Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2008drilling result▲ Good
Cunningham #2-5, the third East Oklahoma production well, hit about 51 ft of Woodford Shale with strong gas shows and awaits a production test. West #2-2, the fourth, was spudded. First gas sales are still expected before end 2008.
23 Oct 2008drilling spud● Neutral
Cunningham #1-10, the third East Oklahoma production well, was spudded 21 October to about 550 ft. Four to six wells are now planned this campaign, down from ten. First gas sales are expected before end 2008.
1 Oct 2008drilling result▲ Good
Rosier #1-27 reached 3,479 ft with about 35 ft of potential Red Fork Sand pay, extending the West Tulsa oil discovery. Three wells are cased and awaiting tie-in, expected producing by end October, with up to eight more locations. No flow test yet.
22 Sept 2008drilling spud● Neutral
Rosier #1-27 was spudded 20 September at West Tulsa to about 3,800 ft, the third production well there. With it, the company will have three production wells and one disposal well ready, and is working on infrastructure to bring them on.
9 Sept 2008drilling result▲ Good
Fuss #2-33 reached 4,014 ft and found Red Fork Sand, extending proven productive area at West Tulsa to 320 acres of an 800-acre trend. Over 20 wells could be supported. Three oil wells are expected selling by end October.
4 Sept 2008resource reserve update▲ GoodMajor
Independent certification at 30 June 2008 lifts 2P reserves 13% to 41.3 Bcfe and total reserves 38% to 85.7 Bcfe. 2P is valued at A$80m (PV10). East Oklahoma carries no 2P and is outside these figures, so the 2P reserve upgrade is from Osage and West Tulsa.
26 Aug 2008drilling progress report● Neutral
Updated schedule shows eleven wells at various stages across Osage, West Tulsa and East Oklahoma, plus four more East Oklahoma wells contracted. All are expected to be selling by early December quarter, the first time all three projects generate revenue. This is later than earlier targets for Osage and East Oklahoma.
21 Aug 2008drilling spud● Neutral
Fuss #2-33 was spudded 16 August at West Tulsa to about 4,000 ft, to serve as a water disposal well for the Fuss #1-33 and #1-34 wells. Another development well, Fuss #1-27, is planned.
19 Aug 2008drilling result▲ Good
Dorsey #2-5, the second East Oklahoma production well, also hit about 50 ft of Woodford Shale. Wells now expected to cost about US$120,000 each, below budget, and pay out in under six months if they reach 100 Mcf/day (company assumption). Sales now expected in the December quarter, later than the earlier five-week target.
12 Aug 2008drilling result▲ Good
Chidester #1-3, the first East Oklahoma production well, hit about 50 ft of Woodford Shale at the predicted depth, with a strong gas show and good porosity. About ten wells are now planned in the initial program, with spot sales targeted within five weeks.
8 Aug 2008farm in farm out agreement▲ GoodMajor
Joint venture with a Dallas-based group to lease a 200,000-acre unconventional gas area in Oklahoma, with up to US$30m available. Red Fork gets about a 20% carried interest, is carried on the first ten wells, is reimbursed about US$800,000 and operates. About 18,000 acres leased so far.
5 Aug 2008drilling result▲ GoodMajor
The first East Oklahoma well, RDFK #1-3, confirmed the Woodford Shale at 480 ft, about 50 ft thick, with a gas show and good porosity. Company says the project could host over 200 Bcf (analogue-based estimate, not certified). Five wells planned.
31 July 2008drilling result▲ Good
Redfork #3-29A, the second Dawson Coal test at Osage, reached 430 ft and also showed strong gas. Casing is cemented on both wells ready for production tests. Continues the shallow coal program started days earlier; no rates yet.
29 July 2008drilling result▲ Good
Redfork #5-29A, the first shallow Dawson Coal test at Osage, reached 521 ft and gave a strong gas show on an open-hole test. The rig moves to #3-29A. No flow rates yet; this opens a new, shallow gas target alongside the deeper oil wells.
