Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2012drilling spud● NeutralMajor
Gumamela-1, the second of the three SC44 wildcats (15 million barrels recoverable potential), spudded on 16 December 2012 and was at 57.6 m. Drilling is planned to 1,000-1,300 m over about 25 days, following the disappointing Jacob-1.
10 Dec 2012drilling progress report● Neutral
Typhoon delayed tubing recovery at Nuevo Malolos-1; junk drill-out is now due to start late that week, with the workover still put at about 6 weeks. Rig-2 is rigging up at Gumamela-1, with spud planned by week's end. Jacob-1 remains suspended.
30 Nov 2012drilling progress report● Neutral
Jacob-1 is suspended so the fractured limestone can be swabbed later by Rig-1. Rig-2 is moving to Gumamela-1 (15 million barrels, 25 days). The company says Jacob-1's tight limestone need not apply there. The Malolos-1 workover is expected to take about 6 weeks.
26 Nov 2012drilling result▼ BadMajor
Jacob-1 was stopped at 664.5 m with no reservoir limestone and no hydrocarbon shows, and mud kept being lost in fractures from 519.1 m. Wireline logging follows. The 50 million barrel prospect looks unsuccessful, though the fluid in the fractures is unknown.
21 Nov 2012drilling progress report● Neutral
At 519.1 m Jacob-1 lost all mud circulation, with slight losses at 507.1 m. The company says this suggests permeability, possibly fractures, but fluid content (oil or water) is unknown until logging. Efforts are under way to regain circulation.
19 Nov 2012drilling progress report▼ Bad
Jacob-1 hit the top of the target limestone reef at 340 m, close to prediction. At 490 m the limestone is tight (very low porosity) with only minor oil shows. Drilling continues; an early cautious signal for the 50 million barrel prospect.
16 Nov 2012drilling progress report● Neutral
Jacob-1 intermediate casing is cemented at 322.4 m and pressure tests passed. The company reports delays from rig maintenance and equipment availability. Drilling ahead into the Miocene reef, targeting 1,000-1,300 m total depth.
9 Nov 2012drilling progress report● Neutral
Jacob-1 reached the intermediate casing depth of 325.3 m, with casing being run and cemented. Blow-out preventers are tested next, before drilling ahead to the main oil targets.
2 Nov 2012drilling progress report● Neutral
Jacob-1 has been drilled to 108.5 m and surface casing run and cemented. Next step is installing blow-out preventers, then drilling on to the 300 m intermediate casing point. Planned total depth is 1,000-1,300 m.
24 Oct 2012drilling spud▲ GoodMajor
Jacob-1, the first of three back-to-back SC44 wildcats and the largest prospect at up to 50 million barrels, started drilling at 1930 hours EDST on 23 October. It was at 32 m the next day. This follows several months of delays.
22 Oct 2012drilling scheduled● Neutral
Notice that Jacob-1 will start drilling on 23 October 2012. Surface casing is planned at about 100 m and intermediate casing at 300 m, with targets between 340 m and 1,000 m.
4 Oct 2012drilling progress report▼ Bad
Jacob-1 spud is delayed again, now by customs clearance of essential equipment and well insurance. Rig-1 is being rigged up over Nuevo Malolos-1 to recover tubing for the Malolos-1 workover. No new date is given.
18 Sept 2012drilling progress report● Neutral
Rig-2 is rigged up at Jacob-1 but waiting on imported parts to clear customs. Spud is now expected by the end of September, and the Malolos-1 workover by month end. Jacob-1 is the largest prospect, at 50 million barrels potential.
29 Aug 2012drilling scheduled● Neutral
Rig-2 maintenance is finished, with an open day on 1 September. Jacob-1 is expected to spud by the end of the second week of September, and the Malolos-1 workover now starts in September. Both slip again from earlier timings.
20 June 2012drilling scheduled▲ Good
The company's drilling rig has arrived in Cebu and is at the San Fernando yard for maintenance. First of the three exploration wells is still expected to spud in August. Brewster workover rig is still being upgraded.
