24 May 2012drilling progress report● Neutral
Armour's re-release of the Holdgate-1 update: 160m and drilling ahead. Duplicates Lakes' announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 May 2012drilling progress report● Neutral
Holdgate-1 was at 160m and drilling ahead. Armour continues to fund the well as part of earning 51% of PEP 166.
23 May 2012drilling spud● Neutral
Armour's re-release of the news that Holdgate-1 spudded on 23 May 2012. The Baragwanath Anticline wildcat targets Strzelecki tight gas and deeper Rintouls Creek oil, and Armour is funding it toward 51% of PEP 166. Duplicates Lakes' announcement.
23 May 2012drilling spud● NeutralMajor
Holdgate-1, a wildcat on the Baragwanath Anticline in PEP 166, spudded 23 May 2012. It targets Strzelecki tight gas and deeper Rintouls Creek oil seen at Yallourn North-1A. Armour funds it as part of earning 51% of PEP 166.
10 May 2012drilling result● NeutralMajor
Moreys-1 found tight gas and condensate in the Eumeralla Formation (DST#2 flowed gas to surface then faded), but the Waarre C primary target appears tight. Armour has earned its 51% of PEP 169. Holdgate-1 is to spud around 20 May.
10 May 2012drilling result● Neutral
Armour's version of the Moreys-1 result: DST#2 flowed gas for about 3 hours with condensate recovered, and the primary Waarre C appears tight. Armour has completed its $2.5m spend and earned 51% of PEP 169. Duplicates Lakes' announcement.
8 May 2012drilling progress report● Neutral
After assessing electric logs, Lakes will re-test the 1987-2005m interval in Moreys-1, which reached 2300m total depth.
8 May 2012drilling progress report● Neutral
Armour's re-release of the news that, after assessing logs, Lakes will re-test the 1987-2005m interval at Moreys-1. Duplicates Lakes' own announcement.
7 May 2012drilling progress report● Neutral
Moreys-1 reached total depth of 2300m; electric logs are being run and re-testing of 1987-2005m will be reassessed after evaluation.
7 May 2012drilling progress report● Neutral
Armour's re-release of the news that Moreys-1 reached total depth of 2300m, with logging next and re-testing of 1987-2005m to be reassessed. Duplicates Lakes' own announcement.
3 May 2012drilling progress report● Neutral
Moreys-1 reached 2005m; a drill stem test is planned over 1989-1997m. No result yet.
2 May 2012drilling progress report▼ Bad
Moreys-1 at 1908m has passed through the Waarre C and B sands with no significant gas readings, a poor sign for the primary target. Drilling continues to test the Eumeralla Formation.
1 May 2012drilling progress report● Neutral
Moreys-1 at 1783m hit the Flaxmans Formation at 1760m, 11m low to prognosis, with rising background gas. Drilling on towards the Waarre C primary target.
30 Apr 2012drilling progress report● Neutral
Moreys-1 was at 1570m, drilling ahead towards the 1740m target interval. No new result.
26 Apr 2012drilling progress report● Neutral
Moreys-1 was at 735m, drilling ahead towards the first target at 1740m. No results yet.
20 Apr 2012drilling spud● NeutralMajor
Moreys-1 in PEP 169, Otway Basin, was spudded on 20 April 2012, the first well under the Armour deal. Armour funds the $2.5m cost to earn 51%; the primary target at ~1740m is expected in about 10 days.
12 Apr 2012drilling scheduled▲ Good
Lakes and Armour plan to spud Moreys-1 in PEP 169 on 18 April 2012 with the rig on site; target depth 2000m, Waarre C at ~1740m. Armour funds the $2.5m well to earn 51%. Success could bring early cash flow, subject to gas sales agreements.
5 Dec 2011farm in farm out agreement▲ Good
DGR Global says its subsidiary Armour Energy will buy 900m Lakes shares at 0.25c ($2.25m, 15%) and farm in to PEP 169 (Moreys well, 51%) and PEP 166 (up to $9m, 51%). Armour also gets a $30m PRL 2 option. Repeats Lakes' own 5 Dec terms; Armour's work starts end March 2012.
