11 Jan 2006drilling result▼ Bad
Partner Bounty confirms Magnolia-1 reached 3,109m with no hydrocarbon shows and will be abandoned. Bounty calls it disappointing and says it was virtually free carried.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2006drilling result▼ Bad
Partner AWE confirms Magnolia-1 reached 3,109m on 10 January with all targets intersected without hydrocarbon shows; the well will be plugged and abandoned.
11 Jan 2006drilling result▼ BadMajor
Partner Adelphi reports Magnolia-1 reached 3,109m with no hydrocarbon shows in the Plover, so the joint venture will plug and abandon. Adelphi calls the result disappointing; it says too early to assess AC/P32's remaining prospectivity.
9 Jan 2006drilling progress report▼ Bad
Partner Bounty repeats the 2,987m Magnolia-1 update: no hydrocarbon shows in the Montara and Upper Vulcan targets, drilling on to the Plover. Duplicates Norwest's report.
9 Jan 2006drilling progress report▼ Bad
Partner AWE repeats that Magnolia-1 reached 2,987m, with the primary Montara target and one secondary target intersected without hydrocarbon shows. Duplicates Norwest's report.
9 Jan 2006drilling progress report▼ Bad
Norwest reports Magnolia-1 at 2,987m: the primary Montara and Upper Vulcan targets had no hydrocarbon shows. Drilling continues to the Plover, expected final depth about 3,200m. Norwest's cost exposure stays capped at US$8 million.
9 Jan 2006drilling progress report▼ Bad
Partner Adelphi reports Magnolia-1 at 2,987m, with the Montara Sandstone and Upper Vulcan targets intersected without hydrocarbon shows. The well continues to the deeper Plover target; an early negative sign for the 60-100 million barrel prospect.
3 Jan 2006drilling progress report● Neutral
Norwest's own report: Magnolia-1 at 1,380m, planned depth 3,240m, about 23 trouble-free days. Norwest holds 19.6% via Westranch, with its drilling cost share under 1% of well costs, capped at US$8 million.
3 Jan 2006drilling progress report● Neutral
Partner AWE repeats the Magnolia-1 status: 1,380m reached, 903m progress in the week. No new result beyond Norwest's own report.
3 Jan 2006drilling progress report● Neutral
Operator update from partner Adelphi: Magnolia-1 in AC/P32 had drilled to 1,380m with casing set, targeting Montara sands near 2,700m. Norwest, permit operator with 19.6%, is in a well that could hold 60-100 million barrels if successful.
3 Jan 2006drilling progress report● Neutral
Partner Bounty Oil & Gas repeats the Magnolia-1 status: casing run to 1,366m, drilling ahead to target levels. Duplicates information already reported by Norwest and other partners; no new result.