Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2008drilling progress report▼ Bad
Kate-1 reached interpreted basement at 1,050 m, close to prediction, and is at 1,112 m total depth, preparing to run logs. No hydrocarbon shows have been reported so far, a discouraging early sign for the main target.
12 May 2008drilling spud● NeutralMajor
Kate-1 began drilling on 8 May 2008 in New Zealand's onshore Canterbury Basin, with surface casing set at 133.5 m and the well at 140 m. The main target is expected within about five days. This is the long-awaited earning well, targeting up to 25 million barrels.
2 May 2008drilling scheduled● Neutral
Kate-1 will start drilling the following week, to about 1,000 m total depth in roughly 12 days, targeting up to 25 million barrels of oil in place. The company says it has paid $1.2m plus $600,000, for a 55% interest in the onshore licence.
12 June 2007farm in farm out agreement▲ GoodMajor
Farms into New Zealand's PEP 38260 (Canterbury Basin), earning 40% of the onshore area by funding the first $1.2m of the Kate-1 well. Also raises up to $3m at 6c a share, 12% below recent VWAP, including a $1.232m share purchase plan. This is the new venture foreshadowed in April.
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.
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.
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.
