Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2012drilling progress report● Neutral
Early wireline logs at Nicolay #1 show the Goldwyer is more shale-bearing than core observations suggested, consistent with the gas shows. Further interpretation is needed. Core analysis results are expected early 2013. This is the final weekly report; rig then moves to Gibb Maitland #1.
18 Oct 2012drilling result● NeutralMajor
Nicolay #1 was drilled to 3,564m, deeper than the 3,450m plan, to cover the whole Goldwyer. Gas shows faded below ~3,350m, with no heavier hydrocarbons seen. Limestone was thicker than expected. Significance awaits logs and lab work; rig moves to Gibb Maitland #1.
11 Oct 2012drilling result▲ GoodMajor
Nicolay #1 cut its first Goldwyer core, 54m with 100% recovery, from 3,150m. Gas readings (methane to propane) began from about 2,850m and desorption confirms gas, but the company says significance is unknown until detailed analysis over coming months.
4 Oct 2012drilling progress report● Neutral
Nicolay #1 is at 2,728m, 46 days after spud. The 9 5/8 inch casing was cemented and pressure tested successfully, and drilling resumed in 8.5 inch hole. Next step is drilling to the first coring point in the Nita and Goldwyer formations.
27 Sept 2012drilling progress report● Neutral
Nicolay #1 is at 2,649m, with 9 5/8 inch casing being run and cemented at 2,643m in the upper Bongabinni formation. Drilling will then continue to the Nita formation to prepare for coring. No hydrocarbons were encountered, none expected.
20 Sept 2012drilling progress report● Neutral
Nicolay #1 is at 2,593m, having made only 343m in the week as the Nibil formation proved thicker than expected, slowing drilling to 2-3m per hour. The company says this adds drilling time but has no material implication for the well prognosis. No hydrocarbons expected.
13 Sept 2012drilling progress report● Neutral
Nicolay #1 is at 2,250m, 25 days after spud, having drilled 847m in the week despite some rig downtime from mechanical issues. No hydrocarbons were encountered, none expected. The 55-day estimate to about 3,450m is unchanged.
6 Sept 2012drilling progress report● Neutral
Nicolay #1 is at 1,403m, 18 days after spud, and is pulling out of the hole to change the drill bit. No hydrocarbons were encountered, and none were expected. The 55-day estimate to about 3,450m is unchanged.
30 Aug 2012drilling progress report● Neutral
Nicolay #1 reaches the first casing point at 858m, where 13 3/8 inch casing is run, cemented and pressure tested. Drilling continues toward the second casing point above the Nita and Goldwyer formations. The 55-day estimate is unchanged.
23 Aug 2012drilling progress report● Neutral
Nicolay #1 is at 660m, five days after spud, drilling toward a first casing point on the way to about 3,450m. No hydrocarbons are expected at this stage. ConocoPhillips is funding the first US$13m per well, and the 55-day estimate is unchanged.
23 Aug 2012drilling progress report● Neutral
NSE starts an airborne gravity survey (about 3,695 line km) over EP417 and the Seven Lakes SPA, taking about 3 weeks. It fulfils the work commitments for both areas, and follows the 2011 Lawford #1 well that missed the Laurel target. Results are due within 40 days of completion.
20 Aug 2012drilling spud▲ GoodMajor
Nicolay #1, the first Goldwyer Phase 1 well, spudded on 18 August after the delay, targeting about 3,450m (deeper than the earlier 3,200m). Drilling is expected to take about 55 days, with coring and logging only, no fracturing or flow testing.
2 Aug 2012drilling scheduled▼ Bad
Nicolay #1 spud slips from July to mid-August after faults in a rig control panel, now reported resolved. NSE says it is not liable for rig rates during rig-up. First Goldwyer well delayed by about two weeks or so.
2 July 2012drilling progress report● Neutral
The rig has reached the Nicolay #1 site after a 2,500km move from Darwin and is being rigged up, with spud expected in the next few weeks subject to final compliance inspections. Work continues on Gibb Maitland #1 and Blatchford #1.
31 May 2012resource reserve update▲ GoodMajor
Technical review of the 100%-owned Merlinleigh Project cites potential gas in place of up to 33 TCF unconventional and up to 1.2 TCF conventional across four prospects. These are potential figures, not booked resources. Native title talks are advanced; partnering to be assessed in H2 2012, drilling planned H1 2013.
30 May 2012drilling scheduled▲ Good
NSE takes delivery of MB Century Rig #14 after Darwin customs and quarantine clearance and begins moving it to Nicolay #1 (about 3,200m), with spud now expected around mid July. Vertical wells are for data, and no flow testing is expected.
25 Nov 2011resource reserve update▲ GoodMajor
First 2P reserves booked for Heintschel: independent D&M assessment gives gross 33.7 BCF wet gas and 0.96 MMBO, with 124.55 BCF wet gas and 3.56 MMBO in place. NSE favours horizontal wells over more vertical ones. Final D&M report still awaited.
24 Oct 2011drilling result▼ Bad
Green Rock re-lodges NSE's 24 Oct release: Lawford #1 ended at 2,690m without testing the Laurel Formation. Duplicate of NSE's announcement.
24 Oct 2011drilling result▼ BadMajor
Lawford #1 stopped at 2,690m, short of the 2,780m plan, to be logged and plugged without reaching the Laurel Formation, which lies deeper than modelled. No significant shows. The deepening meets EP417 work commitments; more studies planned over 12 to 24 months.
24 Oct 2011drilling result▼ Bad
Buru confirms Lawford-1 ends at 2,690m, citing hard formations, geological uncertainty, no significant shows and the approaching wet season. The rig moves to deepen Buru's Paradise-1. Buru calls the well outside its core areas. Duplicates NSE's news.
20 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 20 Oct update: Lawford #1 at 2,483m, next report due 27 Oct. Duplicate with no new information.
20 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 2,483m by 20 Oct against a 2,780m target, no hydrocarbon indications. NSE holds 65%, diluting to 50%. No new result.
20 Oct 2011drilling progress report● Neutral
Buru's weekly report: Lawford-1 drilled to 2,483m at 20 Oct, day 23, still heading for the Laurel Formation. No hydrocarbon indications. Duplicates NSE's update.
13 Oct 2011drilling progress report● Neutral
Buru's weekly report: Lawford-1 deepening at 1,953m on 13 Oct, day 16, with 10 days to go to 2,780m. No hydrocarbon indications. Duplicates NSE's update.
13 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 13 Oct update: Lawford #1 at 1,953m, with the next report due 20 Oct. Duplicate with no new information.
13 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 1,953m by 13 Oct, with about 10 days to reach 2,780m. No hydrocarbon indications reported. No new result.
6 Oct 2011drilling progress report● Neutral
Buru's weekly report: Lawford-1 deepening drilled to 1,725m at 6 Oct, day 9 after spud, still heading for the Laurel Formation. No hydrocarbon indications. Duplicates NSE's update.
6 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 6 Oct update: Lawford #1 at 1,725m, drilling toward the Laurel Formation. Duplicate with no new information.
6 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 1,725m by 6 Oct, heading for the Laurel Formation, with no hydrocarbon indications. NSE holds 65%, diluting to 50%. No new result.
30 Sept 2011farm in farm out agreement▲ GoodMajor
NSE signs a binding farm-out: ConocoPhillips funds up to US$109.5m over four phases to earn 75% of Goldwyer, leaving NSE 25%, plus A$1m upfront. Three wells planned in 2012; it formalises the July heads of agreement. Subject to regulatory approvals; ConocoPhillips can withdraw each phase.
