Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2008drilling spud● Neutral
Blue begins drilling Azure #1 in its 100%-owned ATP 817P, about 55km north west of Injune, using Mitchell Rig 101. It is a stratigraphic test of Bandanna coals. This is the third of five tenements in the six-month program.
28 Mar 2008drilling spud● Neutral
Blue starts drilling Cobalt #1 in its 100%-owned ATP 854P near Injune, using Mitchell Rig 101. It is a stratigraphic test of Bandanna coals, sited from the 2007 Cobalt seismic. This is the second of five tenements in the six-month, up to 15-well program.
20 Mar 2008drilling spud▲ GoodMajor
Blue spuds Indigo #2, a core hole in ATP 818P, starting its six-month program of up to 15 CBM wells. It uses Depco Rig #26 to core the whole Walloon Coal Measures. A second rig is contracted for ATP 854P after Easter. First drilling on its own permits.
5 Dec 2007drilling progress report▲ Good
Indigo 2D seismic in ATP 818 (100%) is finished: about 106 km acquired, up from the planned ~75 km, within budget. Processing begins, with results to direct drilling in early 2008. This completes the second of the two 2007 Queensland surveys.
20 Nov 2007drilling progress report▲ Good
Cobalt 2D seismic in ATP 854 (100%) is finished: about 82.3 km acquired, on budget despite wet weather. Processing starts now, to guide drilling in early 2008. Mobilisation has begun for the Indigo survey in ATP 818. No results yet.
7 Nov 2007drilling progress report▲ Good
Blue starts its first operations on its own 100%-held permits: the Cobalt 2D seismic survey (~75 km) in ATP 854P and the Indigo survey (~75 km) in ATP 818P. Each takes about a week. Results will guide core drilling and eventual pilots.
22 May 2007farm in farm out agreement▲ GoodMajor
Blue Energy farmed out part of the Spinel Block to Odin Energy, which will reimburse 100% of the $4.6m seismic cost. Odin paid a $2m deposit, with about $2.6m due after its ASX listing. Odin earns 25% via the four-well program; first well expected late July.
22 Mar 2007drilling result▼ BadMajor
Burrum-2 reached 545 metres and was plugged and abandoned as planned. About 16 metres of net coal was cored, but three tests indicate low primary permeability. Gas potential is still under evaluation. A mixed first read on the Burrum program EIV is funding.
15 Mar 2007drilling progress report● Neutral
Magellan reports Burrum-2, the second Stage 1 well, spudded and was at 390 metres, cutting several coal seams. Other items concern Magellan's own Muthero-6 well. No new result for EIV yet.
8 Mar 2007drilling result● Neutral
Magellan reports Burrum-1, the first Stage 1 CBM well, reached 438 metres and intersected several coal seams sampled for gas analysis. It will be plugged as planned. EIV holds 90% via Eureka. Gas content results are still awaited.
1 Mar 2007drilling spud▲ GoodMajor
EIV starts its 2007 CBM drilling program, spudding Burrum No. 1 in ATP 613P (earning 90% from Magellan). Drilling is planned in 100%-owned ATP 817P and 818P this year. CSM's deal grows to up to two four-well pilots, about $6m, for 50% of part of ATP 814P.
6 Dec 2006farm in farm out agreement▲ GoodMajor
EIV signed a Heads of Agreement for CSM Energy to earn 50% of the Eastern Block of ATP 814P (Bowen Basin) by funding four CBM pilot wells. It is EIV's first farmout of its CBM acreage; work is due to start February 2007.
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.
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.
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.
