10 Aug 2006drilling progress report● Neutral
ST135S #1 at Galveston Bay is drilling ahead at 5,037 ft after setting surface casing at 1,500 ft; target depth 9,900 ft. No new result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Aug 2006drilling spud● Neutral
The ST135S #1 well at Galveston Bay State Tract 135 (FAR 12.5%, 9.375% after payout) has spudded, drilling at 1,047 ft toward 9,900 ft, about 12 days planned. Targets multiple Frio sands near Smith Point Field.
1 Aug 2006drilling result▲ Good
FAR relays ROC's second sidetrack results at Wei-6-12S-1: four oil sands (16m net) over 45m downdip, outside mapped closure, up to seven separate upper oil columns; deep target had no hydrocarbons. Months of analysis ahead; FAR holds 5%.
1 Aug 2006drilling result▲ Good
Horizon (30% partner) relays ROC's second sidetrack results: four oil sands (16m net) found over 45m downdip, with as many as seven separate upper oil columns. Duplicates operator news; FAR holds 5%.
1 Aug 2006drilling result● Neutral
Petsec (25% partner) relays ROC's second sidetrack results: four oil sands (16m net pay) found over 45m downdip, up to seven separate upper oil columns, Middle/Lower sands water-wet downdip, deep target had no hydrocarbons. Duplicates operator news; FAR holds 5%.
1 Aug 2006drilling spud● Neutral
Todco Rig 57 has arrived at Galveston Bay State Tract 135 to drill the ST135S #1 well (FAR 12.5%, 9.375% after payout). The 9,900 ft well should take about 12 days, so a result should follow shortly.
1 Aug 2006drilling result▲ GoodMajor
ROC says the second Wei-6-12S-1 sidetrack found four oil sands (16m net pay) more than 45m downdip, outside the currently mapped closure. The upper sands are as many as seven separate oil columns, not one reservoir. Middle and Lower sands were water-wet downdip, as expected. FAR holds 5%.
19 July 2006drilling progress report● Neutral
ROC says the second sidetrack, Wei-6-12S-1Sb, started 13 July and was at 2,217m, about 300m from the discovery well, aiming for 2,849m. Deeper zones are likely water-bearing; the hope is downdip oil in upper sands. Results next week. FAR holds 5%.
19 July 2006drilling progress report● Neutral
Petsec (25% partner) relays ROC's update: second sidetrack Wei-6-12S-1Sb at 2,217m, drilling toward 2,849m, with results due next week. Duplicates operator news; FAR holds 5%.
19 July 2006drilling progress report● Neutral
Horizon (30% partner) relays ROC's update: second sidetrack Wei-6-12S-1Sb drilling at about 2,220m toward 2,849m, outcome due next week. Duplicates operator news; FAR holds 5%.
19 July 2006asset acquisition disposition▲ GoodMajor
FAR acquired a 10% interest (7.5% after casing point) in the West Andrews gas prospect, South Louisiana, with a 14,000 ft well likely to spud before November. Potential is 20 BCF gas and 200,000 barrels of oil. Galveston Bay rig is slightly delayed; Texas 3D leasing has reached 7,404 net acres.
12 July 2006drilling progress report● Neutral
Horizon (30% partner) relays ROC's update: first Wei-6-12S-1 sidetrack cored and finished, second downdip sidetrack to start this week and finish in August. Duplicates operator news; FAR holds 5%.
12 July 2006drilling progress report● Neutral
ROC reports the first Wei-6-12S-1 sidetrack finished: five cores with ~100% recovery, similar reservoir to the discovery well, TD 2,530m, plugged. A second downdip sidetrack starts this week, completing in August. FAR holds 5%.
12 July 2006drilling progress report● Neutral
FAR relays ROC's sidetrack update (first sidetrack cored, second starting; FAR 5%). Kakwa (FAR 15%) completion rig due late this week to test the Wabamun first. Eagle North-1 (15%) awaits a workover rig late July. Galveston Bay rig due about 15 July.
