30 Oct 2006drilling progress report● Neutral
Great Artesian reports Keeley-1 drilling ahead at 1,917 m in the Adori Sandstone, toward planned 3,023 m. Beach operates with 40%. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2006drilling progress report▲ Good
Might and Power 1 is at 1,371 m with oil shows noted in the Murta and McKinlay Formations, the primary objectives. These will be evaluated with logs and possibly tests. Beach holds 33.3%. Shows only, not a confirmed result.
27 Oct 2006drilling progress report● Neutral
Great Artesian reports Keeley-1 still at 958 m, nippling up blowout preventers before drilling ahead. Beach operates with 40%. No results yet.
27 Oct 2006drilling progress report● Neutral
Stuart reports Might and Power 1 is installing well control equipment at 608 m before drilling ahead. Beach holds 33.3%. No results yet.
26 Oct 2006drilling progress report● Neutral
Stuart reports Might and Power 1 is cementing 9 5/8 inch surface casing at 608 m. Beach holds 33.3%. No results yet.
26 Oct 2006drilling progress report● Neutral
Great Artesian reports Keeley-1 at 958 m, running surface casing. Beach operates with 40%; target is about 10 Bcf mean (29 Bcf maximum) to about 3,023 m. No results yet.
25 Oct 2006drilling progress report● Neutral
Keeley-1 is at 958 m, doing a wiper trip before running surface casing. No results yet.
25 Oct 2006drilling progress report● Neutral
Stuart reports Might and Power 1 at 608 m, doing a wiper trip before running surface casing. Beach holds 33.3%. No results yet.
25 Oct 2006drilling progress report● Neutral
Weekly report: Keeley-1 at 958 m, Cutter-1 at 1,787 m, Glenaire-1ST1 at 3,688 m. Champagne Creek-2 is cased and suspended. Might and Power-1 is at 608 m. No new results.
24 Oct 2006drilling spud● Neutral
Magellan confirms Keeley-1 spudded 22 October in PEL 107 and was at 289 m. It targets about 10 Bcf of gas, taking roughly 16 days to reach about 3,023 m. Repeats known information.
24 Oct 2006drilling progress report● Neutral
Keeley-1 is at 803 m, drilling ahead toward surface casing at about 950 m. No results yet.
24 Oct 2006drilling spud● Neutral
Stuart Petroleum reports the Might and Power 1 oil exploration well in PEL 113 spudded 23 October and was at 108 m, planned to 1,480 m. Beach holds 33.3%. Stuart is operator.
24 Oct 2006drilling progress report● Neutral
Tap reports Cutter-1 at 1,762 m and proceeding as programmed, expected to reach about 3,000 m within two weeks. Beach holds 20%. No result yet.
24 Oct 2006drilling progress report● Neutral
AWE reports Cutter-1 at 1,762 m after 1,048 m of progress in the week, about 2 weeks from the planned 3,000 m. Target is 70-80 million barrels; Beach holds 20%. No result yet.
23 Oct 2006drilling spud● Neutral
Great Artesian reports Keeley-1 spudded 22 October and was at 289 m. The gas exploration well targets about 10 Bcf mean (29 Bcf maximum) to about 3,023 m. Beach operates with 40%. It follows the dry Kiana-2.
18 Oct 2006drilling progress report● Neutral
Weekly report: Kiana-2 is being plugged and abandoned after finding no commercial hydrocarbons. Glenaire-1ST1 is at 3,386 m. Champagne Creek-2's test was aborted by mechanical failure. Cutter-1 is at 714 m. New wells include Byrock-2 and Yanda-19.
18 Oct 2006drilling result▼ Bad
Magellan (30% partner) confirms Kiana-2 found no hydrocarbons in any of three tests and will be plugged and abandoned. Keeley-1, targeting about 10 Bcf of gas (29 Bcf maximum), is next. Repeats the Great Artesian news.
17 Oct 2006drilling result▼ BadMajor
Kiana-2's third test recovered only muddy water and no hydrocarbons, so the Kiana oil field does not extend west of a fault. The well will be abandoned and the rig moves to Keeley-1. Reserves tied to Kiana-1 are said not to be materially downgraded.
17 Oct 2006drilling progress report● Neutral
AWE reports Cutter-1 drilled to 714 m and cased, preparing to drill ahead toward about 3,000 m in around 3 weeks. Target is 70-80 million barrels. Beach holds 20%. No result yet.
17 Oct 2006drilling progress report● Neutral
Operator Tap reports Cutter-1 at 714 m, casing run and cemented, ready to drill ahead. Expected to reach total depth in about three weeks. Repeats the AWE update; no result yet.
16 Oct 2006drilling progress report▼ Bad
Great Artesian reports the second test at Kiana-2 (Murta, 1,409.5-1,419 m) had no flow and no recovery. A third test in the Patchawarra (1,878-1,892 m) was being prepared. Follows the weak first test.
13 Oct 2006drilling result▼ Bad
Sunshine Gas says the first test of the Clematis Sandstone at Champagne Creek 2 was aborted by equipment failure. Fishing for the test string continues, and a retest depends on that. No gas result yet; Beach's 50% option is still pending.
12 Oct 2006drilling progress report● Neutral
Magellan (30% partner) reports Kiana-2 at 1,962 m in basement on 11 October, with logging and possible testing to follow. Repeats known information.
12 Oct 2006drilling progress report● Neutral
Kiana-2 reached total depth of 1,992 m. A first drill stem test is planned over 1,116-1,127 m. No result yet.
11 Oct 2006drilling progress report▲ Good
Champagne Creek 2 reached 2,633 m. Logs show a zone of interest in the Clematis Sandstone, and a drill stem test is planned for 12 October. Beach holds the 50% earn-in option.
11 Oct 2006drilling progress report● Neutral
Kiana-2 is at 1,962 m, drilling in basement. About 30 m more is planned, then logging to pick sandstones for possible testing. No results yet.
11 Oct 2006drilling progress report● Neutral
Weekly report: Kiana-2 was at 1,968 m drilling in basement, and the Glenaire-1 sidetrack was at 3,119 m awaiting rig repairs. Champagne Creek-2 reached 2,633 m and was preparing a test. Yanda-17's first test was a misrun from packer damage and the well was suspended. Cutter-1 was at 131 m setting the surface conductor.
10 Oct 2006drilling spud● NeutralMajor
Beach confirms Cutter-1, a high-risk offshore well in New Zealand's Canterbury Basin, spudded 9 October. It targets ~70-80 million barrels of oil at about 3,000 m, with Beach holding 20%, a first result due in about 30 days.
10 Oct 2006drilling spud● Neutral
AWE says Cutter-1 spudded 9 October in New Zealand's Canterbury Basin, targeting 70-80 million barrels of oil to about 3,000 m in ~30 days. Beach holds 20% in the PEP 38259 permit. Repeats the partner-side news of the spud.
10 Oct 2006drilling spud● Neutral
Anzon confirms Cutter-1 spudded, targeting 70-80 million barrels. Anzon is earning its 15% by funding part of the well; Beach holds 20%. Repeats known information.