Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2012drilling progress report▲ Good
Gurame SE-1XST cut a 13.4m core (92.2% recovered) in the Baong sands, then drilled to 2,962m with gas shows throughout despite a lost-circulation zone. Logging is under way. The CEO is highly encouraged; no flow test yet.
7 Nov 2012drilling progress report▼ Bad
Heron South-1: the 7-inch liner stopped at 4,255m, short of total depth, so a 4½-inch slotted liner will be run to 4,454m to reach the lower zone. The CEO says preparations are taking longer than anticipated. Production testing is delayed.
5 Nov 2012drilling progress report▲ Good
Gurame SE-1XST: 9⅝-inch casing cemented at 2,677m, and drilling to 2,794m met elevated gas shows from 2,776m in the Baong sands. A 30m core is being cut. Shows are early; no test result.
5 Nov 2012farm in farm out completion▲ GoodMajor
Thai regulators approved transfer of a 50% interest in the G2/48 Gulf of Thailand concession from Pearl Oil (Mubadala) to MEO, completing the deal announced 27 Feb 2012. Anchan-1 is due about 11 Nov and Sainampueng-1 about 19 Nov.
30 Oct 2012drilling progress report● Neutral
Heron South-1: Eni confirms it will production test the two gas-bearing intervals separately, with perforation intervals not yet set. The hole is being reamed before a 7-inch liner is run. No test results yet.
29 Oct 2012drilling progress report● Neutral
Gurame SE-1X sidetrack reached the 9⅝-inch casing point at 2,681m, and casing is being run. Coring toward about 3,374m follows. No reservoir result yet.
23 Oct 2012drilling result▲ GoodMajor
Heron South-1 preliminary logging data indicate two possible gas-bearing zones over a 365m gross interval (sandstones of about 120m and 115m). Eni will production test, the first positive sign at Heron. Productivity and gas composition are still unknown.
22 Oct 2012drilling progress report▼ Bad
Gurame SE-1X: 35m of drilling assembly was left in the hole, so the well was plugged back to 2,048m and a sidetrack drilled to 2,099m. This continues the delay after the casing blockage. No reservoir result yet.
22 Oct 2012drilling progress report● Neutral
Heron South-1 reached total depth of 4,454m, as determined by the operator Eni, and formation evaluation has begun. A production test will follow if warranted. No results yet.
16 Oct 2012drilling progress report● Neutral
Heron South-1 cut a 12.6m core at 4,346m, recovering 10.3m, and mud weight was raised because background gas was increasing. Drilling to the gas-water contact follows, then evaluation and possible production test. No result yet.
15 Oct 2012drilling progress report▼ Bad
Gurame SE-1X: a blockage stopped mud circulation with 9⅝-inch casing at 2,412m. All casing was recovered and the hole is being cleaned before re-running. The CEO calls it an unforeseen delay; no reservoir result yet.
12 Oct 2012drilling progress report▲ Good
Heron South-1 drilled to 4,328m, interpreted to be in the Elang-Plover objective, with continuing gas shows and elevated resistivity. A core will be cut before drilling to the gas-water contact. Significance awaits logging at total depth.
11 Oct 2012drilling progress report● Neutral
Gurame SE-1X reached the 9⅝-inch casing point at 2,618m, with casing about to be run. Only minor gas shows in the Keutapang, not a target. Drilling into the first objective, the Baong sands, follows. No result yet.
11 Oct 2012drilling progress report● Neutral
Heron South-1 cut a 26.7m core, which MEO believes is sandstone above the main Elang-Plover target. Drilling reached 4,186m with gas shows and elevated resistivity. MEO says their significance awaits evaluation at total depth.
10 Oct 2012farm in farm out agreement● NeutralMajor
MEO will open the WA-454-P data room on 1 November 2012 to seek a farminee (up to 50% available) for its 100% permit, aiming to conclude by end 1Q 2013. Marina-1 3C contingent resource up to 302 Bcf gas and 29.5 MMstb liquids. Farmout launch only; no partner yet.
