23 Feb 2011production update▲ Good
Burleson reports Heintschel #2 was connected to sales on 19 February, so all three Heintschel field wells are now on production. Duplicates NSE's announcement of the same day.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2011production update▲ Good
Heintschel #2 was connected to sales on 19 February, so all three Heintschel wells (Heintschel #1, #2, D.Truchard #1) are now producing gas and condensate. Stabilised flow rates are still to come. Cash stated at about $2.3m.
11 Feb 2011production update▲ Good
Burleson reports D.Truchard #1 connected to sales on 8 February, with Heintschel #2 expected the following week and Joann #1 awaiting one landowner's signed approval. Duplicates NSE's announcement.
11 Feb 2011production update▲ Good
D.Truchard #1 was connected to sales on 8 February and is producing at commercial rates. Heintschel #2 is due next week; Joann #1 still awaits one landowner's signed approval. Cash stated at about $2.3m.
10 Feb 2011investor presentation● Neutral
NSE says it will focus 2011 Goldwyer work on a liquids-rich wet gas zone, with two initial areas of interest identified. It continues farm-in talks and is preparing to drill in late 2011 only if funding is secured through partnering. No drilling is committed.
8 Feb 2011regulatory community update▲ Good
Merlinleigh geochemical survey is complete, meeting the work commitments for the Carnarvon Basin permits. NSE will give up acreage outside an identified gas window and convert the best areas to exploration permits. Native title talks have begun, with further field work planned for late 2011. Cash stated at about $2.8m.
2 Feb 2011flow test result▲ GoodMajor
Initial flow-back on D.Truchard #1 and Heintschel #2 reached commercial rates: 1 to 1.7 mmcf/d gas plus 20-60 barrels of condensate. Both made more water than expected. Rates are preliminary and not stabilised. Joann #1 tie-in slipped to about two weeks.
2 Feb 2011flow test result▲ Good
Partner Burleson reports the same initial flow-back results for D.Truchard #1 and Heintschel #2: 1 to 1.7 mmcf/d gas plus 20-60 barrels of condensate, preliminary, with more water than expected. Duplicates NSE's announcement.
27 Jan 2011drilling progress report● Neutral
D.Truchard #1 and Heintschel #2 were successfully fracced on 24 and 25 January and are in a clean-up phase of about a week before flow rates can be established. Cash is stated as about $3.0m including prepaid US costs.
27 Jan 2011drilling progress report● Neutral
Burleson reports D.Truchard #1 and Heintschel #2 were fracced on 24 and 25 January and are cleaning up drilling fluids. Stabilised flow rates may take a week or longer. Duplicates NSE's announcement of the same day.
25 Jan 2011investor presentation● Neutral
Burleson notes NSE has released an update presentation covering their shared US assets and points readers to NSE's release. No new information.
25 Jan 2011investor presentation● Neutral
Update presentation repeats known US and Australian activity. It states Heintschel #1 is flowing at impaired rates (1.3 mmcf/d, 60 bopd, ~400 bwpd of water), with three more Colorado County wells about to be tied in. It also cites net cash of ~$2.5m and a market cap of ~$47.5m at 23c.
19 Jan 2011drilling progress report● Neutral
Preparations continue to frac D.Truchard #1 and Heintschel #2 around 24/25 January, with production casing set on both. Joann #1 is still due on production by end-January. Cash is stated as about $3.3m including prepaid US costs.
14 Jan 2011other● Neutral
Shareholder letter outlines 2011 strategy: Goldwyer, Merlinleigh and Laurel projects, with partner-level farm-outs preferred over dilutive raisings. It confirms no Goldwyer partner was agreed on acceptable terms in late 2010. Goldwyer drilling in late 2011 depends on finding a partner.
12 Jan 2011drilling result▲ Good
Burleson reports Heintschel #2 logs confirm hydrocarbons in the Prairie Bell sands with no gas/water contacts, so it will be completed. Fracs are planned for about 24/25 January. Repeats NSE's announcement of the same day.
