Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2006drilling progress report▼ Bad
Operator Victoria Petroleum repeats the Eagle North-1 horizontal delay: downhole mechanical and mud circulation problems, still at 4,131 m. A roughly 300 m lateral is still planned, with up to 1,000 bopd anticipated if successful. Duplicates Sun's same-day update.
20 Mar 2006drilling result▲ GoodMajor
Loy Yang-2 finished at 1,443 m; a test over 1,410-1,443 m recovered a little gas with water. Lakes says the well confirmed tight gas and free oil in the Strzelecki Group, but fracturing is delayed by equipment availability. Lakes says it has spent over $30 million on the project.
16 Mar 2006drilling progress report● Neutral
Loy Yang-2 was at 1,385 m, so it was deepened beyond the original 1,200 m plan. Weak oil fluorescence was seen in most fractures, especially below 1,328 m, with gas peaks of up to 84 units.
15 Mar 2006drilling progress report● Neutral
Loy Yang-2 reached 1,185 m with gas up to 84 units and intermittent oil fluorescence from 1,152 m. Lakes is considering deepening the well to 1,400 m to better understand the shows.
14 Mar 2006drilling progress report● Neutral
Loy Yang-2 was at 1,075 m with further gas, peaking at 46 units at 1,065 m. Drilling continues to the planned 1,200 m, then logging and side-wall cores.
13 Mar 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 horizontal drilling resumed after rig mechanical problems, at 4,131 m, still building the curve into the target sands. A drill stem test will follow the lateral. No flow result yet for Lakes' 15%.
13 Mar 2006drilling progress report● Neutral
Loy Yang-2 reached 924 m with continuing background gas. An oil show at 874-877 m was tested over 872.45-882 m and recovered water, thought to come from a fracture. Drilling continues toward the 1,200 m target.
10 Mar 2006drilling progress report● Neutral
Loy Yang-2 was drilling at 497 m after cutting a seven-metre second core, in which oil fluorescence was seen. No test result yet.
9 Mar 2006drilling progress report● Neutral
Loy Yang-2 at 450 m found an oil show at 446-448 m, but a drill stem test over 440-450 m recovered only water. The text describes the cut as weak. A second core follows before drilling ahead.
8 Mar 2006drilling progress report● Neutral
Loy Yang-2 was at 423 m, with the first core cut over 415-423 m to assess porosity and permeability. A second core is planned near 476 m. Lakes continues to fund 100% for 75% of the Loy Yang Block.
7 Mar 2006drilling spud● Neutral
Operator Victoria Petroleum says horizontal drilling began 7 March at Eagle North-1 after the failed vertical test, aiming at the oil sands near Mary Bellocchi-1. Drilling is expected to finish in about ten days; up to 1,000 bopd is anticipated if successful. Lakes holds 15%.
7 Mar 2006drilling progress report▲ Good
Loy Yang-2 reached 307 m, entering the Strzelecki Formation at 220 m with gas recorded from its top, cuttings gas up to 1,050 ppm. An early encouraging sign; the target depth is about 1,200 m and no result yet.
6 Mar 2006drilling progress report● Neutral
Lakes says the Hunt rig is on site at Loy Yang-2 at 220 m, with drilling resuming toward about 1,200 m. The well tests gas and oil indications seen in Loy Yang-1 (1994); success would upgrade the Baragwanath Anticline.
3 Mar 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 unloading with nitrogen began, recovering only about 400cc of crude; flow has not yet been established. Further update after 7 March. No flow result yet for Lakes' 15%.
28 Feb 2006drilling progress report● Neutral
Lakes reports Loy Yang-2's top casing is set at 216 m and the Hunt rig is moving on to drill to about 1,200 m. Lakes funds 100% of drilling and fracture stimulation for 75% of the Loy Yang Block.
28 Feb 2006drilling progress report● Neutral
First Australian Resources repeats the operator's 27 February Eagle North-1 update: perforated, about five days of preparation before flow test. Also reports its Louisiana SL328 #8 well drilling below 8,300 feet. No new Eagle result.
27 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 was perforated over 20 m and testing began 26 February; the well was being checked before unloading fluids to start oil flow. Results are promised at the end of the week; none yet.
27 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 was perforated at 4,142.8-4,163.0 m and about five more days are needed to prepare for the oil flow test, using nitrogen assistance. Results are expected at the end of the week; no flow yet.
23 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 testing should start about 24-25 February, perforating 4,143.7-4,163.6 m for a five-day flow test. If flow is adequate, a 300 m horizontal leg follows. Test result still pending for Lakes' 15%.
21 Feb 2006drilling progress report● Neutral
Operator re-issues its 20 February Eagle North-1 update a day later: casing cemented at 4,217 m, about four more days of preparation before flow testing, up to 13.4 m net pay. No new information for Lakes' 15%.
20 Feb 2006drilling progress report● Neutral
First Australian Resources (15% in Eagle) repeats the operator's update: casing run to 4,217 m, up to 13.4 m net oil pay, five-day flow test planned. Also reports a Louisiana barge rig arriving for its SL328 #8 well. No new Eagle result.
20 Feb 2006drilling progress report▲ Good
Operator Victoria Petroleum says 7 inch casing is cemented at 4,217 m and about four days of preparation remain before flow testing Eagle North-1. Logs now show up to 13.4 m net oil pay; a 300 m horizontal leg could flow up to 1,000 bopd. Lakes holds 15%.
20 Feb 2006drilling progress report▲ Good
Sun Resources says Eagle North-1 is cased at 4,217 metres and being prepared for a five-day flow test. Further log analysis now indicates up to 13.4 metres of net oil pay, up from 7 metres earlier reported.
17 Feb 2006drilling result▲ Good
Sun Resources reports first-pass log evaluation of Eagle North-1 shows about 7 metres of net oil pay between 4,136 and 4,157 metres, similar to Mary Bellocchi-1. Casing and testing follow.
17 Feb 2006drilling result▲ Good
Lakes relays the operator's finding that Eagle North-1 logs show oil saturation over 21 metres with 7 metres net pay, resembling Mary Bellocchi-1. Lakes holds 15%. Flow testing is still to come.
17 Feb 2006drilling result▲ GoodMajor
Operator says Eagle North-1 logs indicate oil saturation over a 21-metre interval (4,136-4,157 m) with 7 metres net pay, similar to Mary Bellocchi-1. The well will be cased and tested over about 8 days. A positive early sign for Lakes' 15%, still to be tested.
16 Feb 2006drilling progress report● Neutral
Eagle North-1 reached total depth of 4,219 metres and is pulling out to run wireline logs, with results expected in 12-18 hours. Oil content of the target sand is still unconfirmed.
15 Feb 2006drilling spud▲ GoodMajor
Lakes started drilling Loy Yang-2 in PEP 166, targeting tight gas zones seen in Loy Yang-1A, to about 1,200 metres in roughly 20 days. Lakes funds the well and fracture stimulation at 100%, lifting its interest in the Loy Yang Block to 75%.
15 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,184 metres, preparing to drill ahead after intersecting the Gatchell target. Repeats the gas show and awaits wireline logs; no result.
14 Feb 2006drilling progress report● Neutral
Sun Resources repeats that Eagle North-1 hit the Gatchell target at 4,162 metres with a gas show but no oil fluorescence, which it attributes to drilling conditions. Logging to follow; no result yet for Lakes' 15%.
