Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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%.
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.
9 Nov 2010drilling scheduled● Neutral
Partner Burleson says a rig is contracted for two Heintschel wells, with D. Truchard #1 due to spud around 18 November, 2.9 km from Heintschel #1. Heintschel #2 follows as an offset well. Repeats NSE's announcement of the same day.
19 Oct 2010drilling scheduled▲ Good
The Heintschel #1 frac moves up a month to 26 October 2010, from the 26 November date given earlier. The well is already tied to sales, so any extra flow can be sold immediately. Cash is about $6.0m.
7 Oct 2010drilling scheduled● Neutral
NSE says the Colorado County joint venture will drill two Wilcox wells by end 2010, starting with an exploration well from early November. The Heintschel #1 frac slips to on or before 26 November. Joann #1 is expected to reach sales by end 2010.
28 July 2010resource reserve update▲ GoodMajor
Operator AKG estimates Heintschel contingent recoverable resources of 59 Bcf gas and 1.1m barrels condensate (mid case; range 25.6-88 Bcf). NSE says this could mean over A$100m net revenue, undiscounted, if developed. Frac likely September; more drilling expected from October.
14 July 2010drilling progress report▲ Good
Heintschel #1 is tied into the gas sales pipeline and flows until shut in for fraccing, which awaits a frac unit. Joann #1 flow testing has just begun, and Moeller #1 needs further testing. Brasher #1 revenue has been banked. NSE's Joann interest is now 33.68%.
5 July 2010drilling result▼ Bad
Burleson repeats NSE's same-day news that Moeller #1 initial tests produced mostly water and minimal gas, which it calls disappointing. Joann #1 will be cased, and Heintschel #1 awaits fraccing. Burleson quotes 38% in Joann and Heintschel.
5 July 2010drilling result▼ BadMajor
Moeller #1 initial testing produced mostly formation water and very little gas, because the water was unexpectedly low in salinity; NSE calls the results disappointing. The top 20 ft will be retested, and an updip location 150 ft higher is seen as promising. Joann #1 will be cased. Cash is now about $1.5m.
30 June 2010drilling result● Neutral
Joann #1 logs show only a 6-8 ft gas-charged good quality sand, plus two thicker but poorer sands that are potentially gas charged. Moeller #1 flow testing has finally started after equipment delays, taking 4-5 days. Joann's net sand is thin against pre-drill hopes.
30 June 2010drilling result● Neutral
Burleson repeats NSE's same-day update: Joann #1 logs show a 6-8 ft gas-charged good quality sand, and Moeller #1 testing has started after equipment delays. It quotes its own Joann interest as 38%. Nothing new.
28 June 2010drilling result● Neutral
Burleson repeats NSE's same-day news that Joann #1 reached 11,750 ft with good hydrocarbon shows over a 40 ft sand interval, and logging is underway. It quotes its own Joann interest as 38%. Nothing new.
28 June 2010drilling result▲ Good
Joann #1, the third Wilcox well, reached total depth of 11,750 ft with good gas and liquid hydrocarbon shows over a 40 ft interval of Lower Wilcox sands. Logging is underway, with an update due within 48 hours. NSE holds 32.5%. Shows only, not a flow result.
23 June 2010drilling progress report● Neutral
Moeller #1 perforation and flow testing is expected to start later this week and take 4-5 days; Joann #1 was at 10,029 ft heading to about 11,750 ft. No results yet. NSE holds 38.5% of Moeller and 32.5% of Joann; cash about $2.0m.
23 June 2010drilling progress report● Neutral
Burleson reports Moeller #1 testing should start later this week, and Joann #1 was at 10,029 ft on 22 June, heading for about 11,750 ft. No results yet. It quotes its Joann interest as 38%.
16 June 2010drilling progress report● Neutral
Burleson repeats NSE's same-day update that Moeller #1 is cased and flow testing should start within a week. Nothing new.
16 June 2010drilling progress report● Neutral
Production casing is cemented in Moeller #1 and the rig has moved to Joann #1. Perforating and flow testing of the 155 ft of gas sands is expected to start within a week and take 4-5 days. No flow results yet.
15 June 2010drilling spud● Neutral
Burleson repeats the Joann #1 spud and targets (5.5 bcf most likely, upside 42 bcf). It states its own interest as 38.5%, which conflicts with NSE's 32.5% for the well. Nothing else new.
15 June 2010drilling spud● Neutral
Joann #1, the third Wilcox well of the 2010 program, spudded. It targets 5.5 bcf of gas and 149,000 barrels of condensate most likely, with upside to 42 bcf, at about 11,750 ft. Cost is US$875,000 dry or US$1.64m more to complete; NSE holds 32.5%. Cash is about $2.0m.
9 June 2010drilling result● Neutral
Burleson repeats NSE's same-day announcement that Moeller #1 will be completed after the drill stem test failed, with 155 ft of gross gas saturated sands and about two weeks of testing. Nothing new.
9 June 2010drilling result▲ GoodMajor
The Moeller #1 drill stem test could not be run because of unstable hole, so the well will be cased and flow tested over about two weeks. Logs show 155 ft of gross gas saturated sands; NSE calls it a potential gas/condensate discovery. No size or flow rate yet.
8 June 2010drilling result▲ Good
Logs from Moeller #1 show gas saturated sands with potential net pay over 50 ft. A drill stem test of the top 20 ft is planned, with results expected within about 36 hours. First positive log indication for the well; NSE holds 38.5%.
8 June 2010drilling result● Neutral
Burleson repeats NSE's same-day announcement of gas saturated sands at Moeller #1, with over 50 ft potential net pay and a drill stem test planned. Nothing new.
7 June 2010drilling progress report● Neutral
Moeller #1 reached total depth of 12,750 ft, deeper than the planned 12,500 ft because of good hydrocarbon shows. Wireline logging is not complete, and a further update is expected within 48 hours. NSE holds 38.5%.
7 June 2010drilling progress report● Neutral
Burleson repeats NSE's same-day announcement that Moeller #1 reached 12,750 ft total depth with logging still under way. Nothing new.
1 June 2010drilling progress report● Neutral
Moeller #1 was at 12,002 ft on 31 May with numerous hydrocarbon shows in the Wilcox sands, heading for 12,500 ft; TD now 5-7 days away due to slower drilling. Significance cannot be judged until logs are run. NSE holds 38.5%; cash now stated as about $2.5m.
25 May 2010drilling progress report● Neutral
Burleson reports casing set at 11,229 ft on Moeller #1, a two-day repair delay, and total depth expected in 7 to 10 days. It repeats NSE's same-day update with nothing new.
25 May 2010drilling progress report● Neutral
Casing was set at 11,229 ft in Moeller #1 after a two-day rig repair delay. Drilling is due to resume towards the 12,500 ft target, expected within 7 to 10 days. No results yet. NSE holds 38.5%.
18 May 2010drilling progress report● Neutral
Burleson reports Moeller #1 drilling at about 11,200 ft on 17 May, with logging and casing next. It repeats NSE's same-day update with nothing new.
