Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Aug 2019drilling result▲ Good
Cerro Norte results: 21 bulk samples average 14.7 g/t gold, 44.8 g/t silver and 9.8% zinc, above the historical grades. 30 more of the 70 samples reported. Three samples exceeded the zinc detection limit and went for re-assay.
26 July 2019drilling result▲ Good
First El Guayabo geophysics (one IP line of a 16 km2 survey) shows two large targets below historic drilling, which stopped at about 300m. Targets sit 300-800m deep and are open at depth. Mapping and sampling started near the second target. Interpretation only; not drilled.
16 July 2019drilling result▲ Good
Second batch of Hualilan underground samples: 27 channel samples include 201 g/t gold over 1m within a 5m zone of 52.2 g/t, plus copper up to 16.1%. Further supports the historical mineralisation; 35 of 70 samples now reported, with the rest due in weeks.
9 July 2019drilling result▲ GoodMajor
First sampling at Hualilan: the first eight of 70 underground samples confirm high grades, including 30.9 g/t gold over 1m. Backs the historical 627k oz at 13.7 g/t estimate, which is non-JORC and still to be validated by drilling. Remaining results due in weeks.
17 May 2012drilling progress report▼ BadMajor
Barnett frac at Mercury Stetson to start within 24 hours across 11,085–11,425 ft. The company attributes the weak Woodford result to a possible nearby shear fault. It will let the core Triple Crown lease expire mid-June to focus on Mercury Stetson and South Africa.
30 Apr 2012drilling progress report● Neutral
Woodford flowback continues, with about 55% of pumped fluid recovered and signs of gas seen; tubing with gas lift valves was installed. Gas production testing will begin once liquid rates fall. Still no gas flow rate.
23 Apr 2012drilling progress report● Neutral
The Woodford frac at Mercury Stetson was completed with 180,000 lb of sand and ~500,000 gallons of fluid. Flowback has begun, with about 15% of the fluid recovered. No gas rate yet; 2–4 weeks of testing expected.
19 Apr 2012drilling progress report● Neutral
Fracture stimulation on the Woodford shale at Mercury Stetson is starting: zone perforated, cement integrity confirmed, frac pumps on site. Flow testing of 2–4 weeks follows, as previously advised.
2 Apr 2012drilling progress report▲ Good
Mercury Stetson well is cased and cemented with 7in casing. A Baker Hughes frac slot is booked for the week of 23 April, starting with a single-stage Woodford frac and 2–4 weeks of flow testing, then the Barnett. Initial Flex logs are encouraging.
26 Mar 2012drilling result▲ Good
Mercury Stetson sidetrack reached final depth of 11,947 ft after drilling ~150 ft of Woodford, slightly less than the 185 ft expected because of high torque. Logs show porosity of 9–15% and gas shows to 670 units. Casing then frac in 4–6 weeks.
20 Mar 2012drilling result▲ GoodMajor
Logs show about 600 ft of Barnett shale, roughly 200 ft more than expected, with gas throughout and 8–14% porosity. Woodford top hit at 11,766 ft with gas to 670 units, so the well is being deepened. A further A$1.2m placement at 6.5c was announced.
16 Mar 2012drilling result▲ GoodMajor
Mercury Stetson sidetrack reached 11,750 ft, with strong gas shows (over 550 units in Barnett, ~600 in Woodford). Company says this proves gas is present in the new province; logging, casing then frac expected in 4–6 weeks. Gas shows are not a flow test.
13 Mar 2012drilling progress report▲ Good
At 11,100 ft, Mercury Stetson hit the Lower Barnett at 10,936 ft with gas shows above 550 units (5.5%). Woodford remains to be drilled, with total depth expected later this week. Early encouraging sign, not yet a test result.
5 Mar 2012drilling progress report▲ Good
Mercury Stetson was at 9,826 ft on 5 March, averaging over 750 ft/day with the PDC bit. Company expects to reach total depth at the base of the Woodford late this week or early next.
27 Feb 2012drilling progress report▲ Good
The Mercury Stetson sidetrack kicked off the cement plug and was at 5,490 ft on 27 Feb, drilling about 20 ft/hr. Company says operations are progressing as planned; a bit change is due later this week.
