Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2006annual report● Neutral
Full financial report for the year to 30 June 2006, repeating the preliminary figures (loss $1.36m). Lists directors Martino (chair), Doherty (MD) and Meagher. Doherty's associates hold about 70.3 million shares. No new substance beyond the 13 September preliminary report.
13 Sept 2006annual report▼ Bad
Preliminary results for the year to 30 June 2006: loss of $1.36m against a $363k profit the prior year, revenue down 89% to $88k. Cash was $173k at year end; convertible notes of $3.65m outstanding. Reflects the shift from investment company to explorer.
6 Sept 2006investor presentation● Neutral
EIV restates its 'Three Pillar' strategy with an investor presentation: Cooper Basin gas, Queensland CBM, and conventional exploration including PNG. It repeats known facts such as Rossco-1's 4.2 MMcf/d flow and the Magellan farm-in; no new results.
28 Aug 2006material agreement▲ GoodMajor
EIV won an option to earn up to 70% of PNG licence PPL 248 by funding two exploration wells; the Banam Anticline has a potential 10 Tcf of gas at POS 50. EIV issues 4 million shares to SEGA if exercised, by 26 November 2006.
4 July 2006farm in farm out agreement● Neutral
Magellan confirms the Burrum Syncline farmout to EIV's Eureka: Eureka funds 100% of a two-stage program for a 90% interest, subject to government consents. Magellan operates and can back in for up to 50% on development. Repeats EIV's 3 July announcement.
3 July 2006farm in farm out agreement▲ GoodMajor
EIV subsidiary Eureka agreed to fund a two-stage coal bed methane program at Magellan's Burrum Syncline (Maryborough Basin) to earn 90%. Stage 1 is two core wells, due by 31 December 2006; Magellan may back in for up to 50% if developed.
28 June 2006well test result▲ GoodMajor
Rossco-1 flowed gas at about 4.2 million cubic feet a day with 100-150 barrels a day of condensate from the 27-9 sandstone. Two deeper zones tested flowed nothing. It partly resolves the January cased-hole testing; EIV holds 37.5% if commercial.
27 June 2006drilling result▲ GoodMajor
Paprika-1 will be cased and suspended as a potential gas/condensate producer, based on log interpretation of several net pay zones and hydrocarbon indications in a test. One test was a mis-run; no flow rate reported. Cased-hole testing follows in coming months.
23 June 2006drilling progress report● Neutral
Paprika-1 wireline logging continues and has recognised possible hydrocarbon zones in the Patchawarra. A drill-stem test is expected over the weekend. No result yet.
22 June 2006drilling progress report● Neutral
Paprika-1 reached total depth of 2919 m, with hydrocarbon shows continuing through the Tirrawarra and Merrimelia. Wireline logging will evaluate them over several days; result pending.
21 June 2006drilling progress report● Neutral
Paprika-1 at 2858 m: possible hydrocarbon-bearing zones penetrated in the Patchawarra, to be evaluated after logging. Early sign only, not a result.
20 June 2006drilling progress report● Neutral
Paprika-1 daily report: 2651 m in the Patchawarra Formation, the main target, drilling ahead. No new result.
19 June 2006drilling progress report● Neutral
Paprika-1 daily report: 2504 m, changing bit, drilling ahead to target depth. No new result.
14 June 2006drilling progress report● Neutral
Paprika-1 daily report: surface casing run to 1001 m, blowout preventers being tested before drilling ahead. No new result.
13 June 2006drilling progress report● Neutral
Paprika-1 began drilling on 11 June 2006 and is running surface casing at 1005 m. Funded by EIV's Kompliment and Enterprise Energy's subsidiary. No result yet.
13 June 2006drilling spud▲ Good
EIV confirms Paprika-1 spudded 11 June and is at 1005 m; EIV earns 37.5% on a commercial discovery. Funding it also satisfies a pre-condition for earning 50% of the Spinel Block. Rossco-1 production testing has begun.
9 June 2006drilling scheduled● Neutral
Paprika-1 will spud this weekend, targeting 9-70 BCF (P50 30 BCF); EIV fully funds it for 37.5% on a commercial discovery. Cased-hole testing of Rossco-1 also starts, with up to three zones over about two weeks.
6 June 2006drilling progress report● Neutral
Cadenza-1 final report: cased and suspended, rig released after 18.5 days, and moving to Paprika-1. Cased-hole testing to follow in about three months. No new result.
5 June 2006drilling progress report● Neutral
Cadenza-1 is being cased and suspended as a potential gas producer. The second test was aborted by a packer failure, so further cased-hole testing is deferred about three months. The 1.5 MMcf/d first-test flow stands.
2 June 2006drilling result▲ GoodMajor
EIV confirms the Cadenza-1 gas discovery (about 1.5 MMcf/d), its fourth discovery after Nutmeg, Paranta-1 and Rossco-1. Everdue earns 50% of any production licence; Paprika-1 is expected to spud within 10 days.
2 June 2006flow test result▲ GoodMajor
Great Artesian reports Cadenza-1 a new field gas discovery: gas flowed to surface at about 1.5 million cubic feet a day from 2691-2694 m in the first test. It resolves the pending log evaluation; the well, funded by EIV's Everdue, will be cased and suspended.
1 June 2006farm in farm out agreement▲ Good
EIV announces its expanded PEL 106 position: a 37.5% interest in Paprika-1 and the right to earn 50% of the 360 sq km Spinel Block. Repeats the 1 June farm-in with Great Artesian and adds Rossco-1 testing and Cadenza-1 logging updates.
1 June 2006farm in farm out agreement▲ GoodMajor
EIV subsidiary Kompliment signed two farm-ins with Great Artesian in PEL 106: Paprika-1 well (37.5% interest, 30 BCF best estimate) and the Spinel Block 3D seismic and wells (up to 50%). Committed spend is $7.1–7.4m, up to $13–14m if all options exercised.
1 June 2006drilling progress report▲ Good
Cadenza-1 is at 2993 m total depth. Preliminary log analysis confirms a number of gas-bearing zones, and drill-stem tests are planned for 2 June. Early positive sign, no flow result yet.
31 May 2006drilling progress report● Neutral
Cadenza-1 reached total depth of 2993 m in the Merrimelia Formation on 30 May. Wireline logs are being run to evaluate the hydrocarbon shows; result pending.
30 May 2006drilling progress report▲ Good
Cadenza-1 at 2963 m: further hydrocarbon shows in the lower Patchawarra and Tirrawarra. Drilling deeper to total depth before logging; shows are not yet confirmed.
29 May 2006drilling progress report▲ Good
Cadenza-1 at 2905 m: a number of possible hydrocarbon-bearing zones have been penetrated in the Patchawarra, to be evaluated after wireline logging. Early encouraging sign, not yet a result.
29 May 2006drilling progress report● Neutral
Cadenza-1 daily report: 2694 m, drilling in the Patchawarra Formation, the main target; no new result.
26 May 2006drilling progress report● Neutral
Cadenza-1 daily report: 2492 m, drilling ahead in the Toolachee Formation; no new result.
25 May 2006drilling progress report● Neutral
Cadenza-1 daily report: 2330 m, drilling in the Poolowanna Formation; no new result.
