Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2007resource reserve update▲ GoodMajor
Early 3D interpretation shows a flat event on Heron North and South, possibly a gas-water contact. Estimated gas column exceeds 350m and P50 gas in place rises 65% to 5.5 Tcf. Combined with Epenarra, resources exceed 11 Tcf. Unproven until appraisal drilling.
19 Feb 2007resource reserve update▲ GoodMajor
CSIRO and IPSA studies of Heron-1 rock samples indicate Epenarra gas likely has high condensate (~100 bbl/MMscf) and low CO2 (1-3%), seen as suitable for LNG. This supports earlier modelling, but Heron-2, scheduled for September 2007, must confirm it.
31 Jan 2007drilling progress report▲ Good
PGS finished the Epenarra 3D time-migrated processing; interpretation starts immediately. Depth migration is 10% complete, with the final volume still due 1 April 2007. Appraisal wells are now described as being drilled in the third and fourth quarters of 2007.
17 Jan 2007drilling progress report● Neutral
Blackwood 2D processing is 80% done, with delivery now expected 9 February 2007 (slightly later than the 5 February target). Fugro has been engaged for site surveys at the three well locations from late May 2007, required by the rig's insurers.
17 Jan 2007drilling progress report● Neutral
Epenarra 3D processing is 92% through time migration, with excellent quality, on schedule and under budget. The final depth-migrated volume is due 1 April 2007. Heron-2 timing is now August/September 2007.
11 Dec 2006drilling progress report▲ Good
Epenarra 3D primary processing is 49% complete and ahead of schedule, due 25 January 2007. Depth migration follows. Heron-2 is still planned for August 2007.
11 Dec 2006drilling progress report▲ Good
Blackwood 2D processing is ahead of schedule, with completion now expected 5 February 2007 (earlier guidance was mid-March). Demultiple processing is under way.
28 Nov 2006drilling progress report● Neutral
Processing of the Blackwood 2D data has started at CGG in Perth, with completion expected mid-March 2007. It will help confirm the Blackwood-1 location.
23 Nov 2006drilling progress report● Neutral
Epenarra 3D processing by PGS is 25% done, with completion expected late February 2007. Full-area depth migration is being used to correct seafloor reef and channel distortions. Heron-2 is still planned for August 2007.
10 Nov 2006drilling result▲ Good
Blackwood 2D acquisition finished 9 November, within budget with no safety incidents. Processing is expected to finish early January 2007, then confirm the Blackwood-1 location. This completes the seismic acquisition phase.
8 Nov 2006drilling progress report● Neutral
The Blackwood 2D survey is about 74% acquired and on schedule, with completion expected 9 November. Data quality is excellent. (The release's key point says '3D', but the text refers to the 2D survey.)
2 Nov 2006resource reserve update▲ GoodMajor
A study by consultant IPSA suggests Epenarra could hold at least 650 million barrels of in-place condensate, with 120-300 bbl/MMscf yields. P50 gas in place stays at 5.6 Tcf. Refines the earlier condensate estimates (about 675m bbl at 120 bbl/MMscf) with a consultant-backed range.
2 Nov 2006drilling progress report▲ Good
The CGG Duke began the 600 line km Blackwood 2D infill survey a week early, with about 8 days of acquisition expected. It should firm up the Blackwood-1 location. This continues the seismic program; the rig is due August 2007.
31 Oct 2006drilling progress report▲ Good
The 500 sq km Epenarra 3D survey was completed on 30 October 2006, well within budget with no safety incidents. Data goes to Perth for processing to pick the Heron-2 location. The West Atlas rig is due after its August 2007 completion.
25 Oct 2006drilling progress report▲ Good
Epenarra 3D seismic is 84% acquired with excellent data quality. No other new information.
18 Oct 2006drilling progress report▲ Good
Epenarra 3D seismic is 62% acquired and ahead of schedule. The Blackwood 2D survey by CGG is now due in early November 2006.
11 Oct 2006drilling progress report▲ Good
Epenarra 3D seismic is 41% acquired and ahead of schedule. Data quality is excellent. Processing has started on board the vessel.
3 Oct 2006drilling progress report▲ Good
The 3D survey over Epenarra began 27 September 2006; about 19% of the 500 sq km is acquired and it is ahead of schedule. Condensate estimate at 120 bbl/MMscf is about 675 million barrels. A rig for Heron-2 is still being secured.
4 Sept 2006resource reserve update▲ GoodMajor
A wetness study estimates Epenarra condensate-to-gas ratios of 120-300 barrels per million cubic feet. Using 150 and the 5,620 Bcf mean gas, in-place condensate is about 800 million barrels. This adds a liquids upside to the prospect; the Heron-2 rig is still being secured.
30 Jan 2006drilling scheduled● NeutralMajor
Methanol Australia (MEO) assigned its May 2006 Stena Clyde rig slot to Santos, which will reimburse MEO's third-party costs. No NT/P68 drilling is required in 2006. Santos will try to provide a replacement slot before end-2007, giving time to shoot 3D seismic first.
