Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Apr 2016resource reserve update▲ Good
Fitzroy passes on Buru's independent review of the Laurel Formation tight gas on EP 371, where it holds a royalty. It gives no figures itself; it notes 90.7M shares, about 1,100 holders and cash of about $9.5M. Cash is down from $11.7M at December 2014.
1 May 2012resource reserve update▲ GoodMajor
BeicipFranlab, the French Petroleum Institute's consulting arm, estimates net contingent gas resources in Lorraine and Nord-Pas de Calais at 4.62 Tcf (1C), 5.89 Tcf (2C) and 7.46 Tcf (3C). This is up from the earlier 2.7 Tcf Alsting figure; the company now aims to convert them to reserves by drilling.
10 Oct 2011drilling progress report● Neutral
Production testing has restarted on Folschviller-2, France's first horizontal coal bed methane well, after a workover to isolate the bottom drain and change the pump. Dewatering then gas flow testing will run over the next few weeks. Results are still to come; the company says its plans are unaffected by the fracking ban.
12 Aug 2011drilling scheduled▲ GoodMajor
A long-term production test of the Folschviller 2 upper lateral is due to start around 5 September 2011, initially for three months. A 4-well exploration drilling program is expected from Q2 2012, with a CBM pilot project targeted for 2013. This follows the earlier planned test.
27 May 2011farm in farm out agreement▲ GoodMajor
Farmout agreements let EGL earn 70% of the Valenciennois (432 km2) and Sud-Midi (929 km2) permits in northern France by spending €2.795m over about two years. EGL operates now. This follows the Transcor restructuring; the permits are held by Gazonor.
2 Feb 2011resource reserve update▲ GoodMajor
Independent MHA study of the Alsting Anticline in Lorraine assessed contingent resources of 40 Bcf (C1), 2.35 Tcf (C2) and 7.91 Tcf (C3). It follows the October engagement of MHA; Folschviller 2 is planned for production testing in the first half of 2011.
5 Jan 2010farm in farm out agreement▼ Bad
Future Corp (the Gardanne farm-in partner) says the 31 December 2009 Gardanne permit renewal deadline passed and it is seeking amended terms. It cannot estimate timing or likelihood of success. It also bought into a Louisiana oil project, which this announcement describes as non-core.
18 Dec 2009drilling progress report● Neutral
Upper-seam flow test at Folschviller 2 finished on schedule; permeability is low, but long laterals may reach economic production without stimulation. Lower-seam workover is on schedule. The company says Lorraine contingent resources are 'a step closer' to development, though no gas rates are reported.
11 Nov 2009resource reserve update▲ GoodMajor
The company identifies 2.3 Tcf of coal bed methane resources in the new Valenciennois permit, contingent on flowing at commercial rates, plus coal mine methane potential near Gazonor. This is an identified figure, not a certified resource booking. Exploration is planned for 2010-11.
10 Nov 2009drilling progress report● Neutral
Testing resumes at Folschviller 2 in Lorraine after a workover rig was secured. The pump is dewatering the first lateral. Single-phase flow tests on the seams will come first, with a separate gas production test later. No gas rates yet.
8 Sept 2009farm in farm out agreement▲ GoodMajor
European Gas signs a Heads of Agreement letting Future Corp earn 70% of Gardanne by spending €1.5m including one well, subject to permit renewal. Future Corp also gets first rights to Saint Etienne (70%) and Tuscany (51%). European Gas receives 130m Future Corp shares (8.1%, about A$1.2m) and options.
8 Sept 2009farm in farm out agreement▲ Good
Future Corporation Australia (ASX: FUT), the counterparty, announces a conditional Heads of Agreement to farm into European Gas's Gardanne project (70%), with options on Saint Etienne and Tuscany. This is the same deal European Gas announced; it adds Gardanne gas in place of 105 PJ and drilling from Feb/Mar 2010.
19 Aug 2009drilling scheduled▲ GoodMajor
European Gas plans to resume Folschviller 2 production testing at Lorraine from October 2009, then drill at Jura and Gazonor, with seismic at Lorraine. It cites the A$10m finance facility. Results so far show the coals are tight, as anticipated. Text is truncated.
24 June 2009resource reserve update▲ GoodMajor
A pre-feasibility study on electricity generation at four Gazonor sites finds a base case of up to 20 MW with capital cost of €16.5m. It puts NPV at €67.9m to €106.9m. The project depends on securing an electricity feed-in tariff, and third-party talks are in progress.
