Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2012drilling progress report▲ Good
McMurtry #1-21H was drilling the lateral at 5,410 feet on 11 January after 7-inch casing was cemented at 5,400 feet. Mud logs showed a good oil show in the upper Mississippi Lime; target is about 10,000 feet.
23 Dec 2011drilling spud● NeutralMajor
Red Fork-operated McMurtry #1-21H spudded 21 December in Noble County, targeting 9,500 feet total depth with about 4,200 feet of lateral. Red Fork holds 65.6%, SandRidge 29.8%, Antinum 4.5%, Chesapeake 0.1%. First well of the Noble County program.
2 Dec 2011farm in farm out agreement▲ Good
Red Fork will take a 12.5% working interest in a non-operated horizontal Mississippian well in Noble County with Crow Creek Energy as operator, spud expected in the March quarter 2012. Its first participation in another group's well in the play.
30 Nov 2011drilling scheduled● Neutral
Update across the Mississippian play: Abunda #1-21H awaits the Jerry Scott #2 rig to resume its lateral. In Noble County, 3D seismic cleared three locations (McMurtry 1-21H, 1-22H, Blair 1-24H), with KAL Drilling rig #3 about to spud the first.
14 Nov 2011drilling progress report● Neutral
Tahara #1-28H was fracture stimulated in 12 stages across about 4,200 feet of lateral without operational issues. Plugs are being drilled out, then production testing starts. Flow rates are still unknown.
1 Nov 2011drilling progress report● Neutral
On 31 October the lower section of Tahara #1-28H's first stage was perforated, ahead of the 12-stage frac. Halliburton is on site making final preparations. No flow results yet.
27 Oct 2011drilling progress report● Neutral
A work-over rig moved onto Abunda #1-21H on 26 October to condition the hole for completing the lateral, with Halliburton on site. No results reported.
18 Oct 2011drilling progress report● Neutral
Completion work has begun on Tahara #1-28H: frac tanks and flow lines are in place and the design is final. The frac will use 12 stages, about 1.2 million gallons of water and 1.1 million pounds of sand. No flow results yet.
17 Oct 2011drilling progress report● Neutral
Abunda #1-21H reached 4,871 feet with different drilling conditions and more pronounced fracturing than Tahara. A second rig will finish its lateral, while the Jerry Scott rig moves off so Tahara can be fracked ahead of schedule and then starts in Noble County.
4 Oct 2011drilling progress report● Neutral
Abunda #1-21H was drilling the lateral at 4,385 feet on 3 October, with 7-inch casing cemented at 4,228 feet. Target remains about 8,400 feet with roughly 4,200 feet of lateral. No results yet.
3 Oct 2011drilling result▲ GoodMajor
Schlumberger logs on Tahara #1-28H give original oil in place of 58.4 million barrels per square mile, with about 835 feet of oil-filled fractures. Company expects recoverable reserves per section could be up to three times industry average (its expectation, not tested). Flow rates still await the frac.
22 Sept 2011drilling spud● Neutral
Abunda #1-21H, the second Big River horizontal, spudded 21 September from the same pad as Tahara. It targets about 3,100 feet vertical plus 4,200 feet of lateral northward, to about 8,400 feet total depth.
21 Sept 2011resource reserve update● NeutralMajor
Reserves at 30 June 2011 (Lee Keeling): 2P 17.1 mmboe (2.3 Mmbo, 88.7 Bcf), NPV10 US$119.7m, versus 17.8 mmboe a year earlier. Described as stable despite lower gas prices. Mississippian acreage is excluded; an update is expected after the 2011 drilling.
19 Sept 2011drilling progress report● Neutral
Production liner on Tahara #1-28H was cemented by 16 September, and open-hole logs are being processed to design the completion. The rig is being skidded to the Abunda #1-21H location, the second of the five wells, which will spud shortly.
14 Sept 2011drilling result▲ GoodMajor
Tahara #1-28H reached 8,139 feet on 12 September, with about 4,200 feet of lateral in the Mississippi and good oil and gas shows along its length, and no operational problems. It is a first horizontal drilled result only; flow rates await completion and fracture stimulation.
