18 Sept 2006drilling result▲ GoodMajor
Lab tests on Folschviller St1 coal give average gas content of 7.3 m3/t (Veine 8) and 9.6 m3/t (Veine 9). A second packet with 6.95m net coal was hit at 985m; net coal so far is 23.8m. Coal is described as dry.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2006drilling result▲ GoodMajor
Folschviller St1 hits thick gassy coal: 13.46m net in Veine 9 and 3.45m in Veine 8, with strong gas readings to 882m. A shallower packet than expected, and the company says it is a development target. First positive result of the Lorraine program.
30 Aug 2006drilling progress report● Neutral
Folschviller St1 is at 741m, having reached the top of the target coal-bearing units at 705m as predicted. Casing is being set before coring begins to 1,300m. No gas or coal results yet.
7 Aug 2006drilling spud● NeutralMajor
Folschviller St1, the first of two Lorraine core wells, has spudded, targeting coal from about 700m to a planned 1,300m. This starts the program flagged since April; the rig then moves to Diebling, with both wells taking ten to twelve weeks.
11 July 2006drilling scheduled▲ Good
Approvals, landholder agreements and the drilling contract are finalised for the 75%-owned Lorraine project. Two core wells (Folschviller to 1,300m, Diebling to 1,500m) start the week of 24 July, budgeted at €2.8 million, 75% funded by European Gas.
3 July 2006drilling result▼ BadMajor
Scrubby #1 reached 1,250 metres and is being plugged and abandoned. Golden Dynasty is suspending its drilling program to remap prospects, after two wells in a row failed to find oil. European Gas's interest and royalties continue.
30 June 2006drilling progress report● Neutral
Scrubby #1 is at 1,085 metres drilling in the Grant Formation, close to its 1,245-metre planned depth. No result reported.
23 June 2006drilling spud● Neutral
Scrubby #1, the second well of Golden Dynasty's three-well program, spudded on 22 June 2006 and was at 166 metres. Planned depth is 1,245 metres.
19 June 2006drilling result▼ BadMajor
Boundary SE-1 is plugged and abandoned at 1,710 metres after finding no commercially significant shows. This is a dry hole in a well funded by Golden Dynasty; European Gas keeps its 20% and royalties. The rig moves to Scrubby-1.
1 June 2006drilling progress report● Neutral
Boundary SE-1 is at 505 metres, drilling ahead toward a planned 1,900 metres. No new result yet.
24 May 2006drilling spud● Neutral
Golden Dynasty spuds Boundary SE-1 in EP129, Canning Basin, targeting the oil-bearing sandstone that Boundary 1 produced from. European Gas is diluting to 20% of Terratek, the permit holder, and keeps a 2% well head royalty. The well was at 96.5 metres.