12 Nov 2008drilling progress report● Neutral
Pitchford #1 started drilling on Monday and casing is set at 475 ft. Logging is likely over the weekend. Pitchford #2 is still expected to start within ten days. FAR holds 34%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Nov 2008drilling spud● Neutral
The NE Waller Pitchford #1 rig arrives 7 November, with drilling to start immediately. It is a 4,500 ft Frio test on a turnkey basis and targets total depth by 11 November. Pitchford #2 (7,100 ft Yegua) to follow within ten days. FAR holds 34%.
21 Oct 2008drilling progress report● Neutral
Empire reports the crew is on site at Stokes Bay-1 and has begun fresh water circulation and swabbing while awaiting the nitrogen unit. It restates earlier mud-gas indications. No formation fluid has been recovered yet.
21 Oct 2008drilling progress report● Neutral
Partner Pancontinental re-releases the 21 October Stokes Bay-1 update: swabbing under way, nitrogen unit awaited, no formation fluids yet. Nothing new for FAR shareholders.
21 Oct 2008drilling progress report● Neutral
FAR's copy of the 21 October update: Stokes Bay-1 testing crew is on site, swabbing has started, and the nitrogen unit is awaited. No formation fluids recovered to date. FAR holds 8%.
21 Oct 2008drilling progress report● Neutral
Partner Emerald re-releases the 21 October Stokes Bay-1 update: testing crew on site, nitrogen unit being mobilised, no formation fluid yet recovered from the Nullara. Nothing new for FAR (8%) shareholders.
7 Oct 2008drilling progress report● Neutral
Partner Emerald re-releases the 7 October Stokes Bay-1 update: nitrogen replaces surfactant, testing expected in October. Nothing new for FAR (8%) shareholders.
7 Oct 2008drilling progress report● Neutral
FAR's copy of the 7 October update: Stokes Bay-1 road works are being finished, nitrogen replaces the surfactant plan, and testing is expected in October. No formation fluids recovered so far.
7 Oct 2008drilling progress report● Neutral
Stokes Bay-1 (FAR 8%): crews are mobilising to finish road works. Nitrogen replaces the foaming-water plan to lift heavy mud, with testing now expected in October. No formation fluid has yet been recovered from the Nullara.
2 Sept 2008drilling scheduled▲ Good
NE Waller (FAR 34%): a rig is contracted for the first shallow Frio well, Pitchford #1, to spud this month at an estimated US$250,000 turnkey, below earlier budget. A rig for Pitchford #2, a 7,100 ft Yegua test, is to be chosen in early September.
22 July 2008resource reserve update▲ Good
Hunt's technical studies show multiple fan systems offshore Senegal (FAR 30%), with mean oil in place of 183 million barrels for a single fan and single reservoir. These add to the billion-barrel shelf-edge closure as drill targets. The farmout continues, and FAR still expects a free carry through one well.
9 July 2008drilling scheduled▲ Good
FAR says Stokes Bay-1 testing has resumed, with potential of over 200 BCF gas or 10 million barrels of oil (FAR 8%). The first NE Waller well (FAR 34%) is expected in July or August, with a rig still being sourced. Lake Long and Senegal are also covered.
18 June 2008drilling scheduled● Neutral
Testing at Stokes Bay-1 (FAR 8%) is expected to resume in August, after the wet season curtailed it. FAR calls the porosity and permeability in the Nullara reef encouraging, but no formation fluids have yet been recovered from it.
22 May 2008drilling scheduled▲ GoodMajor
FAR (34%) plans two NE Waller wells, targeting Frio at 3,850 ft and a Cockfield/Yegua fault closure, with drilling expected early third quarter 2008. FAR is participating in both, with dry-hole costs about US$300,000 and US$500,000. Over 50 BCFE potential is anticipated.
19 Mar 2008drilling progress report▼ Bad
This is ROC's release, not FAR's. It confirms Wei 6-12E-1A was plugged and abandoned on 14 March, and the joint venture will not drill Wei 12-2N-1 in the current program. The rest covers ROC's other wells.