24 July 2008drilling spud▲ GoodMajor
RDFK #1-3 was spudded 23 July, the first well at East Oklahoma, and will also serve as a water disposal well. Five wells are planned in the initial campaign, with first gas sales expected in the September 2008 quarter.
24 June 2008drilling result▲ GoodMajor
Redfork #1-20 reached 2,205 ft with five zones showing potential hydrocarbons, including about 10 ft of Wilcox pay, and a Mississippi Limestone find. Completions are planned. Production from the four new oil wells is expected in the September quarter.
16 June 2008drilling spud● Neutral
Redfork #1-20 was spudded 14 June at Osage to about 2,300 ft, a step-out from the #1-17 oil well. This is the last of the deeper Osage wells that had been delayed since January.
21 May 2008drilling result▲ GoodMajor
Fuss #1-33, the second West Tulsa well, reached 3,450 ft with about 45 ft gross pay in three zones. A production test result is expected in about 30 days, and a third well is committed. Company says the program is on time and budget.
14 May 2008drilling result▲ GoodMajor
Redfork #1-18 reached about 2,275 ft with 10-12 ft of potentially productive Simpson Sands showing free oil and good fluorescence. Completion and production testing will follow as soon as possible. No flow rates yet.
13 May 2008drilling spud● Neutral
Fuss #1-33 was spudded 10 May at West Tulsa to about 3,500 ft, as the second well of the program. Two rigs are now running, at West Tulsa and Osage. A schedule shows #3-29, #5-29 and #2-32 still in testing.
9 May 2008drilling spud● Neutral
Redfork #1-18 was spudded 6 May at Osage to about 2,300 ft, a step-out from the #1-17 oil well. Rig then moves to #1-20. This continues the deeper Osage wells that had slipped from January.
8 May 2008drilling result▲ GoodMajor
The first West Tulsa well (Fuss #1-34) reached 3,434 ft with about 30 ft of potential pay in the Red Fork Sand. A production test result is expected in about 30 days. If it succeeds, six to eight further locations open up.
30 Apr 2008drilling spud▲ GoodMajor
Fuss #1-34 was spudded on 28 April, the first well of the 2008 West Tulsa program, to about 3,500 ft. A second rig is secured for Osage #1-18 and #1-20, and 10-12 further wells are committed for the first half of 2008.
27 Mar 2008drilling progress report▲ Good
Fracture treatments on the Weir-Pitt Coal in Redfork #3-29, #5-29 and #2-32 are underway, with testing into sales before quarter end. Four wells (two at Osage, two at West Tulsa) are to start by quarter end, and 12-16 more are committed for the first half of 2008.
22 Feb 2008drilling progress report● Neutral
Nine Osage wells are to be completed or re-completed in the March quarter, including the Bass #89-1 oil well, which is being completed in a second zone (Tyner Sand). Pipeline work continues to tie in the four recently drilled wells.
17 Jan 2008drilling progress report● Neutral
A completion rig is on site at Osage and has started on Redfork #4-28 (Red Fork Sand, about 80 Mcf/day natural flow earlier). It then moves to #3-29, #5-29 and #2-32. All four wells are expected tied-in during the March quarter 2008.
9 Jan 2008drilling result▲ Good
Redfork #2-32 reached about 1,417 ft, again confirming the known coals with a good gas show in the Red Fork Sand. Completion and tie-in are expected in the March quarter. Deeper wells #1-18 and #1-20 are still planned this month.
7 Jan 2008drilling spud● Neutral
Redfork #2-32 spudded on 4 January 2008 at Osage, planned to about 1,417 ft. The deeper Redfork #1-18 and #1-20 wells are contracted for this month, weather permitting.
24 Dec 2007drilling result▲ Good
Redfork #5-29 reached about 1,451 ft, confirming the known coals with a good gas show in the Dawson Coal and a strong show in the Prue Sand conventional zone. Completion is expected in the March quarter 2008. The deeper #1-18 and #1-20 wells are now due early in the new year.
20 Dec 2007drilling spud● Neutral
Redfork #5-29 spudded on 19 December 2007 at Osage, planned to about 1,500 ft to test all coal zones. Three further wells are contracted over the rest of December and early January.