12 Jan 2011drilling result▲ GoodMajor
Heintschel #2 logs show a significant hydrocarbon column in the Prairie Bell sands, in line with pre-drill expectations, with no gas/water contacts and extra sands below. It will be completed, with fracs on D.Truchard #1 and #2 around 24/25 January. Joann #1 is due on production by end-January.
10 Jan 2011drilling result● Neutral
Heintschel #2 reached 11,900 ft total depth with gas shows matching the Heintschel #1 gas condensate sands. Logs are still being interpreted, with a completion decision expected within days.
10 Jan 2011drilling result● Neutral
Burleson reports Heintschel #2 reached 11,900 ft with gas shows matching the gas condensate sands in Heintschel #1. Significance awaits log interpretation and a completion decision within days. Repeats NSE's release.
5 Jan 2011drilling progress report● Neutral
Partner Burleson reports Heintschel #2 drilling ahead at 10,510 ft, targeting 11,800 ft. It is the third well on the structure. Duplicates NSE's announcement of the same day.
5 Jan 2011drilling progress report● Neutral
Heintschel #2 was drilling at 10,510 ft, heading for 11,800 ft. D.Truchard #1 is being completed, with fracs due later in January. Cash is stated as about $3.6m including prepaid US costs, down from $4.0m.
31 Dec 2010other● Neutral
Administrative: NSE's December 2010 securities trading policy for directors and employees, covering insider trading and closed periods. No operational or financial news.
29 Dec 2010drilling spud● Neutral
Partner Burleson reports Heintschel #2 spudded and is drilling at 3,300 ft, 1,200 ft from Heintschel #1. Duplicates NSE's announcement of the same day.
29 Dec 2010drilling spud● Neutral
Heintschel #2 has spudded over Christmas, 1,200 ft southwest of Heintschel #1, targeting about 11,800 ft in around 28 days in an updip position. It is the third well on the structure. Cash is stated as about $4.0m including prepaid US costs.
24 Dec 2010farm in farm out agreement▼ BadMajor
NSE will not conclude a Goldwyer partnership deal for now, missing its year-end target. Large companies cited technical uncertainty from early-stage permits and a limited database. NSE will do more studies in Q1 2011. Aerial gravity (>13,000 km) is complete and EP450/451 relinquishment was revised.
20 Dec 2010drilling result▲ Good
Partner Burleson says D.Truchard #1 will be completed, with early logs showing hydrocarbons in over 300 ft of Wilcox sands and no gas/water contacts. Fracs are booked for the last week of January. Repeats NSE's announcement of the same day.
20 Dec 2010drilling result▲ GoodMajor
D.Truchard #1 logs show hydrocarbons across over 300 ft (~90 m) of Wilcox sands, with no gas/water contacts evident and sands higher than prognosed. Partners will complete it, with fracs in late January. First appraisal success for the Heintschel structure, though flow tests are still to come.
15 Dec 2010drilling progress report● Neutral
Burleson repeats that D.Truchard #1 is at 12,000 ft and electric logs are being run after a week of equipment repairs and well control. Duplicates NSE's announcement of the same day.
15 Dec 2010drilling progress report● Neutral
D.Truchard #1 spent the past week controlling the well and making minor equipment repairs before logging. Electric logging has now started, with a completion decision to follow in a few days.
10 Dec 2010drilling progress report● Neutral
Burleson reports D.Truchard #1 reached 12,000 ft with gas shows and gas flows to surface. Significance is unknown until electric logs are run; a completion decision is expected within days. Repeats NSE's release.
10 Dec 2010drilling result▲ Good
D.Truchard #1 reached 12,000 ft (deeper than the planned 11,800 ft) with gas shows that flowed to surface and needed flaring. Commercial significance and the completion decision await electric logs, expected within days.