Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2011drilling progress report● Neutral
Advent has mobilised equipment and contracted TDC Rig 5 for workovers at Waggon Creek-1 and Vienta-1. Site clearance at Vienta-1 is done, and testing equipment is expected next week. Progress on the announced test program only.
9 Sept 2011drilling scheduled▲ GoodMajor
Advent is mobilising equipment to re-enter and production-test Waggon Creek-1 and Vienta-1 in EP386, with WA approvals received. Both gas discoveries from 1995 and 1998 were never fully tested. This delivers the production test planned in the EP386 renewal.
24 June 2011resource reserve update▲ GoodMajor
Advent's first independently audited resource for the Weaber Gas Field in its 100% RL1 permit: mean contingent resource 18.4 Bcf (1C 0.25, 2C 11.5, 3C 45.8 Bcf), audited by RISC. Advent says its focus shifts from exploration to appraisal and commercialisation.
4 Jan 2011drilling result▼ BadMajor
New Seaclem-1 finished at 750 m with no hydrocarbons; wireline showed porous sands holding salty water. Advent says other prospects are not hurt, plans seismic and more drilling, and has provisionally lifted its PEP11 interest to 85%. Resolves the well's open threads.
30 Dec 2010drilling result● Neutral
Advent reports New Seaclem-1 logs show a Tertiary sandstone over 40 m thick with 30% average porosity, with untested updip potential. No hydrocarbons are mentioned; this follows the 29 December no-gas result, and any structure would need more seismic.
29 Dec 2010drilling result▼ Bad
Bounty confirms no gas shows in the Great White and Marlin intervals to 581 m and is disappointed. The well is drilling ahead in pre-Cainozoic rock at 715 m toward about 750 m TD. Bounty plans more seismic and another well.
29 Dec 2010drilling result▼ BadMajor
New Seaclem-1 found no gas in the Great White or Marlin targets, the main pre-drill objectives, though wireline logs will verify. Advent is deepening into the Triassic. The disappointing result undermines the 4.1 Tcf prospects; the PEP 11 interest still rises to 85%.
24 Dec 2010drilling progress report● Neutral
Bounty reports New Seaclem-1 at 346 m with 9 5/8-inch casing next. Drilling through the reservoir is now expected around 28 December. No flow testing is planned and the well will be plugged and abandoned afterwards.
22 Dec 2010resource reserve update▲ GoodMajor
An independent expert report for Advent calls PEP 11 a potential giant gas province, with mean aggregate prospective recoverable resources of 15.9 Tcf, mostly in deeper Permo-Triassic targets such as the Fish prospect (11.5 Tcf). These are unrisked prospective estimates, not discoveries.
20 Dec 2010drilling progress report● Neutral
Bounty reports 30-inch casing cemented at 221.2 m and the hole drilled to 314 m. The well is one day behind schedule but still expected to reach the target zone 25-26 December.
15 Dec 2010drilling spud▲ GoodMajor
New Seaclem-1, the first exploration well in the offshore Sydney Basin, spudded at midnight 15 December and the pilot hole reached 310.5 m. Target zone is expected around 25-26 December. Advent's PEP 11 interest rises to 85% on completion.
15 Dec 2010drilling progress report● Neutral
Bounty repeats the spud at midnight 15 December and the 310.5 m pilot hole, with target zone expected 25-26 December. Same facts as MEC's own report; Bounty is free-carried.
14 Dec 2010drilling spud▲ Good
Partner Bounty says the rig is anchored and ballasted and the well will spud later on 14 December, two days ahead of schedule. Bounty cites 7 Tcf gas in place, versus MEC's 4.1 Tcf.
13 Dec 2010drilling progress report● Neutral
The Ocean Patriot reached the New Seaclem-1 site and ran its first anchor. Spud is now expected early Thursday 16 December, slightly later than the late 14 December previously anticipated. Target depth 826 m.
9 Dec 2010drilling progress report▲ Good
Advent's subsidiary took operational control of the Ocean Patriot overnight, and the rig is under tow to New Seaclem-1. Spud is still anticipated late on 14 December.
