Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2010drilling progress report● Neutral
Completion has begun on Posey #1-17 in East Oklahoma North, with about 63 ft of productive Woodford Shale logged and fracture stimulation under way. Test results are expected in the September quarter, so the flow results remain pending.
8 June 2010drilling result▲ Good
Moebius #3-28 reached 3,577 ft with about 75 ft of Red Fork Sand logged, which the company says confirms the field's continuity. Five West Tulsa wells still produce; three more drilled wells await production testing once new infrastructure is commissioned.
27 May 2010drilling spud● Neutral
Moebius #3-28 spudded 25 May at West Tulsa, a direct offset to Moebius #2-28, targeting the Red Fork Sand at about 3,400 ft. It is the 8th production well at Pawnee, supported by a new central delivery point under construction.
21 May 2010drilling result▲ GoodMajor
Moebius #2-28 at West Tulsa reached 5,604 ft and logged three new sand sections totalling 120 ft with strong gas shows, on top of about 80 ft of Red Fork Sand. It will likely become a water disposal well; next well due week of 24 May.
12 May 2010drilling result▲ GoodMajor
Moebius #2-28 at West Tulsa hit about 40 ft of oil pay in the Red Fork Sand, a step-out 2,700 ft from the nearest well. The company says this extends the discovery and starts phase two; the well is still drilling toward 6,000 ft.
4 May 2010drilling result▲ Good
All four East Oklahoma Central wells reached target depth and hit the Woodford Shale at the predicted depth, about 50 ft thick with gas visible throughout. They are cased and awaiting completion; on 640-acre spacing, they will hold acreage once producing.
30 Apr 2010drilling spud● Neutral
Two more East Oklahoma Central wells, West #1-28 and West #1-29, were spudded on 27-28 April to about 600 ft to test the Woodford Shale thickness and productive capacity. Continues the current drilling phase; no results yet.
27 Apr 2010drilling spud● Neutral
Two East Oklahoma Central wells (Steins #1-17, Holland #1-17) were spudded to about 600 ft to test the Woodford Shale. At West Tulsa, Mobius #2-28 began a new development pod, targeting about 5,500 ft as an Arbuckle test.
13 Apr 2010drilling spud▲ Good
A rig moved onto East Oklahoma Central on 12 April, starting a phase of up to 14 new production wells. The first three are to be drilled to 400-700 ft this week; this resumes drilling that was slated for December, with first gas sales still pending.
22 Jan 2010drilling result▲ Good
Fuss #2-34 reached 3,716 ft with three oil-bearing intervals, including about 76 ft of Redfork sand. Cased and cemented ahead of testing. Four Pawnee wells (Rosier #2-27, Fuss #3-33, Mobius #1-28, this one) are awaiting completion or testing.
15 Jan 2010drilling spud● Neutral
Fuss #2-34 spudded 14 January at West Tulsa, a 40-acre offset to the Fuss #1-34 discovery well, targeting about 4,000 feet. It is the seventh production well at Pawnee, eight wells in total.
13 Jan 2010drilling result▲ Good
Mobius #1-28 reached 3,766 ft with three oil-bearing intervals, including about 90 ft of Redfork sand. Cased and awaiting production testing; West Tulsa still has up to 20 well locations, funded from working capital and revenue.
21 Dec 2009drilling spud● Neutral
Mobius #1-28 spudded 17 December at West Tulsa, a 40-acre offset to Fuss #3-33, targeting about 4,000 feet. It is the seventh well drilled at the 100%-owned project and would bring production wells to six.
18 Dec 2009drilling result● Neutral
Posey #1-17 reached 635 ft, logging about 27 ft of Woodford Shale with gas shows, the thinnest of the three northern wells. Rig moves to East Oklahoma Central the week of 21 December; completion and flow testing expected early January.
14 Dec 2009drilling spud● Neutral
Posey 1-17 spudded 12 December as the third of about ten wells in the East Oklahoma North campaign, targeting roughly 550 feet to test the shallow shale. No results yet.
