18 May 2010drilling progress report● Neutral
Moeller #1 was drilling at about 11,200 ft on 17 May, with electric logs and intermediate casing to be run before drilling on to the 12,500 ft target. No results yet. NSE holds 38.5%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 May 2010drilling progress report● Neutral
Burleson reports Moeller #1 at 8,086 ft on 10 May, targeting 12,500 ft. It repeats NSE's same-day update with no new information.
11 May 2010drilling progress report● Neutral
Moeller #1 was at 8,086 ft on 10 May, heading for about 12,500 ft. Potential is restated at 118 bcf of gas and 2.8 million barrels of condensate. No results yet. NSE holds 38.5%.
3 May 2010drilling spud▲ GoodMajor
Moeller #1, the second Wilcox well, spudded 29 April, targeting 100 bcf and 2.4 million barrels of condensate at 12,500 ft. NSE has farmed in to raise its interest to 38.5% (from 36%), paying 39.33% of costs of ~US$1.9m dry or ~US$2.9m completed. Cash is about $3.0m.
27 Apr 2010drilling result▲ Good
Partner Burleson reports the same Heintschel #1 result: 225 ft hydrocarbon column, 135 ft gas sand, well to be completed and fracced in late June. Participants listed: Burleson 38%, AKG 16.5% operator, NSE 32.5%, others 13%. Nothing beyond NSE's own release.
27 Apr 2010drilling result▲ GoodMajor
Logs at Heintschel #1 (TD 11,800 ft) show a 225 ft hydrocarbon column with 135 ft of gas sand, versus 85 ft expected. Low-permeability sands need fraccing, planned late June, to prove commercial flow. NSE 32.5%; rig moves to Moeller #1 (100 bcf potential).
23 Apr 2010drilling progress report▲ Good
Heintschel #1 reached planned total depth with multiple extensive hydrocarbon shows over larger intervals than expected, including gas to surface and condensate in mud. NSE says logs are needed to confirm producible hydrocarbons. NSE holds 32.5%.
19 Apr 2010drilling progress report▲ Good
Heintschel #1 hit elevated gas readings in the target Wilcox sands, at 11,402 ft with total depth about 11,750 ft. NSE says their significance is unknown until logs are run, so this is not yet a discovery.
19 Apr 2010drilling progress report▲ Good
Burleson reports a strong gas show in the Wilcox sands at Heintschel 1, at 11,402 ft on 18 April. Its significance is unknown until total depth, logging and testing. Same news as NSE's own announcement.
14 Apr 2010drilling progress report● Neutral
Heintschel #1 was at 8,598 ft on 13 April, heading for a planned total depth of about 11,750 ft, with no results yet. NSE's cash was about $3.8m, down from about $4.2m in its 30 March update.
14 Apr 2010drilling progress report● Neutral
Burleson reports Heintschel 1 at 8,598 ft as of 13 April, against a 11,750 ft target. Nothing new on results.
6 Apr 2010drilling spud● NeutralMajor
Heintschel #1, the first Wilcox well, spudded 4 April, about a week or so after the late-March plan. It targets 7.2 bcf of gas and over 100,000 barrels of condensate at 11,750 ft, costing about US$2.5m. NSE holds 32.5%.
6 Apr 2010drilling spud● Neutral
Burleson reports Heintschel 1 spudded on 4 April. Target depth is 11,750 ft, with 7.2 bcf potential. Budget is about US$1m if dry and US$2.3m if completed. NSE holds 32.5%.
30 Mar 2010drilling scheduled● Neutral
Site and permits are ready for Heintschel #1 (formerly W1; 7.2 bcf potential, NSE 32.5%), with the rig due early April, then W2. Brasher #1 gas sales tie-in is now expected in the first half of April. Cash is about $4.2m.
22 Feb 2010drilling result▲ GoodMajor
Brasher #1 found a 14 ft gas column in the Yegua, and a formation test gave 100% gas. This is NSE's first US well; gas sales are expected in 30-45 days. Final size is unknown until extended flow testing. Focus now moves to the Wilcox wells.
12 Feb 2010drilling spud▲ GoodMajor
Brasher #1, the first well of the six-well Colorado County program, has spudded, about two months later than planned. It targets 1.4 bcf of Yegua gas at 5,000 ft, with NSE holding 32.5%. A three-well Wilcox rig contract is secured, with the first Wilcox well due in March.
4 Jan 2010drilling progress report▼ Bad
Brasher #1 is still not drilling because rain has left the access road and site wet. The first two Wilcox wells are said to remain on track for early 2010. Delay now runs past the planned December start.
18 Dec 2009drilling progress report▼ Bad
Brasher #1 start is delayed to the week of 21 December because of very wet weather. Permitting and site work are complete; the delay is weather only. The December start now slips.
14 Dec 2009drilling scheduled● Neutral
Permitting and site works are complete for Brasher #1, the first Colorado County well, expected to spud around 17 December. It targets up to 1.45 bcf gross in the Yegua, to 5,000 ft in about 7 days. NSE holds 32.5%.
3 Nov 2009drilling scheduled▲ GoodMajor
Joint venture agrees a six-well Colorado County program starting December 2009 with a Yegua well, then Wilcox wells from January 2010. A large Edwards/Sligo prospect (Woppa) is put at 350 Bcf and 250 Bcf potential. Funded from $6m+ cash. Lawford 1 revisit now targeted for 2H 2010.
28 Sept 2009drilling scheduled● Neutral
Preliminary review of Colorado County 3D seismic shows more and deeper prospects than expected, including Yegua and Wilcox targets. Drilling is now expected in December, later than the Sept/Oct timing previously planned, after seismic processing delays.
17 Mar 2009farm in farm out agreement▲ GoodMajor
Trident Energy signs a binding heads of agreement to fund 25% of an initial program (200km 2D seismic by end-2010, one well by end-2011) to earn 17.5% of EP442(A). NSE keeps 82.5%, completing the EP442(A) farm-out talks noted earlier.
27 Oct 2008drilling progress report▼ BadMajor
Lawford 1 is being temporarily suspended at about 1,320m, short of the Anderson and Laurel targets, because of site delays and the coming wet season. NSE and Buru agreed to return early in the 2009 drilling season to finish the well. No result yet.
27 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 27 October announcement that Lawford 1 is temporarily suspended, to be completed in the 2009 drilling season. No new information.
23 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 23 October Lawford 1 update (1,325m, casing leak repairs). No new information.
23 Oct 2008drilling progress report▼ Bad
Lawford 1 stopped at 1,325m for three days after a wellhead leak, then a leak was found in the 9 5/8" casing. The fix is to run 7" casing to about 1,320m. No restart date given; a setback, not yet a result.
20 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 20 October Lawford 1 update (1,300m). No new information.
20 Oct 2008drilling progress report● Neutral
Lawford 1 is at 1,300m, still in a shale section more than 100m thick, with trace gas up to 7 units. Anderson and Laurel sands are still expected before the 1,650m total depth. Progress remains ahead of plan.
16 Oct 2008drilling progress report● Neutral
Lawford 1 is at 1,050m in the lower Grant formation, with only trace background gas. The Grant section is thicker than predicted, so the Anderson top will be deeper than expected. Drilling progress remains ahead of plan.
16 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 16 October Lawford 1 update (1,050m). No new information.