8 Oct 2012drilling progress report▲ Good
Heron South-1 drilled to 4,068.5m, with gas shows in reservoir-quality sands below 4,059m. Coring is about to start; target depth remains at least 4,265m or the gas-water contact. Shows are early; significance awaits logs and testing.
8 Oct 2012drilling progress report● Neutral
Gurame SE-1X progress: 12¼-inch hole drilled to 2,041m after BOP and leak-off tests, drilling ahead toward about 2,630m, where 9⅝-inch casing will be run. Safe and on plan; no reservoir result yet.
3 Oct 2012drilling progress report● Neutral
Heron South-1: 9⅝-inch casing cemented at 3,818m, with the final section to 4,265m or the gas-water contact still to drill. No incidents, on plan. A full evaluation and possible production test follow at total depth.
1 Oct 2012drilling progress report● Neutral
Gurame SE-1X progress: 13⅜-inch casing cemented at 827.5m, preparing to drill ahead. Operations safe and on plan, before the first of two reservoir targets. No hydrocarbon result yet.
25 Sept 2012drilling progress report● Neutral
Heron South-1 drilled to 3,740m; high background gas forced a mud weight increase at 3,433m. No reportable incidents and operations on plan. No reservoir result yet; the well targets at least 4,265m.
24 Sept 2012drilling spud● NeutralMajor
Gurame SE-1X spudded at 0600 on 23 September 2012, MEO's 100%-funded Seruway well (up to US$25m untested). Pilot hole drilled to 202m; planned total depth about 3,374m. It tests the 1968 Gurame discovery's gas cap; P50 497 Bcf gas and 57 MMstb liquids.
19 Sept 2012drilling progress report● Neutral
Hercules #208 rig handed over 18 September and is under tow to Gurame SE-1X, with spud expected around 22 September, about 35 days untested. Confirms the brought-forward timing. MEO's P50 estimate remains 497 Bcf gas and 57 MMstb liquids.
18 Sept 2012drilling progress report● Neutral
Heron South-1 progress: 13⅜-inch casing cemented at 3,007m and hole at 3,018m, no reportable incidents, on plan. Drilling continues toward at least 4,265mMDRT or the gas-water contact. No new geological result.
13 Sept 2012drilling scheduled● Neutral
Gurame SE-1X timing brought forward: Hercules #208 rig handover expected 18 September and spud around 22 September 2012, about 35 days untested. This is earlier than the early October date given on 24 August. The well is 100% MEO.
11 Sept 2012drilling progress report● Neutral
Heron South-1's 17½-inch hole reached 2,914mMDRT by 10 September, with no reportable incidents and operations on plan. The well is planned to reach at least 4,265mMDRT or the gas water contact.
5 Sept 2012drilling scheduled● NeutralMajor
MEO's 50% G2/48 Gulf of Thailand block holds 23 prospects and leads, over 100 MMstb unrisked mean. Sainampueng-1 (mean 10 MMstb, up to 27 MMstb) is chosen as first well, expected Q4 2012 using Pearl Oil's Ensco-85 rig. Basin not yet proven oil-generating.
4 Sept 2012drilling progress report● Neutral
Heron South-1 progress: 20-inch casing cemented at 1,310m, no incidents, on plan. No new geological result.
27 Aug 2012drilling spud● NeutralMajor
Heron South-1 spudded on 24 August 2012 with Eni as operator, targeting at least 4,230mSS or the gas-water contact over about 60 days. It is MEO's first appraisal of Heron since Heron-2 found gas in 2008. MEO's best-estimate resource stays at 4.96 Tcf.
24 Aug 2012drilling scheduled● NeutralMajor
MEO secured the Hercules #208 rig for Gurame SE-1X, spud expected early October. No acceptable farm-in offers were received, so MEO will carry the full US$25m untested cost at 100%. Seruway farmout is to be relaunched on the Ibu Horst in early 2013.
6 Aug 2012drilling scheduled● Neutral
Eni takes over the Ensco 109 rig on 15 August, arriving at the Heron South-1 location around 19 August. Eni then has 60 days after the well to elect a second Heron well. Its Blackwood decision is due within 365 days of 5 January 2012.
