Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2011drilling progress report▲ Good
Corella P18 was sidetracked to 861m MD with a 607m in-seam lateral and is producing about 30 barrels of water a day, with wellhead pressure above 100 psi. Harrier P01's first lateral is done at 1,229m, and the second lateral is at 1,150m.
1 Mar 2011drilling progress report● Neutral
Harrier P01 and P02 have had top holes cased to about 145m. Corella P18, a single-lateral well, reached 861m and will be completed for production. The rig moves to Harrier P01 to drill two 1,000m laterals, the first of up to four pilot wells.
9 Feb 2011drilling spud● Neutral
Harrier P02, the first well of the multilateral coal seam gas pilot, spudded 8 February 2011 near Corella P11. It targets two 1,000m laterals. Corella P11 has produced 160,000-200,000 scf/day, the rate the new design aims to beat.
28 Jan 2011drilling scheduled● Neutral
Metgasco will begin drilling four multilateral coal seam gas pilot wells (Harrier P01-P03 and Corella P18) near Corella P11 next month. Each has two 1,000m laterals, the company's first dual-lateral wells, aiming for gas rates above Corella P11's.
16 Dec 2010drilling progress report● Neutral
Kingfisher E01 will shortly go on a longer production test. Only about half the planned proppant was placed, yet gas flows encouraged the company. South Casino E11 found 19m of gassy coal and was plugged as planned. Harrier multilateral pilot drilling is expected next quarter.
1 Dec 2010drilling progress report● Neutral
The 2010 seismic program is finished, with 124 line km acquired, meeting work commitments in PEL 13 and 426. Kingfisher E01 is about 85% cleaned of frac fluid but the gas rate still cannot be measured. South Casino E11 spudded 29 November.
17 Nov 2010drilling result▼ Bad
Thornbill E02 (PEL 426), drilled to 617m, gave only minor gas flows, which the company calls disappointing. Thornbill E01 was abandoned as planned. The 2010 seismic program restarted on 13 November, with 78 km of the planned 200 km done.
20 Oct 2010drilling progress report● Neutral
Drilling of Thornbill E01 (PEL 426) restarted after weather delays and had reached about 170m, targeting 850m. Thornbill E02 may follow if weather allows. A routine drilling update.
22 Sept 2010drilling progress report▼ Bad
About 43 line km of seismic has been acquired in PEL 13 and 16 before heavy rain forced the crew to demobilise. Thornbill E01 and E02 top holes are cased, but rain is stopping the rig moving there. Both are delays to existing plans.
15 Sept 2010drilling result▲ Good
Bowerbird E01 core hole reached 780m, with about 29m of gas-bearing coal and siltstone; gas content results await desorption testing. The 2010 seismic survey (~200 line km) has started, with Terrex on site, aimed at Kingfisher limits and other leads.
9 Sept 2010drilling progress report● Neutral
Bowerbird E01 (PEL 13) was at 642m with about 13.7m of gas-bearing coal intersected, in the Eden Creek fairway. Thornbill E01 and E02 in PEL 426 follow, with top holes drilled. Drilling in progress, with no gas content results yet.
2 Sept 2010drilling spud● Neutral
Bowerbird E01 core well spudded 2 September 2010 in PEL 13 (MEL 100%), targeting 700m. The rig will then move to PEL 426 to drill Thornbill E01 and E02, testing Walloon coals near the Banyabba anticline.
27 Aug 2010drilling scheduled● Neutral
Bowerbird E01 core well is expected to start next week in PEL 13, about 3.7km west of Corella P11, targeting 700m. It is meant to help define the coal seam gas fairway and inform trial production planning.
31 Mar 2010drilling result▲ Good
Bowerbird E2 in PEL 13 reached 672m, with 42m of gassy coal and gas-bearing shale found from 296m and about 17m of core taken. Testing and lab analysis come next. An encouraging early sign, but no flow rates yet.
