31 Jan 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is off bottom in the sidetrack, cleaning the hole before drilling ahead from 3,459 metres. Target depth is now expected later in the week; no result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2006drilling progress report● Neutral
Operator reports the Eagle North-1 sidetrack drilled to 3,459 metres, and the crew is changing the drill bit and assembly to continue toward the 4,145-metre target. Progress after the stuck pipe; no oil result.
30 Jan 2006drilling progress report● Neutral
Partner First Australian Resources reports Eagle North-1 preparing to drill ahead in the sidetrack at 11,285 feet, and its Schwing A-1 Louisiana well at 10,984 feet. Nothing new for Lakes' 15%.
27 Jan 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 is still at 3,625 metres while a cement plug is set to sidetrack. Target depth is now expected late next week, with drilling to restart at the weekend. Delay continues; no result.
27 Jan 2006drilling progress report● Neutral
Victoria Petroleum says the remaining drill pipe in Eagle North-1 was retrieved and a cement plug is being set before sidetracking from about 3,500 metres. Drilling should resume over the weekend; no new result.
25 Jan 2006drilling progress report▼ Bad
Sun Resources reports Eagle North-1 pipe stuck at 3,625 metres; the company will leave about 60 feet of pipe, plug with cement and sidetrack, with drilling to resume within 48 hours. A setback for the well Lakes holds 15% of; no oil result yet.
25 Jan 2006drilling progress report▼ Bad
Operator Victoria Petroleum confirms Eagle North-1 pipe stuck at 3,625 metres; it will cement and sidetrack from about 3,500 metres, resuming in roughly 48 hours. Repeats the hoped-for 1,000 barrels a day from the horizontal leg; no result.
24 Jan 2006drilling progress report● Neutral
Sun Resources relays that Eagle North-1 was at 3,540 metres, with target depth expected about 25 January. Repeats background and the 15% interest table; no new result for Lakes.
24 Jan 2006farm in farm out completion● Neutral
Gippsland Offshore Petroleum says it has earned 51% of the PEP-155 Marlo Block after contributing $400,000 for Patrobus-1 and Banjo-1A. Lakes keeps 46%; GOP plans a well there in 2008. Completes the farm-in reported earlier.
24 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling at 3,540 metres toward the 4,145-metre target. Background text is unchanged; no new result for Lakes' 15%.
24 Jan 2006drilling progress report● Neutral
Partner First Australian Resources reports Eagle North-1 drilling at 11,614 feet (3,540 metres), and its Louisiana well paused for rig repairs. Nothing new for Lakes' 15%.
23 Jan 2006drilling result● Neutral
Banjo-1A reached 282 metres with only minor gas shows and no oil fluorescence; it will be logged and plugged. Gippsland Offshore Petroleum has earned 51% of the Marlo Block, leaving Lakes with 46%. Eagle North-1 was at 11,111 feet.
23 Jan 2006drilling progress report● Neutral
Sun Resources relays Eagle North-1 at 3,386 metres during a wiper trip, with target depth now expected about 25 January. Routine progress; no oil result yet for Lakes' 15%.
23 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling at 3,386 metres toward the 4,145-metre target. Background text is unchanged; no new result.
20 Jan 2006drilling progress report● Neutral
Sun Resources relays Eagle North-1 at 2,732 metres, with total depth now expected about 24 January rather than 26 January because of good drilling progress. No oil result yet.
20 Jan 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling at 2,732 metres toward the 4,145-metre target. Background text is repeated; no new result for Lakes' 15%.
19 Jan 2006drilling progress report● Neutral
Sun Resources relays Eagle North-1 drilling at 2,134 metres, with target depth still expected around 26 January. Routine progress and repeated background; no oil result yet for Lakes' 15%.
19 Jan 2006drilling scheduled▲ GoodMajor
Lakes plans Loy Yang-2 in PEP 166, Gippsland, for mid-February, to re-test gas seen in the 1994 Loy Yang-1A well. It will earn 25% more (to 75%) from Ausam by paying 100% of the well, funded by a 50 million share placement at 2 cents.
19 Jan 2006drilling progress report● Neutral
Operator Victoria Petroleum reports Eagle North-1 drilling at 2,134 metres toward a 4,206-metre total depth. Repeats the hope of up to 1,000 barrels a day from a horizontal leg; no new result.
18 Jan 2006drilling progress report● Neutral
Partner Sun Resources relays that Eagle North-1 was drilling at 1,444 metres, with target depth expected around 26 January. Repeats earlier background on the Eagle Oil Pool; no new result for Lakes' 15%.
18 Jan 2006drilling progress report● Neutral
Eagle North-1 was drilling ahead at 1,444 metres, heading for the target sandstone near 4,145 metres and total depth of 4,206 metres. Routine progress; no oil result yet for Lakes' 15%.
18 Jan 2006drilling progress report● Neutral
Partner First Australian Resources reports Eagle North-1 drilling toward 5,000 feet, plus its separate Louisiana well at 8,755 feet. Nothing new on Lakes' 15% interest.
17 Jan 2006drilling progress report● Neutral
Operator reports the blowout preventer being tested at 913 metres before drilling resumes in 9⅞-inch hole. The target sandstone is expected near 4,145 metres. Routine; no new result.
17 Jan 2006drilling progress report● Neutral
Casing is complete at Eagle North-1 (913 metres), and the rig is testing blowout equipment before drilling resumes. Target depth is expected in about 10 days. No new result.
16 Jan 2006drilling progress report● Neutral
Eagle North-1 reached its first casing point at about 913 metres and 10¾-inch casing was being run. Drilling is due to resume towards the 4,200-metre target within 48 hours. Routine progress for Lakes' 15%.
16 Jan 2006drilling progress report● Neutral
Operator reports casing run at 913 metres on Eagle North-1, with drilling ahead to 4,206 metres expected after about 48 hours. Duplicate of partner report; no new result.
13 Jan 2006drilling spud● Neutral
Operator Victoria Petroleum confirms drilling began at Eagle North-1, reaching 252 metres, with a planned total depth of 4,206 metres. Duplicate of partner reports; no new result for Lakes' 15% interest.
13 Jan 2006drilling progress report● Neutral
Partner First Australian Resources' weekly update repeats that Eagle North-1 has spudded and was at 828 feet. It also covers its separate Louisiana well. Nothing new for Lakes' 15% interest.
13 Jan 2006drilling spud● Neutral
Eagle North-1 spudded 11 January and was drilling at 252 metres, heading for a 4,200-metre target. Lakes holds 15% of the project. Reported via partner Sun Resources; the well is an appraisal of the 1986 discovery.
10 Jan 2006drilling progress report● Neutral
Lakes reports its Banjo 1A core hole in PEP 155, Gippsland, has reached 100 metres and will switch to a rotary rig. Gippsland Offshore Petroleum is funding up to $400,000 of a two-well program to earn 51%. It also relays the Eagle North-1 rig-up news.