Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2011drilling spud● Neutral
Buru reports deepening of Lawford-1 began 27 Sept 2011 from 1,323m to 2,780m, about 13 days on a dry-hole basis. Buru operates the rig for the joint venture. No hydrocarbon indications yet. Duplicates NSE's spud release.
28 Sept 2011drilling spud▲ GoodMajor
Lawford #1 deepening began 27 Sept from 1,323m toward 2,780m, ~13 days. NSE (65%, diluting to 50%) estimates over 500 Bcf gas in place; it does not expect free flow. Green Rock's final $200,000 back-cost payment is triggered, as the September spud planned.
15 Aug 2011drilling scheduled▲ GoodMajor
Century Rig #7 is secured to deepen Lawford #1 in EP417, spudding mid-late September, to about 2,800m (earlier plan ~2,600m). Buru runs the rig. Green Rock owes a further $250,000 now and $200,000 at drilling start. NSE first Australian drilling in almost three years.
13 July 2011farm in farm out agreement▲ GoodMajor
NSE signs a non-binding heads of agreement for ConocoPhillips to fund up to US$109.5m over four phases to earn 75% of the Goldwyer Project, leaving NSE 25%, plus A$1m upfront. Binding agreements targeted by 30 September 2011; this follows the failed earlier partnering search.
17 Mar 2011farm in farm out agreement● Neutral
Green Rock Energy announces it will earn 15% of EP417 (option to 20%) by part-funding the Lawford#1 deepening planned for Q3 2011, plus a $4.2m raising. Same deal as NSE's own announcement; Green Rock is the partner, not NSE.
17 Mar 2011farm in farm out agreement▲ GoodMajor
Green Rock Energy farms into EP417: pays $750,000 back costs, funds 27.5% of Lawford #1 deepening and earns 15%. NSE falls from 65% to 50%, keeps operatorship, and gets a funded well in Q3 2011. This follows the earlier 2008 suspension at 1,325m. A 60/40 mutual-interest deal is also signed.
10 Mar 2011resource reserve update▲ GoodMajor
Operator AKG lifted Heintschel mid-case estimates to 209 bcf gas and 8.7 mmb condensate in place (projected recoverable 93 bcf, 3.9 mmb), up from earlier recoverable 58.9 bcf and 1.07 mmb. Three wells produce 3,250 mcf/d and 125 bbl/d, about $195,000 a month net to NSE. Independent reserves audit planned.
10 Mar 2011resource reserve update▲ Good
Burleson reports operator AKG's revised Heintschel estimates: mid case gas in place 209 bcf and condensate 8.7 mmb, with projected recoverable 93 bcf and 3.9 mmb. Three wells averaged 3,250 mcf/d and 125 bbl/d of condensate. Duplicates NSE's release.
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.
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.
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.
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.
