Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2007drilling result▲ Good
Redfork #3-29 reached about 1,341 ft and logs showed gas in at least three zones (Dawson Coal, Oswego Limestone, Redfork Sand). Completion and tie-in are expected in the March quarter 2008. Redfork #5-29 spuds later this week.
7 Dec 2007drilling spud▲ GoodMajor
Redfork #3-29 is set to spud at the 100%-owned Osage project, to about 1,500 ft, the first of four wells over about six weeks. The company confirms a drilling schedule for Q1 2008, with staged 6-10 well programs planned through 2008.
16 Nov 2007drilling scheduled▲ Good
Osage drilling restarts with two rigs contracted and permits for five wells; first spud planned for the first week of December, with completion and sales in early 2008. The newly acquired gas gathering system is to be connected in the first half of 2008.
16 Oct 2007resource reserve update▲ GoodMajor
Independent engineers Lee Keeling lift proved and probable reserves 250% to 36.4 Bcfe, with total reserves at 62.2 Bcfe. This replaces the in-house 37.6 Bcfe estimate of June. It includes about 1.44 million barrels of oil, all within the 4,200-acre Osage project.
14 Aug 2007drilling result▲ Good
Redfork #4-28 reached about 1,400 ft and logs show hydrocarbons in all known coals. The Red Fork Sand, 22 ft thick at 1,270 ft, flowed about 80 Mcf/day with some oil. Completion is expected by end of the September quarter.
9 Aug 2007drilling spud▲ Good
Redfork #4-28 spudded 8 August 2007 at Osage, to 1,400 ft, testing all coal zones. About six more wells are planned by end 2007. Holdings rise by 6,000 acres to about 30,000 gross acres, 100% owned.
27 June 2007resource reserve update▲ GoodMajor
Maiden reserve estimate of 37.6 Bcfe (3P), of which 10.4 Bcfe is proved and probable, across about 24,000 acres in four project areas. It was prepared in-house by company staff. Target is 1 MMcfe per day in the September quarter, fulfilling the earlier promise of a gas-in-place estimate.
17 May 2007drilling scheduled▲ Good
A 12-well completion program has begun at Osage, targeting zones behind pipe in existing wells, starting with #1-29, #1-17, Broken Drum #2C and CC #1A. #1-28 becomes a salt water disposal well. Completion by end June would give 17 wells tied in.
8 Mar 2007drilling result▲ GoodMajor
Redfork #1-17 reached about 2,360 feet and found about 6 feet of Wilcox Sand with free oil and 14 feet of gas-bearing Prue Sand. It sits 1,700 feet from Bass #89-1, which has produced about 35,000 barrels from the Wilcox, extending that oil reservoir.
27 Feb 2007drilling spud● Neutral
Redfork #1-17 was spudded on 26 February 2007, to about 2,700 feet to test all coals and the oil-bearing Arbuckle. It appears to be the third well of the campaign. Repeats the six-wells-in-March-quarter and cashflow-positive statements.
19 Jan 2007drilling result▲ Good
Full log analysis of #1-28 confirms about 4 feet of Weir-Pitt coal and two new zones about 28 feet thick each: oil shows in the Redfork Sand, a gas show in the Woodford Shale. The company is considering a cheaper twin well to produce them.
3 Jan 2007drilling result▲ GoodMajor
Redfork #1-28 reached about 2,978 feet and logs show hydrocarbons in the known coals plus two new zones, the Redfork Sand and Woodford Shale. This extends the #1-29 results; completion plans are still being designed for both wells.
29 Dec 2006drilling spud● Neutral
Redfork #1-28, the second of three wells in this campaign, was spudded on 21 December 2006 to about 2,700 feet. It targets the coals and the Arbuckle oil formation, like #1-29.
19 Dec 2006drilling result▲ GoodMajor
Redfork #1-29 reached 2,724 feet. Logs show about 32 feet of oil-bearing Burgen Sand and Arbuckle with free oil in samples, the company's first oil discovery in its own acreage. Completion is planned early in the new year.
12 Dec 2006drilling spud▲ GoodMajor
Redfork #1-29 spudded on 10 December 2006, to about 2,700 feet to test the coals and the oil-bearing Arbuckle formation. It is the first of three wells, the company's first deeper oil test after its shallow CBM wells.
14 Nov 2006drilling progress report● Neutral
Re-completion of the Demier 2-G well began on 10 November, with initial results expected the following week. Country Club 2A is next, and the four-well program is still due by end November.
30 Oct 2006drilling progress report● Neutral
Re-completion work has started on four more existing wells (Demier 2-G, Demier 3-G, Country Club 2-A, Country Club 1-A East), due by end November. That would bring completed wells to nine. Four new wells are planned in the rest of 2006.
31 Aug 2006drilling progress report● Neutral
Completion work is underway before production testing on the first two coal wells, #2-29 and #4-29. No flow rates yet; tie-in to infrastructure is expected in the September quarter.
17 July 2006drilling result▲ Good
Redfork #2-29 and #4-29 both reached 1,441 feet and hit the target coals, 2 to 4 feet thick each, consistent with other producing wells in the field. Casing is cemented and the wells await completion; flow rates are not yet known.
10 July 2006drilling spud▲ GoodMajor
The first coal bed methane well, Redfork #2-29, was spudded on 7 July 2006 to about 1,500 feet, the first of four planned. A gas-in-place estimate by independent engineers is expected by end of March quarter 2007.
13 June 2006farm in farm out completion▲ GoodMajor
The purchase of the extra 22.5% was completed on 2 June 2006, giving Red Fork 100% working interest (80% net revenue interest) in the Cherokee Basin project. A $165,000 share offer at 22 cents is now open to replenish working capital.