17 Mar 2010drilling spud● Neutral
Bowerbird E-2 core well spudded in PEL 13 as the first well of the 2010 coal seam gas program. Targeting 700m, it will test the Richmond and I/J/K seams along a possible gas fairway extending about 20 km northwest of Corella-11.
16 Feb 2010resource reserve update▲ GoodMajor
Independent certifier MHA raised PEL 16 coal seam gas 2P reserves 33% to 397 PJ (from 298) and 3P 46% to 2,239 PJ (from 1,538); 1P stays at 2.7 PJ. Delivers the upgrade flagged in January. Excludes Kingfisher; sell-down of PEL 16 continues.
5 Feb 2010drilling progress report▼ Bad
Corella P18's stuck drillpipe could not be freed, so the string was parted at 490m to allow a sidetrack. The rig has been demobilised until rectification work on the vertical well is done and another rig is found. A setback to the next-generation pilot well.
14 Jan 2010drilling progress report▼ Bad
Corella P18 intersected the vertical offtake well in the Richmond seam, but the drillpipe became stuck after a drilling break at 785m measured depth. Work is under way to clear the blockage.
12 Jan 2010resource reserve update▲ Good
Metgasco finished a PEL 16-wide coal seam gas study and gave the data to its certifiers. It expects an increase in certified 2P and 3P reserves this quarter, above the current 298 PJ and 1,538 PJ. Not yet certified.
24 Dec 2009drilling progress report● Neutral
Corella P18 reached 388m vertical depth, with 7 inch casing run and cemented. Drilling resumes to intersect the vertical offtake before in-seam drilling.
18 Dec 2009drilling progress report● Neutral
Corella P18 finished its vertical offtake well and started drilling the section that will intersect it before the in-seam leg. No results.
10 Dec 2009drilling progress report● Neutral
Corella P18 spudded on 5 December and was drilling the vertical offtake well at 197m. No results yet.
9 Dec 2009resource reserve update▲ GoodMajor
Kingfisher contingent resource raised to 77 Bcf (P50), from 37 Bcf in September 2008, with a range of 24 Bcf (P90) to 284 Bcf (P10). A further 108m of possible gas sand could lift it toward pre-drill estimates.
4 Dec 2009drilling scheduled● Neutral
Corella P18, the next-generation dual-lateral CSG pilot well, is due to spud over the weekend using Lucas Rig 150. The target is 2,000m of in-seam drilling. Corella-11 recently reached 240,000 scf/day.
30 Nov 2009drilling result▲ GoodMajor
Metgasco declared Kingfisher-E1 a major gas discovery: multiple gas sands from 1,058m to 2,067m, at least 32m of gas-bearing sand, and a 25 km2 closure. It calls it NSW's first significant conventional gas find in over a century. Testing over three months.
27 Nov 2009drilling result▲ Good
Kingfisher-E1 reached total depth of 2,090m with more gas intervals at 2,044m, 2,058m and 2,066m, and no obvious water-bearing sands down to the last gas interval. Wireline logging comes next, then casing for testing.
24 Nov 2009drilling progress report▲ Good
Preliminary interpretation: three further good to very good gas zones in the Gatton Sandstone, at 1,450m, 1,850m and 1,930m, in addition to the tested zone near 1,270m. Drilling at 1,970m; logs will decide testing.
20 Nov 2009drilling progress report▲ Good
Kingfisher-E1 found another gas-bearing zone at 1,710m (2.5m of fair sand) and was drilling at 1,762m. Logging and test decisions wait until the well reaches total depth.
13 Nov 2009drilling progress report▲ Good
Kingfisher-E1 hit a strong gas kick at 1,452m (indicated pressure 2,200 psi), controlled by heavier mud, with more gas shows below. The company says this supports the field's prospectivity. Logging comes after reaching total depth; drilling at 1,519m.
6 Nov 2009drilling progress report● Neutral
Kingfisher-E1 reached 995m; 7 inch casing is being run and cemented before drilling resumes to about 2,100m. The 1,500m production test is still planned. No new result.