7 Dec 2010drilling scheduled▲ Good
Advent will start towing the Ocean Patriot to New Seaclem-1 on 8 December, a roughly four-day tow. Spud is anticipated late on 14 December, earlier than Bounty's 10 December handover date implied.
7 Dec 2010drilling scheduled● Neutral
Bounty says the Ocean Patriot handover to Advent is expected 8 December, with a roughly four-day tow and spud anticipated 14-15 December 2010. Consistent with MEC's own update.
3 Dec 2010drilling scheduled▼ Bad
Bounty reports the provisional rig handover has slipped from 7 to 10 December 2010, followed by about six days to move to the well site. A small delay to the New Seaclem-1 timetable.
25 Nov 2010drilling scheduled▲ Good
Advent has a provisional date of 7 December 2010 for handover of the Ocean Patriot rig for New Seaclem-1. This firms up the 'early December' timing flagged earlier; a precise schedule is still to come.
25 Nov 2010drilling scheduled● Neutral
Partner Bounty repeats the provisional 7 December rig handover date for New Seaclem-1, with the rig still in Bass Strait. Bounty is free-carried and cites 7 Tcf gas in place for the prospects, a different figure from MEC's 4.1 Tcf.
18 Nov 2010drilling progress report▲ Good
An independent RPS report calls gas 'highly likely' in sediments 471-605 m below sea level at New Seaclem-1, backing Advent's own seismic analysis. This is a pre-drill expectation, not a drilling result.
8 Nov 2010drilling progress report▲ Good
Advent's bookbuild for 12M shares continues and will not conclude until all approvals are received. If BPH takes up the full 12M shares, MEC's stake would fall to 44.9%. The rig's current work ends 29 November; a site survey says gas is 'likely' at the target.
14 Oct 2010drilling progress report● Neutral
Bounty says the Ocean Patriot must first drill two more Bass Strait wells, taking 50-60 days to about early December, so New Seaclem-1 timing may vary. The drill slot is firm and next in line. Safety approval is in hand; other approvals are said to be on track.
31 Aug 2010drilling progress report● Neutral
Advent has paid for the Ocean Patriot rig under its contract with Diamond Offshore and Apache, for New Seaclem-1. The rig is still expected to be available to start drilling in Q4 2010, as previously signalled.
27 Aug 2010drilling scheduled▲ GoodMajor
Advent named New Seaclem-1 as the first PEP 11 well, 55 km east of Newcastle, targeting Great White and Marlin gas prospects to 826 m. Tanvinh's P50 estimates are 1.16 Tcf and 2.97 Tcf. Success completes Advent's lift from 25% to 85%.
6 Aug 2010drilling progress report● Neutral
Bounty says Advent's PEP 11 preparations match the 27 July schedule. Ocean Patriot is expected to be on a Bass Strait program until about mid-October, so PEP 11 drilling would follow in Q4 2010. Bounty is free-carried and will drop to 15%.
6 Aug 2010drilling progress report● Neutral
MEC relays that PEP 11 preparations remain on the 27 July schedule. Ocean Patriot is due on a Bass Strait two-well job until about mid-October, so Advent's well follows in Q4 2010. Site survey data is still being reviewed.
27 July 2010drilling scheduled▼ BadMajor
Following notice from Apache, Advent now expects PEP 11 drilling to start early in Q4 2010, later than the earlier mid-August and Q3 plans. The well site is Great White/Marlin, 55 km east of Newcastle; the site survey is still being evaluated.
19 July 2010drilling progress report▲ Good
Advent received the PEP 11 site survey report for the Great White and Marlin location; the contractor says the sequence above the Permo-Triassic unconformity is 'likely' to contain gas. Advent sees this as supporting its upgrade; it is not a drilled result.
5 July 2010resource reserve update▲ GoodMajor
Advent raised its best-estimate (P50) PEP 11 prospective gas resource to 13.2 Tcf, citing two outside technical reviews: 6.0 Tcf Permo-Triassic plus 7.2 Tcf Cainozoic. These are undrilled prospects; seismic anomalies are only areas of interest.
