Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
8 Dec 2010drilling progress report● Neutral
D.Truchard #1 is drilling at about 11,460 ft, near its planned depth. Somewhat elevated gas readings have been seen, but the target sands often show nothing while drilling, so logs after reaching total depth will decide whether it is completed.
8 Dec 2010drilling progress report● Neutral
Partner Burleson repeats that D.Truchard #1 is at 11,460 ft with somewhat elevated gas readings, and logging will decide on completion. Duplicates NSE's announcement of the same day.
1 Dec 2010drilling progress report● Neutral
Partner Burleson reports D.Truchard #1 drilling ahead at 5,732 ft, repeating NSE's announcement of the same day. Target depth is about 11,800 ft. No new information.
1 Dec 2010drilling progress report● Neutral
D.Truchard #1 is drilling ahead at 5,732 ft towards about 11,800 ft. Cash is stated as about $5.0m including prepaid US costs. No new result.
26 Nov 2010investor presentation● Neutral
AGM presentation recapping known facts: three commercial successes from four US wells, Heintschel appraisal drilling under way, Goldwyer and Merlinleigh shale acreage. Shows cash of about $5.0m and the Buru stake at about $9.0m at 50c. Text is truncated; no new results visible.
24 Nov 2010drilling spud● Neutral
NSE announces D.Truchard #1, the first Heintschel appraisal well, has spudded 2.9 km from Heintschel #1, targeting about 11,800 ft in around 28 days. NSE holds 32.5%. Success would be a step towards AKG's 59 Bcf mid case; cost US$1.1m dry, US$1.5m more to complete.
24 Nov 2010drilling spud● NeutralMajor
Burleson reports D. Truchard #1, the first Heintschel appraisal well, has spudded 2.9 km from Heintschel #1. It targets about 11,800 ft and should take about 28 days. It is estimated to cost US$1.1m dry, plus US$1.5m to complete. NSE holds 32.5%.
11 Nov 2010investor presentation● Neutral
November update presentation restating known facts: Heintschel #1 at 2.4 mmcf and 100 bbls condensate a day, Brasher #1 at about 400 mcf a day, and a two-well appraisal program from around 18 November. Gives a Heintschel #1 payback of 8-10 months. Nothing new.
9 Nov 2010drilling scheduled▲ GoodMajor
A rig is contracted for two Heintschel wells: D. Truchard #1, a step-out 2.9 km from Heintschel #1, spudding around 18 November, then offset well Heintschel #2, 370 m away. Fracs are expected late December 2010 and early February 2011. Cash is about $6m.
