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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2006quarterly activities report● Neutral
December quarter report: first gas flows from the South Casino vertical pilot, horizontal drilling started, and the $3.99 million placement completed. The Casino power station size was lifted from 12 to 30 MW, and gas-in-place is put at 3.9–4.8 TCF.
31 Jan 2006quarterly activities report● Neutral
Cash flow report for December quarter: cash at quarter end was $3.704 million, helped by $3.99 million of share issue proceeds. Operating and investing outflow was $1.081 million; next-quarter spending is estimated at $2.68 million.
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.