Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2006director officer appointment● NeutralMajor
Gundi Royle steps down as Managing Director, returning to the UK to run new ventures; Dr David King takes over local management and Philippines operations. A testing unit is contracted for the 2,750-2,800 ft test from mid to late April, and a European licence application is planned.
1 Mar 2006admin correction● Neutral
Notice that 3,648,700 ordinary shares leave ASX escrow on 3 March 2006, making them freely tradable. Administrative only.
20 Feb 2006drilling result● Neutral
Post-drill review says there are good prospects the well can produce, mainly gas, at commercial rates. The untested 2,750-2,800 ft interval is perforated with tubing and a sliding sleeve; a test could be ready within 6-8 weeks. Supported by the company's own view only.
31 Jan 2006drilling result● NeutralMajor
Final report: Nuevo Malolos-1 showed hydrocarbons over more than 2,900 ft and excellent core porosity, but two tests failed to flow hydrocarbons to surface. Upper Maingit (2,750-2,800 ft) will be tested later without a rig; further appraisal and lead work planned.
30 Jan 2006well test result▼ BadMajor
Test of the 6,223-6,243 ft Toledo interval produced no hydrocarbons to surface; only about 2 barrels of oil came back on reverse circulation. The company says the challenge is now finding reservoir engineering solutions to move the hydrocarbons, with other zones still to test.
27 Jan 2006drilling progress report● Neutral
Picking up tubing ahead of completion and testing; rig release anticipated late Saturday or early Sunday. Repeats earlier log and core findings with no new results.
25 Jan 2006drilling progress report● Neutral
Casing is nearly run and the well is secure, with completion and testing next. Repeats the 24 January log and core findings, adding that core shows fracture systems that probably caused the caving and may have aided hydrocarbon migration.
24 Jan 2006drilling result▲ GoodMajor
Logs confirm significant hydrocarbons across about 3,981 ft of sands with no water, and core shows high porosity and permeability. The well will be cased to total depth and a Toledo sand perforated and tested.
23 Jan 2006drilling progress report▲ Good
Nuevo Malolos-1 reached final depth of 6,381 ft on 21 January, with a strong gas show (780 units) at 6,240 ft in the Toledo sands. Logging under way; testing and completion decision to follow log analysis.
20 Jan 2006drilling progress report▲ Good
Nearing the primary objective forecast at 6,060 ft (depth 5,978 ft). Preliminary core porosity of 0.1-0.4 darcy from 2,759 ft is called excellent, though from a short section only.
19 Jan 2006drilling progress report▲ Good
Stability restored and the first Toledo sands entered from 5,445 ft, with peak gas of 10.1% at 5,561 ft and fluorescence suggesting heavier hydrocarbons. Depth 5,727 ft.
18 Jan 2006drilling progress report▼ Bad
Hole stability deteriorated again; crews are reaming and stabilising at 5,433 ft before drilling ahead. No new results.
17 Jan 2006drilling progress report● Neutral
Small oil shows found in sandstones at 5,210-5,318 ft; depth 5,417 ft, nearing the Toledo target from 5,440 ft. Final depth now put at about 6,200 ft, possibly earlier or deeper.
16 Jan 2006drilling progress report● Neutral
Nuevo Malolos-1 at 5,182 ft, crossing thin sands in mostly claystone, with gas peaks in each coarser interval. Main Toledo Formation target expected from 5,440 ft.
13 Jan 2006drilling progress report▲ Good
Strong gas shows (15.5% gas) at 3,900-3,940 ft, with heavier hydrocarbons the company says are indicative of condensate. Depth 4,175 ft; drilling continues toward about 6,560 ft.
12 Jan 2006drilling progress report▲ Good
Strong gas shows at 3,373 and 3,510 ft, matching gas sands in Malolos-1; depth 3,662 ft. Plan is to drill to about 6,560 ft, log, then run two or more drill stem tests.
11 Jan 2006drilling progress report▲ Good
Nuevo Malolos-1 at 3,091 ft with good gas shows (4.1% at 2,987 ft, 5% at 3,029 ft). Drilling ahead toward the next objective at 3,300 ft.
10 Jan 2006drilling progress report● Neutral
Cavings between 2,730 and 2,780 ft make hole conditions unfavourable for a retest, though peak gas of 6.77% was seen at 2,760 ft. The company plans a later straddle test once the hole stabilises; drilling continues at 2,895 ft.
9 Jan 2006well test result● Neutral
First drill stem test (2,745-2,773 ft) showed a strong initial blow and high pressure comparable to Malolos-1, recovering 185 ft of gas-cut mud, but cavings plugged the tool. Test aborted and to be rerun; well now at 2,800 ft.
6 Jan 2006drilling progress report● Neutral
Nuevo Malolos-1 is testing blow-out equipment at 2,420 ft before drilling ahead; first primary objective still expected over the weekend. No new results.
5 Jan 2006drilling progress report● Neutral
Nuevo Malolos-1 is waiting on cement at 2,420 ft after casing; the first primary objective is expected over the weekend. No new results.
4 Jan 2006drilling progress report▲ Good
Nuevo Malolos-1 at 2,420 ft; significant gas shows over a 93 ft interval (2,225-2,318 ft) match gas peaks seen in the 1960s Malolos-1. Casing is being run before the main targets, with coring and testing planned.
3 Jan 2006drilling progress report● Neutral
Day 7 of Nuevo Malolos-1 on Gas2Grid's 100%-owned SC44 licence, Cebu, Philippines: drilling at 1,914 ft, first main target at 2,691 ft not yet reached. Background restates 1960s Malolos-1 flows (17.6 mmscfd combined) and the Marubeni power deed.