20 Feb 2012drilling spud● Neutral
Rig 25 is fully mobilised at Mercury Stetson and, as of 20 Feb 2012, has started drilling, kicking off from the cement plug. This begins the sidetrack to about 12,500 ft after the abandoned re-entry.
13 Feb 2012drilling progress report● Neutral
Unit Drilling Rig 25 began mobilising to Mercury Stetson and should be rigged up later this week. The sidetrack from ~5,100 ft to about 12,500 ft through the Barnett and Woodford shales follows, then frac and testing. Continues the Jan 2012 rig contract.
14 Dec 2011drilling result▼ BadMajor
After failed casing attempts, Challenger abandons the old-well re-entry at Mercury Stetson and will sidetrack from about 5,100 ft, needing a drilling rig in the new year for about 7,000 ft. It says re-entry was only partially successful, and it is discussing adjusted farm-in obligations with the JV.
5 Dec 2011drilling progress report▼ Bad
Mercury Stetson has slowed: the 7-inch casing slipped outside the 9 5/8-inch casing and stuck, and is being recovered. The 10-14 day timetable resets. Triple Crown work is delayed to the new year, so the planned frac slips again.
24 Nov 2011drilling progress report▲ Good
Mercury Stetson re-entry is going well: the rig cleaned out to 10,022 ft and tagged the bridge plug above the reservoir. The company expects the re-entry to succeed. New casing, logging and cementing are expected within 10-14 days, after a Thanksgiving pause.
21 Nov 2011drilling progress report● Neutral
The rig is on site and re-entry at Mercury Stetson began last week. It is drilling out the cement plug at 2,550 ft, on the way to new casing at about 10,000 ft. Nothing new on results.
9 Nov 2011drilling spud▲ GoodMajor
Mercury Stetson operations begin: lease construction approved and equipment mobilised, with the rig due mid-November. The 3-5 week re-entry is followed by a frac, possibly late Dec/early Jan. Management calls it 'transformational' after the Triple Crown disappointment.
26 Oct 2011drilling result▼ BadMajor
The Triple Crown Ellenburger lateral reached 6,112 ft. Significant drilling breaks were seen, but gas shows did not rise and no commercial gas flow was observed. The Ellenburger (1.6 TCF) test is disappointing; the hybrid zone frac is now 6-8 weeks away because of a frac equipment shortage.
24 Oct 2011drilling progress report● Neutral
The Triple Crown sidetrack reached 5,670 ft and is building angle toward the Ellenburger. Minor gas shows were seen but the company draws no conclusions. A broken bit and mechanical issues cost a few days.
17 Oct 2011drilling progress report● Neutral
At Triple Crown the cement bond log showed good casing integrity, the whipstock is set and the rig has started milling the casing window for the sidetrack. Nothing new on results.
10 Oct 2011drilling progress report● Neutral
Equipment is mobilising to Triple Crown. A cement bond log is due Tuesday and the sidetrack should start later in the week, finally getting the long-delayed program going.
22 Sept 2011drilling scheduled● Neutral
A Nabors rig is booked for early November to re-enter the 1978 Mercury Stetson well (clean out to ~11,400 ft, log, case, frac). The Triple Crown rig is expected to mobilise within 14 days, a further slip from the late-August forecast.
10 Aug 2011farm in farm out agreement▲ GoodMajor
Challenger agrees to earn up to 50% of the Mercury Stetson Prospect in North Texas (Barnett and Woodford shales, up to 55,000 acres, OGIP 360 BCF/sq mile) by drilling two wells, renewing leases and running seismic, as operator. Up to US$2.2m is payable; the rest of the terms were truncated.
4 Aug 2011drilling scheduled● Neutral
The rig for Triple Crown is likely onsite in late August, after delays, once it finishes its last well for another operator. The planned Ellenburger sidetrack (1.6 TCF) and Hybrid Zone frac (7.4 TCF) are unchanged; this follows the earlier slip to August.
14 June 2011drilling scheduled▲ GoodMajor
Testing at Triple Crown is expected to start next month: a short horizontal sidetrack into the Ellenburger (1.6 TCF), then a large slick-water frac at about 5,200 ft in the hybrid zone (7.4 TCF). Land leasing is progressing. This sets the plan after the 9 TCF estimate.
