4 July 2007drilling progress report● Neutral
Weekly report: Riflebird-E3 reached 699m and is suspended. Corella-E10 DST is deferred until after coring, with casing set at 342m. Corella-E1 operations are complete. Riflebird-E4 is at 340m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2007drilling progress report● Neutral
Weekly report: Corella-E8 intersected 26.18m of coal and is suspended. Corella-E10 is capped at 342m awaiting test equipment. Corella-E1 permeability testing is complete, Riflebird-E3 is coring at 658m. No formal reserve results.
20 June 2007drilling progress report● Neutral
Weekly report: Corella-E10 had a strong gas and water kick in the Kangaroo Creek sandstone at 342m and is suspended awaiting a DST. Corella-E8 finished at 756m with about 26m of coal. Riflebird-E4 spudded 20 June.
13 June 2007drilling progress report● Neutral
Weekly report: Corella-E10 spudded 7 May and is at 212m. Corella-E8 is drilling at 690m. Riflebird-E3 is cased at 96m. Corella-E6 and E7 are suspended pending testing. No formal reserve results.
6 June 2007drilling progress report● Neutral
Weekly report: Riflebird-E3 spudded 30 May. Corella-E9 finished at 864m with about 34m of coal and excellent free gas shows. Corella-E5 testing is done. The Corella-E6 DST is now expected within 2 weeks.
5 June 2007drilling scheduled▲ GoodMajor
Metgasco committed to four more core wells, two funded by the Federal grant and two by MEL at about $1m total. Coal volumes up to 100% higher at some sites. The extension aims to prove reserves beyond the 660 PJ 2P target.
30 May 2007drilling progress report● Neutral
Weekly report: Corella-E7 finished at 756m with about 44m of coal and excellent free gas shows. Corella-E4 testing is complete, with results going into the reservoir model for reserve certification. Corella-E6 DST still expected within 3 weeks.
23 May 2007drilling progress report● Neutral
Weekly report: Corella-E7 is at 744m with about 37m of coal and excellent free gas shows. Corella-E9 has conductor casing set and E8 is at 135m. The Corella-E6 DST is expected within 3 weeks.
16 May 2007drilling progress report● Neutral
Weekly report: Corella-E8 spudded 15 May; Corella-E7 cased at 312m ahead of coring. Corella-E6 now has an 80m cement plug and wellhead, with DST equipment being mobilised for the gas sandstone. Other wells suspended.
9 May 2007drilling result▲ GoodMajor
Corella-E6 hit an 11m thick, over-pressured, gas-charged fractured sandstone from 670m with strong gas kicks, showing characteristics of a conventional gas reservoir. Well finished at 771m with 42m of coal. A drill stem test is planned once equipment arrives.
3 May 2007drilling progress report● Neutral
Weekly report: Corella-E7 is at 130m with casing set, and Corella-E6 is coring at 480m. Riflebird-E1 is shown as cored to 858m with 40m of coal. Other wells remain suspended for testing. No formal reserve results.
26 Apr 2007drilling progress report● Neutral
Corella-E7 was spudded on 26 April and was in its initial drilling stages. Corella-E4 (799m, 29m coal) and Corella-E5 (791m, 32m coal) were suspended pending further testing. No formal reserve results were given.
18 Apr 2007drilling progress report▲ Good
Corella-E4 was cored to 799m with 29m of coal, including deeper seams not seen before, as in Corella-E5. Riflebird-E1 was drilling ahead at 318m after casing was set at 90m. Corella-E5 and E6 were unchanged.
11 Apr 2007drilling progress report▲ Good
Corella-E5 was drilled to 791m with 32m of coal core, a significant increase in coal at that location, and was suspended for logging and testing. Corella-E4 was coring ahead at 457m. Corella-E6 was spudded 2 April, and Riflebird-E1 resumed drilling to reset casing at 90m.
4 Apr 2007farm in farm out agreement● Neutral
Molopo's own release of the same farm-out of PEL 426 and PEL 13 conventional rights to Metgasco. It says Metgasco is completing the coal seam gas programme to earn 51% in PEL 13, matching Metgasco's terms.
4 Apr 2007farm in farm out agreement▲ GoodMajor
Metgasco farms into Molopo's PEL 426, earning 50% by spending up to $500,000 (option to 75% for $250,000 more), and into PEL 13 conventional rights, earning up to 50% for $300,000. This extends the Molopo relationship beyond the PEL 13 coal seam gas deal.
