4 Feb 2009drilling progress report● Neutral
Cue's relay of MEO's update: Zeus-1 at 2,380m, with the rig de-manned ahead of a possible cyclone. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2009drilling progress report● Neutral
Zeus-1 drilled to 2,380m on prognosis, after 5.5 days lost to the cyclone and a blowout preventer seal failure. The rig is being secured again ahead of another tropical low. No results.
28 Jan 2009drilling progress report● Neutral
Cue's relay of MEO's weekly report: casing set, rig moved off for Cyclone Dominic and re-manning under way. No new information.
27 Jan 2009drilling progress report● Neutral
Surface casing was set at 1,874m. The rig was moved off location on 25 January to avoid Tropical Cyclone Dominic and is being re-manned. No results yet.
21 Jan 2009drilling progress report● Neutral
Cue's relay of the MEO weekly report: Zeus-1 at 1,480m and drilling ahead, with 13-3/8 inch casing planned at 1,885m. Nothing new.
20 Jan 2009drilling progress report● Neutral
MEO confirms Zeus-1 spudded on 17 January and was drilling ahead at 1,020m. No results yet; the primary target is expected around 3,455m.
19 Jan 2009drilling spud▲ GoodMajor
Partner Cue Energy reported that Zeus-1 spudded on 17 January 2009, with 30-inch casing run and cemented to 271m. The well is testing a complex structural/stratigraphic play with the Legendre Sandstones as a primary target.
16 Jan 2009drilling progress report● Neutral
The Songa Venus arrived at the Zeus-1 location on 16 January and began running anchors. Drilling is expected to start over the weekend. RDI still pays 80% of the well to US$31.25m, and weekly updates are promised.
8 Jan 2009drilling scheduled▲ Good
The Songa Venus is handed over on 8 January for a seven-day tow, with Zeus-1 spud expected about 17 January. MEO says Zeus could hold about 15 Tcf gas in place in the primary target plus 3.7 Tcf in a shallower one. Gas is not proven.
23 Dec 2008farm in farm out agreement▲ GoodMajor
Partners grant MEO a 12-month extension, to 31 December 2009, of the drill/drop decision on WA-359-P and WA-360-P (60% each), in return for more 3D seismic. MEO will seek farm-in partners to drill in 2010. Cyclone Billy delays the rig to about 5 January.
16 Dec 2008drilling scheduled▼ Bad
A tropical low and possible cyclone interrupt the rig, pushing its release to about 29 December. The tow to Zeus-1 would then take six to seven days.
11 Dec 2008drilling scheduled▼ Bad
Songa Venus release now forecast for about 23 December, pending Ichthys North testing or drilling decisions. A further six-day tow follows. MEO says it is ready to spud Zeus-1.
2 Dec 2008farm in farm out agreement▼ BadMajor
RDI's IPO is deferred into 2009, so its options to farm into WA-359-P and WA-360-P (35% each) lapsed on 1 December. RDI still funds 80% of Zeus-1 to US$31.25m. MEO expects replacement partners soon.
1 Dec 2008drilling scheduled▼ Bad
Songa Venus release slips again to mid-December because of continuing problems on the Ichthys North well. All approvals are in hand and equipment is at Dampier, so Zeus-1 remains ready to spud once the rig is free.
5 Nov 2008drilling scheduled▼ Bad
Zeus-1 is delayed: drilling problems on the Songa Venus rig's current well push its release to late November, so spud is now forecast for early December 2008 rather than late October.
22 Sept 2008farm in farm out completion▲ GoodMajor
Cue and Gascorp decline to fund 5% each of Zeus-1, so their combined 10% reverts to MEO, lifting its WA-361-P interest from 25% to 35%. MEO pays 20% of well costs to a US$31.25m cap.
17 Sept 2008drilling scheduled● Neutral
Songa Venus rig operator confirms the rig is on track to reach the Zeus-1 location in late October 2008. MEO notes an AFR report that RDI's Hong Kong IPO is targeted by year end; Timor Sea funding still depends on that listing.
