13 Sept 2007admin correction● Neutral
This is ARC Energy's announcement, not FAR's. It corrects the reporting time on its 13 September Valentine-1 report to 0600 hrs on 13 September from 10 September. The well data is unchanged at 3,038 m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2007drilling progress report● Neutral
Valentine-1 (FAR 8%) is at 3,038 m, pulling out for a bit change, still heading for the Virgin Hills target. Gas readings in the Clanmeyer Formation are unevaluated until logging at total depth. Stokes Bay-1 follows.
13 Sept 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It repeats the operator's report of Valentine-1 at 3,038 m with a bit change under way. Empire says it will give details of further elevated gas readings between 2,695 and 3,038 m.
13 Sept 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats Valentine-1 at 3,038 m with a bit change. It says elevated gas readings continue intermittently, with their significance to be judged after final logging.
13 Sept 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report of Valentine-1 at 3,038 m, pulling out for a bit change. Gas readings remain unevaluated. No new results.
13 Sept 2007drilling progress report● Neutral
This is ARC Energy's announcement, not FAR's. Valentine-1 is at 3,038 m, pulling out for a bit change, still drilling toward the Virgin Hills target at 3,222 m. Elevated gas readings are repeated; significance awaits final logging.
10 Sept 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It repeats the operator's finding of low hydrocarbon saturations in Valentine-1's Anderson sands, which it says enhance Stokes Bay-1's prospects. Drilling continues at 2,695 m.
10 Sept 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It says Valentine-1 logs show low hydrocarbon saturations and the gas shows are likely residual hydrocarbons. Drilling continues at 2,695 m toward the primary target.
10 Sept 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It reports low hydrocarbon saturations in Valentine-1's Anderson sands and drilling at 2,695 m. It says the deeper Laurel gas shows need further evaluation in Stokes Bay-1.
10 Sept 2007half year report▼ Bad
Half-year to 30 June 2007: loss A$1.80m (prior A$1.36m); North American oil and gas revenue A$847k, down 53%. Four wells drilled, all called successful. China development plan due to Chinese authorities before year end; Kicker production expected 2H 2007.
10 Sept 2007drilling result● Neutral
This is ARC Energy's announcement, not FAR's. Logs show porous Lower Anderson sands (15%) with low hydrocarbon saturations, including the strong gas-show zone at 2,240-2,260 m. The operator calls this encouraging for the Stokes Bay-1 sidetrack. Drilling has resumed, now at 2,695 m toward the 3,222 m target.
10 Sept 2007drilling result● Neutral
Valentine-1 (FAR 8%) logging found porous Anderson sands (15%) but low hydrocarbon saturations. The operator says this supports the Stokes Bay-1 sidetrack. The well is deepening at 2,695 m toward the 3,222 m Virgin Hills target.
6 Sept 2007drilling progress report● Neutral
Valentine-1 (FAR 8%) is at 2,589 m, wireline logging 808 to 2,589 m after the gas shows. Stokes Bay-1 is still to be sidetracked afterwards. No new results.
6 Sept 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report that Valentine-1 is at 2,589 m and being wireline logged. No new results.
6 Sept 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. Wireline logs have been run in Valentine-1 and interpretation is under way. No results yet.
6 Sept 2007drilling progress report● Neutral
This is ARC Energy's announcement, not FAR's. Valentine-1 remains at 2,589 m while wireline logging runs over 808 to 2,589 m. The gas shows are still being evaluated.
4 Sept 2007drilling progress report● Neutral
This is ARC Energy's announcement, not FAR's. Valentine-1 is at 2,589 m, with five further elevated gas readings between 2,295 and 2,470 m. A wiper trip precedes intermediate logging to judge their significance.
4 Sept 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It reports Valentine-1 at 2,589 m with five more elevated gas readings, pending logging. It repeats Empire's estimates of 1,200 BCF of gas or up to 200 million barrels of oil.
4 Sept 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's 4 September Valentine-1 report: 2,589 m, five more elevated gas readings, wiper trip before logging. No new results.
4 Sept 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the six gas shows between about 2,250 and 2,470 m in Valentine-1. It calls them encouraging, and says the primary target is about a week away.
30 Aug 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It repeats the operator's Valentine-1 report: drilling at 2,340 m, with a minor gas show near 2,250 m whose significance awaits logging.
30 Aug 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's Valentine-1 report: drilling at 2,340 m, with a minor gas show near 2,250 m awaiting logging. No new results.
30 Aug 2007drilling progress report● Neutral
This is ARC Energy's announcement, not FAR's. Valentine-1 is drilling at 2,340 m. Elevated gas readings over 2-3 m near 2,250 m are in a non-primary zone, and their significance awaits logging at total depth.
30 Aug 2007drilling result● NeutralMajor
Lindsey 109A #1R (FAR 4.64%) reached 12,280 ft and tested oil with no water over a 6 ft net interval, but permeability is low. A sidetrack nearer the 1997 discovery well is planned and FAR will participate. Kicker's Marceaux #1 (FAR 5%) began oil sales, about 4,500 barrels in 6 days.
30 Aug 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the gas show near 2,250 m in Valentine-1 and says the primary target is 4-5 days away if drilling rates hold. It calls the show encouraging, as it is not the primary target.
24 Aug 2007flow test result▲ GoodMajor
After fracture treatment, Kicker's Marceaux #1 (FAR 5%, 3.75% after payout) tested up to 2,520 barrels a day while unloading fluid. It was making 624 barrels of oil a day, no water and no sand, on an 8/64 inch choke. Sales could start as early as the next day, resolving the sand problem seen in June.
23 Aug 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. Valentine-1 is at 1,566 m in a section where no hydrocarbons are expected. Empire repeats its estimates of up to 1,200 BCF of gas or 200 million barrels of oil.
23 Aug 2007drilling progress report● Neutral
This is ARC Energy's announcement, not FAR's. Valentine-1 has 9 5/8 inch casing set at 808 m and is drilling ahead at 1,566 m. No hydrocarbon indications reported.
23 Aug 2007drilling progress report● Neutral
Lindsey 109A #1R (FAR 4.64%) reached 12,280 ft, with logs and an open hole drill stem test planned within 24 hours. Kicker's Marceaux #1 (FAR 5%) is being fracture treated and is unloading fluid. Valentine-1 is drilling at 1,566 m.
23 Aug 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the Valentine-1 drilling report: drilling ahead at 1,566 m, with no hydrocarbon indications. No new results.