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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
24 May 2006drilling progress report● Neutral
Cadenza-1 daily report: drilling ahead at 1945 m in the Adori Sandstone, no new result.
23 May 2006drilling progress report● Neutral
Cadenza-1 daily report: drilling ahead at 1272 m with no new result.
19 May 2006drilling spud● NeutralMajor
Cadenza-1 began drilling on 18 May 2006 and was at 206 m. Fully funded by EIV's Everdue; target 12–28 BCF, planned depth about 3100 m.
4 May 2006drilling scheduled● Neutral
Cadenza-1 rig moves in from 8 May with drilling expected from 12 May. The announcement notes Middleton-1 flowed over 11 million cubic feet a day, and Rossco-1, Udacha-1 and Middleton-1 were all cased and suspended as potential discoveries.
6 Apr 2006farm in farm out agreement▲ GoodMajor
EIV subsidiary Everdue will fully fund the Cadenza-1 well in PEL 106, due to spud this month, targeting 12 (P50) to 28 (P10) BCF of gas. On a commercial discovery, Everdue and Great Artesian would each hold 50%.
5 Jan 2006drilling result▲ Good
Final report: Rossco-1 has been cased and cemented, and the rig is released to move to Udacha-1. Logs indicate likely gas/oil zones, with cased-hole testing to follow once a work-over rig is contracted. Repeats the 3 January result.
3 Jan 2006drilling result▲ GoodMajor
Rossco-1 in South Australia's Cooper Basin (PEL 106) reached 3050 m and is being cased and suspended as a potential gas/oil discovery after logs showed likely hydrocarbon zones. Cased-hole testing is planned later in the year; farminees funded the well.