4 Mar 2009resource reserve update▲ GoodMajor
Initial contingent resources of 3,552 PJ (95 Bm3) are added for the new Poissonniere Extension permit. Total Gazonor contingent resources rise 70% to 8,642 PJ (231 Bm3), up from 5,090 PJ. This delivers the resource estimate promised when the permit was granted.
14 Oct 2008resource reserve update▲ GoodMajor
Lorraine Sud adds 1,890 PJ (50 Bm3) of contingent resources, lifting the Lorraine Project total to 3,900 PJ (104 Bm3), almost double the 8 October figure. Lorraine Nord is excluded; MBA certification is still pending.
8 Oct 2008resource reserve update▲ GoodMajor
Lorraine coal bed methane contingent resources are set at 2,010 PJ (54 Bm3), a 92% rise over the earlier 28.1 Bm3 gas-in-place estimate. It covers 260 km2 of the permit. This completes the Lorraine re-assessment; MBA certification is due in the December quarter.
7 Oct 2008resource reserve update▲ GoodMajor
Initial coal bed methane contingent resources at Gazonor of 5,090 PJ (136 Bm3) are added, alongside the existing 140 PJ 2P reserves. This resolves the open CBM resource calculation; MBA Petroleum Consultants are to certify in the December quarter.
14 Aug 2008drilling result● Neutral
Drilling of Folschviller 2 at Lorraine finished with two laterals and two sidetracks, 433m of coal and 367m of gassy sediments. A third lateral hit mechanical difficulties, so extra laterals or stimulation are deferred; production testing is being set up. No flow rates yet.
24 July 2008resource reserve update▲ GoodMajor
Gazonor 1P reserves rise 50% to 49 PJ, with inaugural 2P of 140 PJ and 3P of 380 PJ, estimated by DMT on existing facilities only. This upgrades the 865 Mm3 1P figure held since the acquisition; coal bed methane resource work continues.
21 July 2008drilling progress report▲ Good
First Folschviller 2 lateral completed, drilling 215m of coal and gassy sediments in the Marie-Maurice-Noirel seam, with high gas readings. The company says drilling risk is reduced. Up to four more laterals follow, then production testing; no flow rates are yet reported.
17 June 2008drilling spud▲ GoodMajor
Folschviller 2 appraisal well at Lorraine is spudded, planned to 1,400m measured depth with up to five 250m laterals to test three coal packets. It is expected to take about 60 days. It tests gas flow from coal, the next step after the 2006-07 coring and the 28.1 Bm3 gas-in-place estimate.
31 Oct 2007resource reserve update▲ GoodMajor
First Gas in Place estimate for the 100%-owned Gardanne project is 2,803 Mm3 (99.1 Bcf), calculated by DMT over about 40 km2. No permeability has been measured. Appraisal drilling is being planned for 2008, resolving the pending reservoir study.
18 Apr 2007drilling result▲ GoodMajor
Diebling St1 is completed at 1,423m with 41.1m of net coal. Average gas content of 12.7 m3/t is 27% above the figure used in the resource estimate. A two-well production test is planned for mid-2007, plus seismic surveys.
21 Feb 2007drilling progress report▲ Good
Diebling St1 is at 1,320m with at least 31.5m of net coal, including 13.8m in Veine H. Average gas content of 13.3 m3/t is about 33% above the 10.0 m3/t used in the resource estimate, which the company says is likely conservative.
16 Jan 2007drilling progress report▲ Good
Diebling St1 hit its first coal packet at 964.7m: 4.0m of coal averaging 10.87 m3/t gas, rated medium to high. A fractured zone caused total mud loss in late November and is being cemented; the well is at 1,030m. Three more coal packets are expected.
5 Dec 2006drilling progress report● Neutral
Diebling St1 is at 946m, with the top of the target coal-bearing units hit at about 880m as predicted. Casing is set and coring has begun to 1,500m, taking about four weeks. No coal or gas results yet.
2 Nov 2006drilling spud● Neutral
Diebling St1, the second Lorraine core well, has spudded, as flagged since October. Target depth is 1,500m, with net coal expected over 30m below 900m. Appraisal drilling is planned for the first half of 2007.
9 Oct 2006drilling result▲ GoodMajor
Folschviller St1 completes at 1,306m with 62.41m net coal in six packets and average gas content of 9.42 m3/t. The well will be kept as an observation well; the rig moves to Diebling, starting end October. Company expects a resource upgrade from the sediments.
29 Sept 2006drilling result▲ GoodMajor
Folschviller St1 intersects two more major coal packets (12.17m and 14.92m net), taking net coal to 51.93m at 1,186m, with strong gas readings throughout. The company says each of three major packets is thicker than expected. One more is expected before 1,300m.
