Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2013drilling progress report▲ Good
Ten horizontal wells completed, eight producing to sales. Freddie reached TD in a record 15 days; State 1-13H averaged 49 boe/d and Warburton began flowing at about 75 bbl/d. Repeats the PQML #9 result; Phil, the first Development Area 6 well, spuds soon.
7 Dec 2012drilling progress report▲ Good
Seven horizontal wells now producing to sales; three new producers came online in Development Area 2. McMurtry 1-22H averaged 271 boe/d over 22 days (peak 345). Jardine reached TD in 27 days; Hartog reached 9,438 ft TD; Forrest drilling.
21 Nov 2012drilling progress report▲ Good
Six horizontal wells now produce to sales, with two more brought online in Development Area 2 in November. Bunch averaged 184 boe/d over 15 days (peak 241) and McMurtry 1-22H 232 boe/d over 4 days (peak 303). Jardine reached TD in 28 days; fourth rig still due Q1 2013.
7 Nov 2012drilling progress report▲ Good
Four horizontal wells are producing, and the last three have met or beaten the certified type well on 30-day rates. Tasman peaked at 250 boe/d. Several wells were fracked, Warburton finished drilling, and seismic coverage reached 99 sq miles.
23 Oct 2012drilling progress report▲ Good
Third rig deployed; Warburton hit target depth in a record 23 days and Mawson in 30. Tasman averaged 147 boe/d over 19 days (peak 230). Bunch is fracked, McMurtry 1-22H is being fracked, and Development Area 4 begins with a water disposal well.
10 Oct 2012resource reserve update▲ GoodMajor
Maiden certified Mississippian reserves (Lee Keeling, at 30 June 2012): 2P 4.73 mmboe (NPV10 US$45.5m), 3P 29.0 mmboe, and 1C contingent resource 166.9 mmboe. This resolves the open reserves certification, and shows most of the value is still contingent.
4 Oct 2012drilling progress report▲ Good
Tasman is flowing oil and gas to permanent facilities with about 3,400 ft of fluid over the pump, compared favourably with McMurtry 1-21H. Bunch is being fracked ahead of McMurtry 1-22H; Warburton's curve is landed and Mawson is drilling at about 5,340 ft.
19 Sept 2012drilling progress report● Neutral
Tasman's larger 15-stage frack (93,000+ barrels of water) completed without hitting large faults; it is pumping back load water at about 1,400 bbl/d. Third rig now due mid-October (was September) and fourth in January 2013. Mawson spud imminent.
4 Sept 2012drilling progress report▲ Good
State #1-16H reached 9,231 ft TD with strong oil and gas shows. Tasman was fracked in 15 stages and is flowing back water with some oil. Warburton (100%) and Mawson (75%) are still due to spud in September.
20 Aug 2012drilling progress report● Neutral
Two rigs are operating in Development Area 2, with a third due in September. Tasman is being prepared for stimulation, State wells are drilling, and Warburton and Mawson are set to spud in September. Other wells await completion.
6 Aug 2012drilling progress report▲ Good
McMurtry 1-21H finished testing with a 712 boe/d peak and a 23-day average of 470 boe/d. Completions are pending on McMurtry 1-22H, Bunch and Tasman, while State 1-13H and 1-16H are drilling. A 23-day average is lower than the earlier 648 boe/d reading.
23 July 2012drilling result▲ Good
Blair finished testing with a 400 boe/d peak and a 21-day average of 273 boe/d, shut in for nearby drilling. McMurtry 1-21H averages 648 boe/d since the initial report. Tasman reached 10,160 ft with about 3,295 ft of net pay, the largest pay zone yet.
10 July 2012drilling progress report▲ Good
Blair holds 350-400 boe/d, McMurtry 1-21H is on pump and showing oil and gas, and Tasman nears TD. State #1-13H (50%) is about to spud as the first Unit rig well. Seven wells are active in Development Area 2.
20 June 2012drilling progress report▲ Good
Completion and stimulation began on McMurtry #1-21H in Noble County, with flow-back through existing Development Area 2 infrastructure. Moves the well from shut-in towards testing; no results yet.
