharon Springs formation, with oil shows throughout the bottom 1,000 ft of the Pierre. A slotted liner is being prepared, and first flow rates are expected within two weeks. Drilling remains on budget at US$400,000.
11 Oct 2017drilling result▲ Good
Bird #13-18 has drilled 800 ft of the Pierre formation producing crude during drilling, with the lower 200 ft being drilled. Target depth expected within 24 hours. The company says this extends the Florence field's western flank.
9 Oct 2017drilling result▲ GoodMajor
Bird #13-18 has intersected crude oil in the upper Pierre formation, flowing to portable tanks, with about 1,000 ft still to drill. The company calls it a discovery on the western flank, about 1 km west of the 2017 Magellan well. The C11-12 Greenhorn test is paused to free crew.
3 Oct 2017drilling progress report▼ Bad
Bird #13-18 had slow drilling and higher drag, so the company ran and cemented intermediate casing; target depth now expected within 7 days, still on budget at US$400,000. At C11-12, paraffin blocked the jet nozzle and is being chemically treated, a further delay.
20 Sept 2017drilling progress report● Neutral
Bird #13-18 shows fluorescence on cuttings, which the company calls encouraging, with target depth of 4,000 ft expected by end of next week. The C11-12 radial jet start has slipped again to next week, after equipment adjustments.
14 Sept 2017drilling progress report● Neutral
Bird #13-18 is drilled vertically to about 2,000 ft and will now be deviated at about 30 degrees to intersect a seismic-identified fracture network. Oil pay zone expected within two weeks. Radial jet test at C11-12 is due to start its first lateral within 7 days.
1 Sept 2017drilling progress report● Neutral
Bird #13-18 has drilled and cased its surface section to about 1,000 ft, on plan and budget. Production hole drilling starts next week toward a vertical target of about 4,000 ft. Continues the August spud.
21 Aug 2017drilling progress report▲ Good
After the Greenhorn Formation (about 5,700 ft) was perforated at C11-12, it is releasing crude oil into the well, which the company calls an early positive sign. A weighting tool was needed to lower the jet assembly; eight 500 ft laterals are due this week.
16 Aug 2017drilling progress report● Neutral
Bird #13-18 has drilled, cased and cemented the first 100 ft conductor section and is progressing to plan. Surface hole to about 1,000 ft is next.
