3 Aug 2006drilling result▲ Good
Middle Creek #1 hit a 5m gas-bearing coal seam at 412m that looks like the Richmond seam, plus two more gas-bearing seams. If logging confirms it, the South Casino field extends 15 km south-west.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2006drilling progress report● Neutral
Middle Creek #1 is drilling ahead at 186m after setting casing at 78m. Target is about 600m. No coal results yet.
17 July 2006drilling spud● NeutralMajor
Metgasco-Molopo Middle Creek #1 spudded 17 July in PEL 13, to about 600m, 23 km south-west of South Casino. This is the first reserve-expansion well and counts toward earning the initial 51% under the Molopo farm-in.
17 July 2006drilling spud● Neutral
Molopo, Metgasco's PEL 13 farm-in partner, announces the same Middle Creek #1 spud. States Metgasco funds 100% of the well, largely satisfying its obligation to earn 51%, with an option to 75% for a further $267,000.
31 May 2006drilling progress report● Neutral
MSC-9 is producing water at up to 147 barrels/day, more than modelled, which the company reads as a larger dewatered area. MSC-10 is erratic and suspended for a pump replacement. Company says a preferred fracture direction was identified. Core well for PEL 13 expected by end June.
3 Apr 2006drilling progress report▲ Good
Both horizontal wells (MSC-9 and MSC-10) are dewatering and producing gas and water, all flared. The company says early rates match its reservoir model, and the drilling rig is leaving site.
27 Mar 2006drilling result▲ Good
Second horizontal well MSC-09 is fully drilled and intersected vertical well MSC-05, completing the two-well horizontal program. Flushing and then production testing follow, and MSC-10 is back on line flaring gas.
22 Mar 2006drilling progress report● Neutral
MSC-9's angled section is done, with about 150m of in-seam drilling left before meeting MSC-05. MSC-10 has gas lines installed for flaring, and production testing is due to start once they are pressure tested.
13 Mar 2006drilling progress report● Neutral
MSC-9 is at 532m and drilling its angled section. MSC-10 is dewatering, with early gas desorption and flow seen; further water flushes are planned.
7 Mar 2006drilling spud● Neutral
Second horizontal well MSC-09 spudded on 6 March after rain delays, drilled to 18m with conductor set. Meanwhile, MSC-10 is fitted with liner and tubing, with flushing and dewatering to start shortly.
6 Mar 2006resource reserve update▲ GoodMajor
Independent certification (MHA) gives PEL 16 South Casino 1,080 Bcf possible (3P) and 21 Bcf probable (2P) reserves, which the company says are the largest certified in NSW. The small 2P figure still needs to grow to support the planned 30MW power plant.
28 Feb 2006drilling result▲ Good
Metgasco finished its first horizontal well, MSC-10, successfully connecting it with vertical well 8. Flow testing should start after liner and pumps are installed, and the rig then moves to the second horizontal well, MSC-09.
20 Feb 2006drilling progress report● Neutral
600m of the horizontal section of MSC-10 is drilled, with about 70m left. Connection with vertical well 8 is expected this week, after which dewatering and testing will begin.
13 Feb 2006drilling progress report● Neutral
The angled section of MSC-10 is finished and being cemented, with the Richmond seam hit at the target depth. About 630m of horizontal in-seam drilling follows over the coming week.
9 Feb 2006drilling progress report● Neutral
Horizontal well MSC-10 has drilled 566m of its angled section, with 109m to go to reach the target seam. In-seam drilling of about 630m is expected to start the following week.
30 Jan 2006farm in farm out agreement▲ GoodMajor
Molopo says Metgasco has farmed into coal seam gas rights in PEL 13 (1,654 km²), earning 51% by funding 100% of a one-well and seismic reprocessing program. It can lift to 75% by spending a further $267,000.
30 Jan 2006farm in farm out agreement▲ Good
Metgasco confirms its PEL 13 farm-in next to its 100%-owned PEL 16, earning 51% of coal seam rights by funding a core well and seismic work, with an option to 75% for $267,000. The company says this gives access to about 90% of the basin's productive coal seams.
30 Jan 2006drilling progress report● Neutral
MSC-08 was cored from 480 to 590m, with a 7m thick target seam. MSC-10 reached 554m vertical depth and the target seam was logged; cement plugs are set ready to build angle for the horizontal section.
19 Jan 2006drilling spud● Neutral
Horizontal well MSC-10 has spudded in PEL 16 and is drilling. It will run about 700m in the Richmond coal seam at roughly 500m depth to meet vertical well MSC-08; MSC-09 follows. This is the horizontal phase extending the five-well vertical pilot.
9 Jan 2006drilling progress report● Neutral
Rigs have mobilised to the South Casino site in PEL 16 for the second-phase program, which includes two horizontal wells (MSC-10 first, then MSC-09). Coring of MSC-03 to about 1,200m is planned, subject to approvals, to test for oil or gas sands below the coal.