29 Aug 2011drilling progress report● Neutral
Tahara #1-28H was drilling the lateral at 4,292 feet measured depth on 27 August, with 7-inch casing set at 4,086 feet. Target depth is about 8,500 feet. No results yet.
15 Aug 2011drilling spud▲ GoodMajor
Tahara #1-28H, the first Big River horizontal, spudded 13 August. It targets about 3,100 feet vertical plus roughly 4,500 feet of lateral in the Mississippi Lime, to about 8,698 feet total depth. This starts the five-well program.
8 Aug 2011drilling scheduled▲ Good
Rig moved onto the twin-well pad in Pawnee County; Tahara 1-28H is due to spud this week, taking 25-30 days, followed by Abunda 1-21H. Both are expected drilled, logged and cased about 60 days after the first spud, with roughly 8,500 feet of lateral in total.
30 June 2011drilling scheduled▲ GoodMajor
Seismic interpretation is complete and the first two Pawnee County horizontal wells are chosen, with a rig being moved in. A contractor is secured for the five-well 2011 program and committed to 2012; continuous operations are planned to the end of 2011. Red Fork holds a majority interest and is operator.
26 May 2011drilling result▲ Good
Three shallow Woodford Shale wells (Cherry #1-32, #1-4, #1-9) at East Oklahoma Central each cut over 50 feet of shale with gas shows. They are cased and shut in; no flow rates are given, and the company is still building production with minimal capital.
13 May 2011drilling result▲ Good
EastOK #1-24, the first Big River well, intersected 210 feet of naturally fractured Mississippian limestone with oil and gas zones, at the upper end of expectations. It sits next to the planned McMurtry horizontal well; detailed log analysis is due in about two weeks.
12 Apr 2011drilling spud● Neutral
EastOK #1-24 spudded 8 April in Noble County, to about 5,900 feet as a Granite Wash test, with the Mississippi sampled. It may become a producer or a water disposal well for the first horizontal wells at Big River.
5 Apr 2011drilling result▲ Good
Moebius #4-28 reached 3,572 feet with about 75 feet of Red Fork Sand logged and oil and gas shows, confirming the oil zone's continuity at Pawnee. Casing is run for production testing; a horizontal test is likely in 2011.
25 Mar 2011drilling spud● Neutral
Moebius #4-28 spudded 22 March at the 100%-owned Pawnee prospect (West Tulsa), targeting the Red Fork Sand at about 3,600 feet. The drilling contractor is also committed to the whole 2011 programme, including Big River horizontals.
7 Feb 2011drilling progress report● Neutral
First 3D seismic survey starts at Big River, covering about ten 640-acre sections over roughly two months. Right-of-way, surface damages and gathering system planning for the initial drilling programme are under way, ahead of the first well.
31 Dec 2010drilling progress report● Neutral
Couch #1-33 (East OK Central) tested at up to 200,000 cf/d, above the company's economic model, but is shut in awaiting a pump. Posey #1-17 is fracture stimulated and being converted to a pump test. Four more East OK South units spaced for drilling.
14 Sept 2010resource reserve update▲ GoodMajor
Independent certification lifts reserves at 30 June 2010: 2P to 143.1 Bcfe (from 72.8), 3P to 197.6 Bcfe (from 106.5), 1P to 79.9 Bcfe. First East Oklahoma 2P of 78.4 Bcf, largely from the 2009 EOK South acquisition. Resolves the overdue reserve report.
20 July 2010drilling result▲ Good
Two more East Oklahoma Central wells, Clemmons #1-9 and Peper #1-21, reached 465 ft and 553 ft, logging 55 ft and 56 ft of Woodford Shale with good gas shows. Both are cased, awaiting completion.
12 July 2010drilling result● Neutral
Scott #1-24, the first well Red Fork has drilled itself at East Oklahoma South, reached 1,371 ft on a 640-acre spacing unit. Logging is under way and completion is to follow. Dates were later corrected.
9 July 2010drilling progress report▲ Good
East Oklahoma Central now has 12 wells, with two more to be drilled and completion and testing under way. Equipment is ordered for the Mayes A facility, designed for about 4 MMcf/d. First gas sales follow commissioning, still not yet dated.