2 Dec 2009drilling result▲ Good
Wattenbarger #1-22 at East Oklahoma North reached 485 ft with about 52 ft of Woodford Shale and gas shows throughout, similar to the first well. Rig is in short maintenance before drilling resumes.
30 Nov 2009drilling result▲ Good
Steinhoff #1-2, first East Oklahoma North well, reached 713 ft and logged about 65 ft of Woodford Shale with gas shows throughout. Confirms the target shale in the northern JV area; no flow rates or reserves yet.
26 Nov 2009drilling spud● Neutral
Wattenbarger 1-22 spudded 25 November as the second of about ten wells in the East Oklahoma North campaign, targeting roughly 400 feet. No results yet.
24 Nov 2009drilling spud● NeutralMajor
First of ten initial wells spudded at East Oklahoma North, the northern JV where Red Fork holds 20-25%. Company expects about 100 wells in various stages across East Oklahoma by year end. East Oklahoma South is producing about 1.125 MMcf/d; first East Oklahoma Central sales slip to Q1 2010.
26 Oct 2009drilling scheduled● Neutral
Two rigs are being deployed in East Oklahoma, one on the company's own acreage and one on the northern JV. Ten wells in the initial program are now targeted by end of the December 2009 quarter, and the gas pipeline by the same date.
10 Sept 2009drilling result▲ Good
Fuss #3-33 at West Tulsa reached 3,756 ft, with three oil-bearing intervals and Redfork sand thickening to about 90 ft. It is cased and awaiting testing; the company expects higher oil output and still targets 10 West Tulsa wells by year end.
3 Sept 2009resource reserve update▲ GoodMajor
Independent certification at 30 June 2009 lifts group 2P reserves 78% to 72.8 Bcfe and 3P 24% to 106.5 Bcfe (from 2P ~41 and 3P ~86 a year earlier). A maiden East Oklahoma 2P is booked at about 0.3 Bcf per well; West Tulsa reserves doubled.
1 Sept 2009drilling spud● Neutral
Fuss #3-33 spudded 31 August at West Tulsa, targeting about 3,900 ft as a Wilcox test. It is the sixth West Tulsa well, with up to 20 locations identified, funded from cash and production revenue.
6 Aug 2009drilling result▲ Good
Rosier #2-27 at West Tulsa reached 3,724 ft, with about 70 ft of oil-bearing Red Fork sand (35 ft net pay), better developed than earlier nearby wells. It is cased and awaiting production testing. Note: the July spud report named a Wilcox target.
30 July 2009drilling result▲ Good
First two East Oklahoma step-out wells, Couch #1-34 and True #1-33, reached target depth, showed gas and were cased. They sit 1.25 miles north of existing wells. Drilling cost about US$34,000 for both; first gas sales still targeted by end 2009.
20 July 2009drilling spud● Neutral
Rosier #2-27 spudded 18 July at West Tulsa, a second rig, targeting the Wilcox Sand at about 4,000 ft. It is the fifth West Tulsa well, with up to 20 locations identified, funded from cash and production.
16 July 2009drilling scheduled▲ Good
Next East Oklahoma drilling phase starts: Couch #1-34 spuds this week, True #1-33 follows, with continuous activity for five months. Company still targets gas to sales by end 2009 and ten wells testing within four weeks.
22 June 2009drilling result▲ GoodMajor
Five intervals completed in three East Oklahoma wells, each showing gas, supporting ~300,000 cf/day per well. Oklahoma approved 640-acre spacing. A rig is contracted, with ten wells targeted by end July. First sales now expected before end 2009.
21 Apr 2009drilling progress report● Neutral
Text mostly not readable. Headline says the Pawnee prospect at West Tulsa 'continues to deliver'; no figures can be confirmed from the extract.
10 Nov 2008drilling result▲ Good
West #2-2, the fourth East Oklahoma production well, hit about 50 ft of Woodford Shale with strong gas shows and is cased. Four wells now await production tests, with results expected before end 2008. This follows the Cunningham #2-5 result.