4 June 2012drilling scheduled▼ Bad
First SC44 exploration well now expected in August, slipping from July, due to what the company calls unavoidable shipping delays from Taiwan. Malolos-1 flow testing is expected to start in July once the workover rig upgrade is complete. Farmout talks continue.
31 Oct 2011drilling progress report● Neutral
Malolos-1 workover began, daylight hours only, drilling out a cement plug at about 981 m. The plan is to clean out to about 2,250 m toward the 28 m oil sandstone at 2,173 m. Expected to take 3+ weeks.
26 Oct 2011drilling scheduled● Neutral
All Malolos-1 equipment is on site and workover starts within days, taking at least 3 weeks. Main target is a 28 m oil sandstone at 2,173 m. The 2011 seismic is complete, with three drilling prospects for H1 2012.
14 Oct 2011drilling scheduled● Neutral
Malolos-1 deeper workover (1,000-2,100 m) should start soon; all equipment has cleared customs in Manila and moves to Cebu next week. Expected to take 2-3 weeks. Continues the repeated delays since August.
25 Aug 2011drilling scheduled● Neutral
A contractor agreement is signed for the Malolos-1 Phase 2 workover, with equipment shipping from Singapore. Start is now mid-September 2011, slipping again from August. Three wells are still targeted for Q1 2012.
8 July 2011drilling progress report▼ Bad
The 2011 SC44 seismic survey began, with about 40 km planned over four weeks to firm up three drilling prospects. Drilling is now planned for the first half of 2012, later than the second half of 2011 previously stated.
6 Apr 2011drilling scheduled▲ GoodMajor
Malolos-1 Phase 2 workover to start within the week, now adding nitrogen stimulation of shallow gas zones. The Philippines DOE granted an 18-month extension to drill the three outstanding SC44 wells, now planned for second half 2011, easing the licence deadline.
20 Dec 2010drilling progress report▲ Good
Phase 2 seismic in SC44 finished 16 December with 61.3 km recorded (115.3 km across both phases), quality generally excellent. Processing and interpretation are due in Q1 2011. The Malolos-1 Phase 2 workover now starts January 2011, with drilling planned for first half 2011.
12 Nov 2010drilling progress report● Neutral
Phase 2 seismic in SC44 began 9 November, with at least 50 km planned over three leads, including the new limestone reefs. The Malolos-1 Phase 2 workover is now set for December 2010 to January 2011.
16 Mar 2010drilling progress report● Neutral
Phase 1 workover at Malolos-1 (Cebu) is in its final stages; gas again flowed briefly from the annulus. Seismic acquisition is due to start by 21 March, taking 1-2 months. Phase 2 is now slated for Q2 2010. No sustained flow yet.
19 Jan 2010drilling result▲ Good
The aero-gravity survey over the 50%-owned St Griede permit in France is complete, covering 4,951 line km across 1,238 km2, with partner Flow Energy (formerly Gippsland Offshore). Final data is expected by end of Q1 2010. It completes the survey under way in the prior context; no drilling result.
15 Dec 2009drilling progress report● Neutral
The Malolos-1 workover has begun, with gas briefly flowing from the tubing and annulus (1 minute and about 14 minutes). The aim is a sustained gas flow, with swabbing over the next few weeks. Remediation and a long test are planned for Q1 2010. No sustained flow yet.
6 Oct 2009drilling progress report▼ Bad
The Cebu workover of Malolos-1 and Nuevo Malolos-1 slips again, now aimed to start by November, blamed on equipment delays and a typhoon. A GPS road survey for seismic is done; 100 km of seismic is now planned for early 2010. France gravity survey awarded to Bell Geospace.
1 July 2009drilling progress report▲ Good
The Cebu workover of Malolos-1 and Nuevo Malolos-1 has begun, with equipment being imported and completion now aimed at end of August 2009. Reprocessed seismic identified a new limestone reef prospect near Malolos. Seismic is planned for early 2010.
19 May 2008drilling result▼ BadMajor
Kate-1 was drilled to 1,112 m with no significant hydrocarbon indications and was plugged and abandoned. It found about 70 m of high-porosity sandstone and shale showing fluorescence. The company says wider permit prospectivity is not eliminated.