19 Mar 2008drilling result▼ Bad
Schwing #2 (FAR 5% to 14,500 ft) has been logged. The 14,000 ft primary target gas sands are low quality, so the well will be completed in the 12,500 ft sands. Wei 6-12E-1A was abandoned and the Wei 12-2N-1 well dropped from the program.
11 Mar 2008drilling result▼ Bad
This is ROC's release, not FAR's. Wei 6-12E-1A reached 2,510 m, found only minor residual oil shows and will be abandoned. Development plans for Wei 6-12 and 6-12 South are said to be unaffected. The Wei 12-2N-1 well is under review.
11 Mar 2008drilling result▼ BadMajor
Wei 6-12E-1A (FAR 5%) reached 2,510 m with only minor residual oil shows and will be abandoned, the second China dry well of the program. Development plans for Wei 6-12 reportedly unaffected. Schwing #2 reached 14,386 ft, to be logged through casing.
11 Mar 2008drilling result▼ Bad
This is Petsec's release, not FAR's. It repeats that Wei 6-12E-1A reached 2,510 m, found only minor residual oil shows and will be abandoned. Development plans for the nearby fields are said to be unaffected; the next well is under review.
4 Mar 2008drilling progress report● Neutral
This is Petsec's release, not FAR's. Wei 6-12E-1A (FAR 5%) had drilled to 1,970 m on 4 March and is expected to reach about 2,520 m total depth by the end of the week.
27 Feb 2008drilling progress report● Neutral
This is Petsec's release, not FAR's. It repeats that Wei 6-12E-1A has cemented casing at 986 m, with total depth of about 2,520 m expected early March. FAR holds 5% through Oil Australia.
27 Feb 2008drilling progress report● Neutral
This is ROC's release, not FAR's. It reports Wei 6-12E-1A drilled to 986 m with casing cemented, before BOP testing. FAR holds 5%. The rest covers ROC's other wells.
27 Feb 2008drilling progress report● Neutral
Wei 6-12E-1A has cemented casing at 986 m. Schwing #2 (FAR 5% to 14,500 ft) is at 13,912 ft, changing the bit, with shows still to be logged at total depth.
20 Feb 2008drilling progress report▼ Bad
This is ROC's release, not FAR's. It reports Wei 6-12E was re-spudded as 6-12E-1A after stuck pipe, with total depth now expected early March. FAR holds 5%. The rest covers ROC's other wells.
20 Feb 2008drilling progress report▼ Bad
Wei 6-12E was re-spudded as 6-12E-1A after stuck drill pipe, delaying total depth to early March. Schwing #2 (FAR 5% to 14,500 ft) is drilling ahead at 13,085 ft.
13 Feb 2008drilling spud● Neutral
Wei 6-12E-1, the second well in the China program (FAR 5%), began drilling on 12 February, 1.7 km east of the Wei 6-12S-1 discovery. Target depth is about 2,520 m by end February.
13 Feb 2008drilling progress report● Neutral
This is ROC's release, not FAR's. It reports Wei 6-12E-1 started drilling on 12 February, targeting about 2,520 m by end February. FAR holds 5%. The rest covers ROC's other wells.
5 Feb 2008drilling progress report● Neutral
Schwing #2 is at 12,532 ft with a 5,100-unit gas show to be logged. At Kicker, FAR lifts its interest to 10% for an uphole Alliance 2 completion, before a possible sidetrack to the Alliance 3 oil pay.
29 Jan 2008drilling result▼ BadMajor
Wei 6-12W-1 (FAR 5%) found no hydrocarbons at 2,333 m and was plugged and abandoned. Wei 6-12E-1 is next. Schwing #2 logs show the Upper Bol Mex sand wet, leaving only the Marg Tex pay so far.
29 Jan 2008drilling result▼ Bad
This is Petsec's release, not FAR's. It repeats that Wei 6-12W-1 found no commercial hydrocarbons and was abandoned. Wei 6-12E-1 is next, and the third well appraises the 1993 12-2-1 oil discovery. FAR holds 5%.