Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2022drilling result▼ Bad
Cue repeats the joint venture result: Palm Valley-12 hit formation water and no significant gas shows at 2,431m, so the P2/P3 lateral is curtailed. A P1 sidetrack into the currently producing formation is being prepared. Cue holds 15%.
22 Aug 2022drilling result▼ Bad
NZOG repeats the Palm Valley-12 result: formation water and no significant gas shows at 2,431m led the joint venture to stop the P2/P3 lateral. It will be plugged and a P1 sidetrack prepared. NZOG's MD says it is not the outcome they wanted.
22 Aug 2022drilling result▼ BadMajor
The Palm Valley-12 P2/P3 lateral failed: at 2,431m the well recovered formation water with no significant gas shows, so drilling stops. This ends the revised appraisal target; a P1 sidetrack into the producing formation follows. CEO calls it disappointing.
16 Aug 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 sidetrack was at 2,301m in the lower P2 on 15 August, having drilled 151m in the week. Completion is still scheduled this month.
16 Aug 2022drilling progress report● Neutral
Palm Valley-12 ST1 reached 2,301m in the lower P2 on 15 August, drilling 151m in the week. The well is still scheduled to finish this month.
9 Aug 2022drilling progress report● Neutral
Palm Valley-12 ST1 reached 2,150m in the lower P2 on 8 August, drilling 130m in the week as the hole angle builds towards horizontal. Completion is still scheduled for this month.
9 Aug 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 sidetrack was at 2,150m in the lower P2 on 8 August, drilling 130m in the week. The well is scheduled to be completed this month.
2 Aug 2022drilling progress report● Neutral
Palm Valley-12 ST1 has its 7-inch liner cemented, and air drilling of the P2/P3 lateral is due to start within 24 hours. Completion is expected in about 3 weeks, depending on penetration rate.
2 Aug 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 7-inch liner is cemented and air drilling of the lateral is due to start within 24 hours. The P2/P3 lateral is expected to take about 3 weeks, depending on penetration rate.
1 Aug 2022farm in farm out agreement● Neutral
The Peak Helium farmout missed its 31 July deadline again. Peak asked for another month to meet the remaining conditions, so the date moves to 31 August 2022. Santos has reportedly given Peak a similar extension.
26 July 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 sidetrack reached section depth of 2,020m on 25 July. A 7-inch liner is being run and cemented before the up to 1,000m lateral in the lower P2 and P3.
26 July 2022drilling progress report● Neutral
Palm Valley-12 ST1 reached section depth of 2,020m on 25 July after 168m of the bend. Running and cementing a 7-inch liner has started, ahead of up to 1,000m of drilling in the lower P2 and P3.
19 July 2022drilling progress report● Neutral
The Palm Valley-12 ST1 sidetrack began on 18 July, with about 40m of the bend drilled. A liner will be set at 2,020m before up to 1,000m of horizontal drilling in the lower P2 and P3 formations, as per the revised plan.
19 July 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 sidetrack has started, with about 40m of the bend drilled into the middle P2. A liner will be set at 2,020m, then up to 1,000m of open hole targets the lower P2 and P3.
12 July 2022drilling scheduled▼ BadMajor
Central and its partners drop the deep 3,560m Palm Valley-12 target, drilling a sidetrack lateral into the P2/P3 unit at 2,061m instead, and defer the Dingo Deep well. Capital shifts to near-term Mereenie or Palm Valley output, funded within the $40m carry. The CEO calls it disappointing but right.
12 July 2022drilling scheduled▼ Bad
Cue repeats the joint venture announcement: the deep Palm Valley-12 target is replaced by a P2/P3 sidetrack lateral and Dingo Deep is deferred, with capital redirected to near-term production. Cue holds 15% of the Palm Valley and Dingo ventures.
12 July 2022drilling scheduled▼ Bad
NZOG repeats the joint venture decision: Palm Valley-12 swaps its deep 3,560m target for a P2/P3 sidetrack lateral, and Dingo Deep is deferred. Spending is to be covered by the $40m carry. NZOG's CEO calls it a setback for understanding deeper opportunities.
5 July 2022drilling progress report● Neutral
Palm Valley-12 was at 2,335m on 4 July, only 57m in the week. Tests of the P2 and P3 units were followed by a cement plug to cure the loss zone. Mud drilling of P4 has restarted; the 3,560m Arumbera target was still the primary objective.
5 July 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 was at 2,335m on 4 July, with 57m drilled in the week. Pressure tests of the P2 and P3 units were run before a cement plug was set to cure the loss zone; mud drilling through P4 has resumed.
30 June 2022farm in farm out agreement● Neutral
The Peak Helium farmout (announced 9 Feb 2022) did not meet its 30 June deadline. Peak asked for another month to finish the remaining conditions, so the date moves to 31 July 2022. Most conditions are already satisfied.
28 June 2022drilling progress report▼ Bad
Palm Valley-12 reached 2,278m on 27 June. P3 showed only minor gas flows, so no significant fractures there; the JV may appraise it with a horizontal lateral. CEO Devaney says the well is behind schedule and over its original budget.
28 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 2,278m on 27 June in the P4 unit, drilling 220m in the week. Gas shows through P1-P3 but only minor flows to surface from P3, so no significant fractures there.
21 June 2022drilling progress report● Neutral
Palm Valley-12 reached 2,058m on 20 June. Casing passed its integrity test, total fluid loss at 2,024m led to a switch to underbalanced air drilling, and drilling resumed. Routine progress; deep target still 3,560m.
21 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 2,058m on 20 June. Casing was cemented after an extra plug, then total lost circulation occurred at 2,024m, so the well switched to underbalanced air drilling.
14 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 was at 2,005m on 13 June, with the week spent cementing casing in fractured rock using several remedial cement plugs. Drilling resumes once the shoe is strong enough. Less detail on the problems than Central's version.
14 June 2022drilling progress report▼ Bad
Palm Valley-12 was at 2,005m on 13 June. Cementing the 9 5/8-inch casing has been problematic, with losses continuing and several remedial cement plugs run. Drilling in the 8.5-inch section resumes once required shoe strength is reached, so the deep target is further delayed.
7 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 1,998m on 6 June at the P2 sealing unit, with only 51m drilled in the week due to fracture-related fluid losses. 9 5/8-inch casing is being cemented; faster drilling is expected after.
7 June 2022drilling progress report● Neutral
Palm Valley-12 reached section depth of 1,998m on 6 June in the P2 seal, only 51m in the week because of fluid losses in the fractures. The 9 5/8-inch casing is being cemented, and faster drilling is expected afterwards.
31 May 2022drilling progress report▼ Bad
NZOG repeats Central's update: Palm Valley-12 was at 1,947m on 30 May in the P1 unit. Fractures keep causing drilling fluid losses, needing repeated cement jobs; only 67m was drilled in the week. Section target is about 2,009m.
31 May 2022drilling progress report▼ Bad
Palm Valley-12 reached 1,947m on 30 May in P1. Fractures keep causing drilling fluid losses, needing multiple fluid loss measures including consecutive cement jobs; only 67m drilled in the week, slower than anticipated. The 12 1/4-inch section is to end near 2,009m.
