Past year: ▲ 0%(25.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2020drilling scheduled▲ GoodMajor
Approved 2020 NSW work program and budget of $9.865M, ending the long hold on field work if approvals come. This includes reactivating the Kahlua pilot ($6.775M) with a 6-month production test. CRM's 35% share is $3.453M from cash; it assumes licence renewal by end Q2 2020.
26 Sept 2011farm in farm out agreement▲ GoodMajor
Agreement with Santos transfers a further 40% of PELs 1 and 12 for $15M cash, taking the split to ACM 35%, Santos 65%. A new work program runs to 30 June 2013, with ACM's share capped at $13M. This resolves the earlier dispute-ridden farm-in; Kahlua pumping began 1 Sept.
25 Mar 2011drilling result▲ GoodMajor
Cana #1 corehole in PEL 1 reached 961 m. Late Permian Hoskissons coal had very low gas, marking the biogenic fairway's southeastern edge. Early Permian coal had 12.24 m net with 90-99% methane, encouraging. The company says half the mapped areas at half the gas would give over 2,000 PJ.
9 June 2010farm in farm out agreement▲ GoodMajor
Santos elected, effective 8 June 2010, to proceed with phase 2 pilot work, giving it the right to earn a further 40% of the Gunnedah tenements. It must spend at least $30M within 24 months on two multi-well pilots and more drilling.
29 Jan 2010farm in farm out completion▲ GoodMajor
Phase 1 of the Santos farm-in ended 14 December 2009, and Santos has now acquired a 25% interest in PELs 1 and 12. Kerawah #1 (947.7 m) found tight coal and high carbon dioxide. Longlea #1 pump test gave permeability of 10-200 millidarcies.
29 May 2009drilling result● NeutralMajor
Slacksmith #1 reached 1,410 m, the deepest well in the Gunnedah Basin, with over 90 m of coal. Late Permian coals are under-saturated. Lake Goran #1 stopped at 945.7 m after heavy igneous intrusions, though gas quality was excellent.
16 Mar 2009drilling result● Neutral
Barneys Spring 1A, the second seam gas well in the Maules Creek Sub-Basin, reached 594.6 m with 26 m of coal in 21 seams. Gas is somewhat under-saturated, with no final data yet. Rig moves to Glasserton #1, with Slacksmith #1 to follow.
7 Jan 2009farm in farm out agreement● NeutralMajor
Santos missed the 14 December 2008 end of phase 1 (minimum $10M), so a Deed of Amendment of 8 December gives 12 more months, to 14 December 2009, for six PEL 1 and five PEL 12 coreholes plus seismic. Stoney Creek #1 finished at 678.65 m, gas somewhat under-saturated.
1 Dec 2008drilling progress report● Neutral
Stoney Creek #1 reached total depth of 654.65 m on 30 November in Early Permian volcanics, with stratigraphy as expected. Testing and logging come next, with 21 coal intervals on desorption test. No gas results yet. Rig then moves to Barneys Spring #1.
24 Oct 2008drilling spud▲ GoodMajor
Santos spudded Stoney Creek #1 on 23 October 2008 in the Maules Creek Sub-Basin, NE PEL 1. It is the first dedicated seam gas well in that Early Permian sub-basin, to be cored to basement at about 740 m.
12 Sept 2008drilling result▲ GoodMajor
Kahlua #1, spudded 26 July, reached basement at 660.65 m on 1 September. It found over 30 m of coal, with the Hoskissons Seam at 8.53 m. Gas content of 3-5 m3/t and permeability above 100 milliDarcies point to biogenic gas like Georges Island. Half-year profit was $97,406.
18 June 2007farm in farm out agreement▲ GoodMajor
Santos signed a farm-in on PELs 1 and 12: it earns 25% by spending at least $10 million over 18 months, then a further 40% by spending at least $30 million over 24 months. Santos becomes operator. This follows the August 2006 call for partners.
27 Apr 2006drilling result▲ GoodMajor
The Georges Island #2A redrill reached 353m with casing correctly set across both seams. The original GI#2 hole was plugged, which completes the drilling program. Drill-stem tests on all four wells await equipment.
19 Apr 2006drilling progress report● Neutral
Georges Island #3 was completed after under-reaming, with the Hoskissons Seam looking very gassy. Further attempts at Georges Island #2 snapped the drill string, so a redrill (GI#2A) starts and the original hole is to be plugged.
7 Apr 2006drilling progress report▲ Good
Georges Island #3 hit the Breeza and Hoskissons seams on target with good methane kicks. It was drilling to about 380m, with completion expected the following week.
3 Apr 2006drilling progress report● Neutral
Tools remain stuck in Georges Island #2, so the hole was temporarily abandoned. The rig moved to the final well of the program, Georges Island #3, with drilling due to start at 200mm to about 360m.
29 Mar 2006resource reserve update▲ GoodMajor
Longlea #1 gas from the Breeza (98% methane) and Hoskissons (80% methane) seams is high quality with no detectable CO2. The company suggests the Benelabri area could hold 500-750 BCF gas-in-place, an unproven estimate based on older coal data.
27 Mar 2006drilling result▼ BadMajor
Georges Island #2 hit its targets, but the casing string parted during cementing and drill tools became stuck. The company says a complete redrill now appears necessary, a setback to the trial field.
20 Mar 2006drilling progress report▲ Good
Georges Island #2 intersected the Breeza and Hoskissons target seams on depth. It continues to a planned 361m total depth before logging and casing.
17 Mar 2006drilling spud▲ Good
Georges Island #2 was spudded on 14 March in PEL 1, about 350m from the Georges Island #1 discovery. It is the first of two follow-up wells forming a trial field, targeting the Breeza and Hoskissons seams.
14 Mar 2006drilling progress report● Neutral
Longlea #1 was completed and temporarily capped. The Breeza and Hoskissons seams were under-reamed ready for testing, and the rig moved to Georges Island.
7 Mar 2006drilling progress report▲ Good
Wireline logs at Longlea #1 show eight coal seams, over 38m in total. Three seams (over 13m combined) were chosen for gas testing, which is deferred until Georges Island #2 and #3 are drilled.
6 Mar 2006drilling result▲ Good
Longlea #1 reached total depth of 560m. The Hoskissons Seam was hit at about 488-496m, roughly 100m deeper than expected but thicker (about 8m), with sporadic flammable gas recorded while drilling.
2 Mar 2006drilling progress report● Neutral
Longlea #1 was at 360m, with target seams expected about 60m deeper than predicted. The company says this does not affect prospectivity.
27 Feb 2006drilling spud▲ GoodMajor
Drilling began on Longlea #1 in PEL 12 (spudded 24 February) after a wait of more than six months for a rig. Target is the Hoskissons Seam at about 450m; the rig then moves to follow up the Georges Island #1 discovery.