4 Apr 2007drilling progress report● Neutral
Weekly report: Riflebird-E2 finished at 720m with 24m of net coal and is suspended for testing. Corella-E4 casing set at 90m, and Corella-E5 coring at 600m through the Richmond seam. Riflebird-E1 casing retrieval paused awaiting equipment. No formal reserve results.
29 Mar 2007drilling progress report▲ Good
Corella-E1 cored to 738m with 26.6m of net coal and excellent free gas shows, and is now in permeability and stress testing. Riflebird-E2 was coring at 678m with 14.7m net coal. Corella-E4 spudded and Corella-E5 resumed drilling at 270m. Corella-E2 operations were complete, and Riflebird-E1 casing recovery continued.
21 Mar 2007drilling progress report● Neutral
Weekly report: Riflebird-E2 hit a 6m Richmond seam at 462m and is coring at 540m, expected total depth about 700m. Corella-E1 drill string recovered. Corella-E2 and E3 in testing. Riflebird-E1 liner work continues. No formal results.
14 Mar 2007drilling progress report● Neutral
Weekly report: Corella-E2 finished at 740m with 21.5m of coal core, and Corella-E3 at 717m with 20m of coal core. Both are now in testing. Riflebird-E2 is coring at 440m. Riflebird-E1 liner work continues. No formal reserve results.
7 Mar 2007drilling progress report● Neutral
Weekly report: Corella-E2 reached 740m total depth with free gas shows, now awaiting permeability and stress testing. Corella-E3 drilled to 327m. Riflebird-E2 at 390m. Riflebird-E1 still suspended for liner work. No formal results.
28 Feb 2007drilling progress report● Neutral
Weekly report: Corella-E2 reached 710m with coal core and free gas shows, Corella-E3 set casing at 131m, Corella-E5 at 84m. Riflebird-E1 still suspended for liner reinstall. No formal reserve results yet.
21 Feb 2007drilling progress report● Neutral
Weekly report: MMMC-01 planned work complete, results sent for analysis. Corella-E1 cored a well-developed Walloon sequence with excellent free gas shows to 563m before a drill string twisted off. Corella-E5 spudded. Riflebird-E1 paused for liner reinstall.
14 Feb 2007drilling progress report● Neutral
Weekly report: MMMC-01 permeability and stress testing began 10 February. Riflebird-E1 coring at 509m after rig repairs. Corella-E1 resumed coring after recovering parted casing. Corella-E3 spudded 12 February. No formal results.
7 Feb 2007drilling progress report● Neutral
Weekly report: Riflebird-E1 coring at 488m and Corella-E1 at 438m, both with free gas shows above the Richmond seam. Corella-E2 spudded. MMMC-01 coring finished, with permeability testing due. Early indications only, no formal results.
31 Jan 2007drilling progress report● Neutral
Weekly report: MMMC-01 cored to 626m with 13.75m of coal retrieved, testing equipment awaited. Riflebird-E1 at 202m, Riflebird-E2 paused at 95m. Corella-E1, first CS Energy joint venture well, drilled to 95m. No results yet.
23 Jan 2007drilling progress report● Neutral
Weekly report: MMMC-01 re-entered for coring. Riflebird-E1 spudded 15 January and Riflebird-E2 on 22 January, both drilling ahead. These are the two wells needed for the Richmond Valley power station reserves. No results yet.
17 Jan 2007drilling scheduled▲ GoodMajor
Reserve expansion drilling has begun and is enlarged after the CS Energy deal: up to 12 core wells and 6 trial production wells, targeting up to 660 PJ of 2P reserves. CS Energy funds up to 10 core wells and the trial wells.
13 Dec 2006farm in farm out agreement▲ GoodMajor
CS Energy farms into part of PEL 16, spending $11 million to earn an initial 15%, with a goal of 540 PJ of 2P reserves in 15 months. Heads of agreement to supply 18 PJ a year to Swanbank, worth over $1 billion. Major step for the company.
10 Aug 2006drilling result▲ GoodMajor
Middle Creek #1 reached 633m. Logs indicate the top seam is the Richmond, 6.95m thick and gas charged, with 16m more gas-charged coal below. Company says this adds about 150 km² of potential development area, extending the field 15 km south-west. Coring follows when a rig is available.