31 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 off bottom in the sidetrack hole, preparing to drill ahead from 3,459 metres, with target depth expected later in the week. No result yet; FAR holds 15%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2006drilling progress report● Neutral
FAR reports Schwing A-1 (18.3%) drilling at 10,984 feet, expected to reach its 11,650 foot total depth and be logged this week. Eagle North-1 (15%) is preparing to drill ahead in its sidetrack at 11,285 feet. No results yet.
30 Jan 2006drilling progress report● Neutral
Operator reports the Eagle North-1 sidetrack drilled to 3,459 metres; the crew is pulling out to fit a new bit and assembly before drilling toward the 4,145 metre target. FAR holds 15%. No result yet.
27 Jan 2006drilling progress report▼ Bad
Operator says Eagle North-1 is preparing to set a cement plug on 20 metres of pipe left in the hole; sidetrack drilling from about 3,500 metres should resume over the weekend. Planned time to reach total depth now stated as 17 days, up from 14.
27 Jan 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 is still setting a cement plug to sidetrack, with target depth now expected late next week. A further 24-hour pause for crop spraying is flagged. The delay lengthens beyond the earlier timetable.
25 Jan 2006drilling progress report▼ Bad
Eagle North-1 pipe became stuck at 3,625 metres; the operator is backing off and plugging with cement to sidetrack around it. Drilling is expected to resume in about 48 hours, a setback to the earlier 25 January target-depth expectation.
25 Jan 2006drilling progress report▼ Bad
Operator confirms Eagle North-1 pipe stuck at 3,625 metres; drill string being retrieved, cement plug to be set and a sidetrack started from about 3,500 metres. Drilling expected to resume in 48 hours; the operator calls the delay disappointing.
24 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead at 3,540 metres toward the 4,145 metre Gatchell target. FAR holds 15%. No new result; background and reserve range repeated.
24 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,540 metres, with target depth expected about 25 January. Repeats known reserve range (mean 13.5 million barrels) and well plan; FAR holds 15%. No result yet.
24 Jan 2006drilling progress report● Neutral
FAR reports Schwing A-1 (18.3%) at 9,935 feet with the rig under repair, and Eagle North-1 (15%) drilling ahead at 11,614 feet. Neither well has a result yet.
23 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead at 3,386 metres toward the 4,145 metre Gatchell target. FAR holds 15%. No new result.
23 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,386 metres, completing a wiper trip before drilling on. Total depth is now expected around 25 January. No result yet; FAR holds 15%.
20 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 2,732 metres, with target depth now expected around 24 January, earlier than the prior 26 January, because of good progress. No result yet; FAR holds 15%.
20 Jan 2006farm in farm out agreement▲ GoodMajor
FAR agreed with Hunt Oil to acquire a 30% interest in three offshore Senegal concessions, subject to Senegal government approval. FAR would contribute about US$9.3 million toward a proposed 2,000 sq km 3D seismic survey from late Q3 2006. Due diligence continues; upside is described as exceeding 1 billion barrels.
20 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead at 2,732 metres toward the 4,145 metre Gatchell target. FAR holds 15%. No new result.
19 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 drilling at 2,134 metres, with total depth still expected about 26 January. Repeats known well plan; FAR holds 15%. No new result.
19 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead at 2,134 metres toward the Gatchell Sandstone target near 4,145 metres. Background repeated; FAR holds 15%. No new result.
18 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 drilling at 1,444 metres, with total depth expected around 26 January. Repeats known reserve range and well plan; FAR holds 15%. No new result.
18 Jan 2006drilling progress report● Neutral
FAR reports Schwing A-1 in Louisiana (18.3%) drilling at 8,755 feet of a planned 11,650, and Eagle North-1 (15%) approaching 5,000 feet. Both wells still drilling; no results yet.
18 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead at 1,444 metres toward a Gatchell Sandstone target near 4,145 metres. FAR holds 15%. No new result.
17 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 testing the blowout preventer at 913 metres, with drilling to resume towards a Gatchell Sandstone target near 4,145 metres. No new result.
17 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 casing complete at 913 metres and the blowout preventer being tested before drilling resumes. Target depth is expected in about 10 days. No new result.
16 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 cased at 913 metres and welding the wellhead, with drilling to resume to 4,206 metres in about 48 hours. No new result.
16 Jan 2006drilling progress report● Neutral
Eagle North-1 reached its first casing point at about 913 metres and was running casing, with drilling to resume to the 4,200 metre target. Partner Sun Resources' update; no result yet.
13 Jan 2006drilling spud▲ GoodMajor
Partner Sun Resources reports Eagle North-1 spudded 11 January and was drilling at 252 metres towards a 4,200 metre target. This starts the appraisal well in which FAR holds 15%.
13 Jan 2006drilling progress report● Neutral
FAR reports Schwing A-1 in Louisiana (18.3%) drilling at 6,350 feet of a planned 11,650, and Eagle North-1 (15%) spudded and drilling at 828 feet. Both wells in progress; no results yet.
13 Jan 2006drilling spud● Neutral
Operator Victoria Petroleum confirms Eagle North-1 began drilling, at 252 metres on 12 January, targeting 4,206 metres in about 14 days. Duplicates the Sun Resources spud report; FAR holds 15%.
11 Jan 2006farm in farm out agreement▲ GoodMajor
FAR signed a letter of intent for a 34% interest in a 50 square mile 3D seismic project on the onshore Texas Gulf Coast, costing about US$1.36 million of a US$3.4 million total. A definitive agreement is due by 31 January 2006; potential exceeds 50 BCFE.
10 Jan 2006drilling progress report● Neutral
Partner Lakes Oil's update mainly covers its own Victorian Banjo 1A hole, plus a repeat of the Eagle North-1 rig-up news. FAR holds 15% of Eagle. Nothing new for FAR.
9 Jan 2006drilling scheduled● Neutral
Partner Sun Resources reports the rig is on site at Eagle North-1 and rigging up, with drilling due about 11 January. Repeats known well plan and 15% FAR interest; no new result.