Past year: ▼ 74%(0.60c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2023drilling progress report● Neutral
Fracture stimulation has begun on the MIA 64 FEE 2H well, with about 50 stages over 10 to 14 days, then flowback and testing. First production is still expected in the September quarter. No flow results yet.
4 July 2023drilling result▲ GoodMajor
The MIA 64 FEE 2H well reached 16,845 feet ahead of schedule, with 10,139 feet of lateral in the 3rd Bone Spring. The company expects the whole lateral to be oil productive, with strong gas shows. Fracture stimulation is due at the end of July; no flow results yet.
15 June 2023resource reserve update▲ GoodMajor
BME booked its first Half Moon contingent resources: net 2C of 1.564m barrels of oil equivalent (1C 561,000; 3C 3.366m). It sees up to 20 horizontal wells at an average 14.1% interest. Conversion to reserves depends on the first well's performance.
13 June 2023drilling spud▲ GoodMajor
The MIA 64 FEE 2H well, BME's first Permian well, has started drilling with the Scandrill rig. Drilling should take about 25 days, then fracture stimulation and testing. BME holds 11.7%; first production still expected in about 90 days.
1 June 2023drilling scheduled▲ GoodMajor
Manzano's proposal was accepted: BME will join the MIA 64 FEE 2H Half Moon appraisal well with an 11.7% interest, about US$1.44m of the US$12.3m cost. Drilling starts in June, first production expected in about 90 days. Resolves the pending participation decision.
25 May 2023drilling scheduled● NeutralMajor
Manzano Energy proposed a US$12.3m gross horizontal appraisal well on the 3rd Bone Spring at Half Moon, with drilling possibly from June 2023. BME's ~11.7% share would cost about US$1.44m. BME is still considering the proposal and has not yet decided.
18 Oct 2022drilling progress report▼ BadMajor
BME could not secure a replacement seismic crew before the Canning Basin wet season, so the Odin 2D seismic at Valhalla is now likely early Q2 2023. Expenses on the program are $1.3m this year. It is analysing a work program change to drill an appraisal well in 2023.
15 Sept 2022drilling progress report▼ BadMajor
The Valhalla seismic acquisition is delayed pending final regulatory approval of the geophysical survey; the contractor has demobilised. Completion in Q3 2022 is uncertain. The company is considering a vertical appraisal well in 2023, a change from the earlier 2024 timing.
19 July 2022drilling progress report▲ Good
Line clearing for the 130km Odin 2D seismic program at Valhalla is complete, with seismic crews to mobilise imminently. The data targets the southwest of the permit ahead of a 2024 appraisal well program. Contract was awarded to Terrex.