5 Dec 2011farm in farm out agreement▲ GoodMajor
Armour Energy agreed, subject to due diligence, to subscribe 900m shares at 0.25c ($2.25m), fund a Morey well to earn 51% of PEP 169, and earn 51% of PEP 166 by spending up to $9m. It gets a $30m, 3-year PRL 2 option and two board nominees.
18 July 2011resource reserve update● Neutral
Lakes reminds shareholders of its Gippsland gas, with Wombat-4 fracturing by Beach and Somerton now expected in Q4 2011. Restates 1,709 Bscf gas-in-place (Wombat 787 Bscf) and plans an outside assessment of undiscovered gas. Also plans a further core hole to the south.
7 Oct 2010farm in farm out agreement▲ GoodMajor
Somerton Energy will earn up to 5% of PRL 2 from Lakes by funding 33.3% of fracture testing Wombat-2 and Boundary Creek-2, costing up to $3.33m. It can earn up to 16.7% total with a further $13.33m. Subject to final documents; Beach operates.
10 Aug 2010farm in farm out completion▲ GoodMajor
Lakes and Beach sign an unconditional $50m PRL 2 farm-in: up to 15% for $10m, then up to 50% total for a further $40m. Subject to Victorian government approval. Beach will use best endeavours to complete stage one within 12 months. Wombat-3 oil re-entry is added to stage one.
14 Apr 2010farm in farm out agreement▲ Good
Beach's own release confirms the conditional PRL 2 farm-in: up to 15% for $10m in phase 1 and up to a further 35% for $40m in phase 2, with Beach as operator. Subject to documentation and regulatory approval. Repeats the Lakes announcement.
14 Apr 2010farm in farm out agreement▲ GoodMajor
Lakes accepts Beach Energy's offer to earn up to 50% of PRL 2: 15% for $10m funding Wombat-4 and Boundary Creek-2 fracture tests, then up to 35% more for $40m. Beach would become operator. Subject to due diligence and Beach board approval.
6 Apr 2010farm in farm out agreement▲ GoodMajor
Latrobe Fuels can earn up to 50% of a portion of PEP 166 by drilling up to two wells to 2,000m at its own cost, with the first to start by 31 December 2010. It also gets first right of refusal over Lakes' share of any production.
30 Nov 2009drilling result▲ GoodMajor
Wombat-4 is declared a tight gas discovery. Three Latrobe tests flowed small amounts of gas at unmeasured rates, and the Strzelecki (1,350-2,500m) appears gas saturated but will need fracturing to flow. Casing is being set for later fracturing. Oil and condensate are indicated.
23 Nov 2009drilling result▲ GoodMajor
Four Wombat-4 Strzelecki tests (e.g. 1,383-1,478m) all flowed gas at unmeasured rates. Consultants judge the whole 1,350-2,500m section gas saturated, but it will need fracturing. A Latrobe test at 1,171-1,174m gave a little wet gas before the tool failed.
16 Nov 2009drilling result▲ GoodMajor
Wombat-4 reached 2,500m total depth. Logs, a drill stem test and core data indicate oil and condensate as well as gas in the Strzelecki. Tight gas may need fracturing to flow, so more tests and later stimulation are planned.
9 Nov 2009drilling progress report▲ Good
Wombat-4 is at 2,404m with total depth extended from 2,000m to 2,500m. Numerous gas shows, some possibly with light oil or condensate, and the Latrobe appears hydrocarbon bearing. Lakes calls the results extremely encouraging; no test rates yet.
4 Nov 2009drilling result▲ GoodMajor
A drill stem test of the Strzelecki between 1,383m and 1,478m in Wombat-4 flowed gas to surface at an undisclosed rate. Gas is mostly methane with heavier hydrocarbons up to C5. The well is at 1,680m, with 2,000m planned.