22 Aug 2008drilling scheduled▲ Good
The Zeus-1 seabed survey is complete and the government has ruled drilling is not a controlled action under the EPBC Act. The Songa Venus rig is expected on location around 31 October 2008, keeping Zeus-1 on schedule.
4 July 2008farm in farm out completion▲ Good
Cue Energy says MEO has irrevocably committed to drill Zeus-1 in WA-361-P in October 2008. Cue is carried free for a 15% interest and can pay up to 5% of the well cost to keep its 20%.
3 July 2008farm in farm out agreement▲ GoodMajor
MEO forms an alliance with Clive Palmer's RDI: it funds most of up to 9 NW Shelf wells, leaving MEO 25% of WA-361-P, and carries MEO's 20% in the Timor Sea. Mineralogy placed 21.391m shares at $0.55 ($11.8m). Timor Sea funding depends on RDI's IPO.
19 May 2008drilling result▲ Good
The Blackwood 3D survey is complete, about 384 sq km acquired on schedule. Data goes to PGS in Perth for processing to improve depth conversion and resource estimates, ahead of choosing Blackwood-2 appraisal locations.
8 May 2008drilling progress report▲ Good
The Blackwood 3D seismic survey is about 39% acquired of the 380 sq km planned, and ahead of schedule. The data is meant to improve mapping and resource estimates for the Blackwood-1 discovery.
30 Apr 2008drilling scheduled● Neutral
The Orient Explorer vessel has arrived and is starting 380 sq km of 3D seismic over Blackwood and part of Blackwood East, taking about 25 days. This is the survey announced in March, now underway to help locate appraisal wells.
14 Mar 2008resource reserve update▲ GoodMajor
MEO estimates 2,473 Bcf of raw gas in place (contingent, most likely) in Greater Blackwood, with roughly 1,700 Bcf recoverable on its assumptions (MEO's own, 70% recovery). The first Tassie Shoal methanol plant needs about 1,400 Bcf. A second appraisal well, Blackwood-2, is needed.
12 Mar 2008drilling result▲ GoodMajor
Heron-2 has been formally declared a gas discovery over the Heron North Elang/Plover. Testing recorded 6-8 MMscf/d before Cyclone Helen and well collapse. The joint venture is planning a re-drill to test the 164m Plover gas sands, following up the earlier abandonment.
11 Mar 2008drilling result▲ GoodMajor
Blackwood-1 recovered gas to surface by MDT sampling and was declared a discovery, then plugged and abandoned as planned. Gas is relatively dry with 25-30% CO2, similar to Evans Shoal gas and suited to methanol. Resolves the Blackwood wildcat as a success after the Heron-2 disappointments.
3 Mar 2008drilling result▲ GoodMajor
Blackwood-1 reached 3,286m and found gas in the Flamingo and Plover sands, with a 126m gross hydrocarbon column against a 57m pre-drill mid case. Mud gas showed no CO2. Early sign of success for the sole-risk wildcat, pending gas sampling.
25 Feb 2008drilling progress report● Neutral
Blackwood-1 report no. 4: the 12¼in hole reached 3,135m, about 20m above the Plover. Formation tops are about 200m shallower than predicted, so the Top Plover is revised to 3,153m from 3,351m. Plover sands were expected to be entered that day.
18 Feb 2008drilling progress report● Neutral
Blackwood-1 report no. 3: the 17½in hole reached 1,265m and 13⅜in casing is being run. The 12¼in hole to total depth starts later in the week. Top Plover is still estimated at 3,351m. No results yet.
7 Feb 2008drilling progress report● Neutral
Blackwood-1 report no. 2: spudded 1 February; 20in casing set at 455m and blowout preventer tested. Now drilling the 17½in hole toward 1,265m. Top Plover is expected at 3,351m. No results yet.