6 July 2006contract award▲ GoodMajor
CGG has been awarded the 2,000 sq km 3D seismic survey over FAR's Senegal blocks (FAR 30%, Hunt Oil operator), with acquisition set to start in the first week of December 2006. This follows through on the planned Q4 2006 survey, a step toward drilling targets.
6 July 2006drilling scheduled● Neutral
Permits issued and pilings being driven for the ST135S #1 well in Galveston Bay (FAR 12.5%, falling to 9.375% after payout). Todco Rig 57 is due 11-15 July; 9,900 ft target, about 12 days of drilling. Repeats the known plan with updated timing.
13 June 2006flow test result▲ Good
Horizon (30% partner) repeats ROC's results: Wei-6-12S-1 flowed oil from all three zones at a combined rate of up to 5,750 bopd. Duplicates the operator's news; FAR holds 5%.
13 June 2006flow test result▲ Good
Petsec (25% partner) repeats ROC's results: Wei-6-12S-1 flowed oil from all three zones at a combined rate of up to 5,750 bopd. Duplicates the operator's news; FAR holds 5%.
13 June 2006drilling progress report▲ Good
FAR relays ROC's Wei-6-12S-1 test results: oil from all three zones, up to 5,750 bopd combined (FAR 5%). Kakwa Wabamun testing is under way, with results expected late June 2006. Duplicates operator news.
13 June 2006capital raising announcement▲ GoodMajor
Following shareholder approval, FAR allotted 95 million shares to Hartleys' institutional clients, raising $12.35m. This completes the placement agreed on 8 May; FAR says it is fully funded for its program. Issued shares now about 413.7m.
What it means for a shareholder
95.0m new shares at about A$0.130 to raise about A$12.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
13 June 2006flow test result▲ GoodMajor
ROC reports Wei-6-12S-1 tests flowed oil from all three zones, at a combined stabilised rate of up to 5,750 bopd (1,725, 2,575 and 1,450). No water was produced. First sidetrack starts this week. FAR holds 5%.
8 June 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 testing is still waiting for a completion rig and coiled tubing unit to be available together, due to heavy demand around Bakersfield. No flow rates yet; the delay continues. FAR holds 15%.
8 June 2006drilling progress report▼ Bad
Operator Victoria Petroleum says Eagle North-1 testing is still delayed while it secures a completion rig and coiled tubing unit. No results yet; up to 1,000 bopd is still its hope. FAR holds 15%.
24 May 2006drilling progress report● Neutral
Petsec (25% partner) repeats ROC's update: a three-week production test of at least three zones at Wei-6-12S-1 is about to start, with sidetracks to follow. Duplicates the operator's news; FAR holds 5%.
24 May 2006investor presentation● Neutral
AGM presentation restates FAR's focus on Senegal (30%) and North America, $13.5m cash before the placement, 18 wells planned for 2006, and the Wei-6-12S-1 discovery. Repeats known facts; the ~413.6m post-placement share count is the main figure.
24 May 2006drilling progress report▲ Good
FAR relays ROC's plan for a three-week test of at least three zones at Wei-6-12S-1 (FAR 5%), then one or two sidetracks, with next news mid-June. Kakwa drilled to 4,080m; Wabamun about 95m thick, thicker than the offset well; testing planned.
24 May 2006drilling progress report● Neutral
Horizon relays ROC's update: a three-week production test of at least three zones in the 95m net pay column at Wei-6-12S-1 is about to start, with one or two sidetracks to follow. Duplicates the operator's news; FAR holds 5%.
23 May 2006drilling progress report● Neutral
Operator Victoria Petroleum says Eagle North-1 testing continues with results 'providing encouragement for further testing'. A completion rig is due on site next week, then a coiled tubing unit. No flow rates given. Up to 1,000 bopd is still anticipated. FAR holds 15%.
23 May 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 testing continues with 'encouraging results'. The drilling rig was released on 20 May, and a cheaper completion rig and coiled tubing unit will be brought in. No flow rates given. FAR holds 15%.
17 May 2006drilling result▲ Good
FAR relays ROC's interim results: 95m net hydrocarbon pay including 80.5m net oil at Wei-6-12S-1 (FAR 5%), and an appraisal of at least two tests and a sidetrack. Duplicates the operator's news.