4 June 2012drilling progress report● Neutral
Blair was fracked in eleven stages and is flowing back 100 barrels of fluid an hour. McMurtry 1-22H reached 9,350 feet. Abunda is producing only intermittent oil and gas under high fluid level, with no peak rate yet reported, which lags the earlier 30-60 day expectation.
25 May 2012drilling scheduled▲ Good
Equipment is moving onto Blair #1-24H for stimulation. Completions are also scheduled for McMurtry 1-21H and 1-22H, expected in the June quarter, with at least monthly completions through the September quarter.
21 May 2012drilling spud▲ Good
Bunch #1-19H spudded in Payne County, targeting about 10,000 feet total depth with 4,700 feet of lateral. Red Fork operates with a 94% working interest, with Crow Creek Energy III and others holding the rest.
9 May 2012drilling progress report● Neutral
Intermediate casing was run on McMurtry 1-22H, with a good oil show in the upper Mississippi Lime. Lateral drilling to about 9,377 feet total depth is next. No flow results.
7 May 2012drilling result▲ Good
Blair #1-24H reached its 9,411-foot target on 4 May with about 4,125 feet of lateral and oil and gas shows throughout. Casing is cemented and the well awaits stimulation. No flow rates yet.
17 Apr 2012drilling spud▲ Good
Drilling began on McMurtry #1-22H in Noble County, the second rig in Development Area 2, targeting about 9,377 feet total depth. Red Fork holds 62%. Company expects four Noble wells ready for completion and plans two new horizontal producers a month.
2 Apr 2012drilling progress report▲ Good
Abunda is fracked and on pump, with about 9,000 of 40,000 barrels of load water recovered; initial rate due in 30 to 60 days. Blair is at 4,500 feet; McMurtry 1-21H is shut in awaiting completion. Tahara matches the play average type curve after almost four months.
20 Mar 2012drilling spud● Neutral
Blair #1-24H spudded 18 March in Noble County, the first Red Fork well on the Jerry Scott #5 rig. Target is about 9,400 feet total depth with 4,500 feet of lateral. Red Fork holds a 92% working interest.
15 Mar 2012drilling progress report● Neutral
Completion and fracture stimulation of Abunda #1-21H has begun, designed with Schlumberger and Halliburton using the open-hole logs. Flow-back testing will use existing infrastructure. No results yet.
22 Feb 2012drilling result▲ Good
Abunda #1-21H reached 7,594 feet on 20 February with about 3,400 feet of lateral in the Mississippi Lime, good oil and gas shows and extensive natural fracturing. Resolves the lateral delay; logging, liner and frac to follow.
17 Feb 2012drilling scheduled● Neutral
Jerry Scott Rig #5 is being rigged up to spud Blair #1-24H in Noble County, expected the following week, as a 9,000-foot-plus horizontal test. The company says the larger rig, contracted for 12 months, should cut drilling time.
13 Feb 2012drilling progress report● Neutral
Abunda #1-21H was drilling at 5,741 feet on 12 February, about 1,500 feet into the lateral, with oil and gas shows. The lateral directly opposes Tahara #1-28H, about 50 feet away.
10 Feb 2012drilling result▲ Good
Logging of McMurtry #1-21H found many productive intervals along the full lateral, with natural fracturing well beyond the company's modelling. Liner is cemented; completion design under way. Encouraging but no flow rates yet.
6 Feb 2012drilling progress report● Neutral
The Jerry Scott #2 rig was rigging up on 5 February to resume drilling the Abunda #1-21H lateral from about 4,367 feet. Continues the lateral delay flagged in December; no new result.
30 Jan 2012drilling result▲ Good
McMurtry #1-21H reached 9,833 feet on 25 January, with about 4,437 feet of lateral showing extensive oil and gas, and gas readings above 3,500 units. Logging and liner cementing follow, then frac. Shows only, no flow rates yet.
27 Jan 2012drilling scheduled▲ Good
Red Fork began a 3D seismic and permitting program over 25 more sections, bringing seismic-cleared sections to 45. It will set up two new development pods (NW Noble, East Payne) for four in total, supporting up to 45 horizontal producers.
