Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Apr 2023drilling result▼ Bad
MinRes, as operator's parent, reports the same Lockyer-2 outcome: excellent but water-saturated Kingia reservoir at higher pressure than expected. The well is suspended and the rig moves to North Erregulla Deep-1. Duplicate of Norwest's announcement, without the 11 km2 figure.
12 Apr 2023drilling result▼ BadMajor
Lockyer-2 found excellent Kingia Sandstone but it is water-saturated, with aquifer pressure higher than expected. The free water line is now about 4,007m and the potential gas area about 11 km2, down from 102 km2. Lockyer resource potential is materially downgraded; NED-1 is next.
15 Mar 2023drilling spud● NeutralMajor
Lockyer-2, the appraisal well to test the Lockyer Deep-1 discovery's northern segment, spudded 15 March 2023. It is a downdip step-out; planned depth 4,451m TVDSS, about 35 days to reach.
8 Mar 2023drilling progress report▲ Good
The 385 km2 Rococo 3D seismic survey is finished, earlier than the early Q2 target. Ensign Rig 970 is at the Lockyer-2 site, with spud expected within a week and about 35 days to the 4,451m TVDSS target depth.
6 Dec 2022drilling progress report● Neutral
Operator Energy Resources began acquiring the 385 km2 Rococo 3D seismic survey over the Lockyer structure, expected to take about three months, with final data in early Q4 2023. Lockyer-2 and North Erregulla Deep-1 drilling still awaits a rig contract and final approvals.
6 Oct 2022drilling result▲ GoodMajor
Final Ringneck 2D data show Lead E, a faulted high of about 74 km2 between the gas kitchen and Lockyer Deep-1. Drilling needs more study, Rococo 3D data and joint venture agreement. Lockyer structure area is revised to about 102 km2 from 100 km2.
20 June 2022resource reserve update▲ GoodMajor
Post-drill review lifts Lockyer Deep's best-estimate free water level from 4,500m to 4,560m, growing the potential resource area from 92 to 100 km2. Open flow is estimated at 190 MMscf/d, with 70-110 Bcf gas-in-place connected to the well. Two-well drilling targeted Q4 2022.
30 Mar 2022drilling result● Neutral
Ringneck 2D seismic survey (148 line-km) is complete, focused on the southeast of the Lockyer Deep field, including Lead E. Preliminary processed data is expected within four months, after which the joint venture will decide whether drillable targets exist.
4 Mar 2022drilling scheduled▼ Bad
Cyclone Anika delayed the Buru Energy Rafael-1 well test, so the Lockyer Deep-1 test package is now expected to mobilise from the week of 21 March 2022, later than the 9 March target. Perforating starts the week of 7 March; Ringneck 2D acquisition begins 7 March.
23 Feb 2022drilling progress report● Neutral
Lockyer Deep-1 is conditioned for perforation, but perforation is postponed by contractor delays. The test still targets about 9 March 2022. Ringneck 2D crews begin mobilising 3 March, with acquisition due to finish by end of March.
15 Feb 2022drilling scheduled● Neutral
Lockyer Deep-1 production testing is scheduled for about 9 March 2022 and should take roughly two weeks. The 148 line-km Ringneck 2D seismic survey starts 24 February, and the 385 km2 Rococo 3D survey is planned from December 2022.
15 Nov 2021resource reserve update▲ GoodMajor
Revised mapping lifts the Lockyer Deep potential resource area 40%, from 66 to about 92 km2, by including the southern part previously treated as separate prospective ground. No volume is given; the operator's interpretation is broadly consistent.
2 Nov 2021drilling progress report● Neutral
Rig released and Lockyer Deep-1 suspended for testing, with testing now due by early Q1 2022. Total well cost is about A$18.5 million against the original A$14.5 million estimate, though the company says remediation costs were within the original estimate.
18 Oct 2021drilling progress report▼ Bad
The cement bond log confirmed where cement sits in the annulus, and a remedial cementing job is planned. Production testing of Lockyer Deep-1 is targeted for late Q4 2021 but may slip to early Q1 2022, a possible delay.
12 Oct 2021drilling progress report▲ Good
Milling cleared cement from the 5-1/2" casing, and a significant amount of cement is now confirmed to have been displaced into the annulus, easing the earlier concern. A cement bond log will decide any further remedial work before testing.
27 Sept 2021drilling progress report▼ Bad
Cement was not displaced into the annulus when the production casing was run, so it is being milled out and re-cemented. Extra cost for the joint venture is up to A$5 million (Norwest share up to A$1 million). Production test is still targeted for Q4 2021.
22 Sept 2021resource reserve update▲ GoodMajor
Logs confirm 20.2 m net gas pay in the Kingia, 16% porosity and ~500 mD permeability, with a gas column up to 800 m. Norwest expects resources to exceed the 1.12 Tcf pre-drill high case; well being completed for testing. High Cliff is not pay at this location.
8 Sept 2021drilling result▲ GoodMajor
Lockyer Deep-1 reached 4,274 m, with preliminary results indicating a significant gas discovery in good-quality Kingia Sandstone and no gas-water contact seen. Wireline logging is under way; this is the first drilling success after the long search for a rig. Norwest holds 20%.
30 Aug 2021drilling progress report▲ Good
Final-section drilling began 28 August. Oil shows were seen across a 158 m interval in the Dongara and Wagina formations, with gas readings up to 19.6%. These are secondary targets; net oil pay is too early to call pending logs.
23 Aug 2021drilling progress report▲ Good
Lockyer Deep-1 reached intermediate casing point at 3,097 m, about 300 m shallower than planned, with gas shows in non-target formations. The well will now be deviated to hit the main targets at the best location. No target results yet.
18 Aug 2021resource reserve update▲ Good
After seismic reprocessing, Norwest mapped six new Permian gas leads (A–F, 4 to 65 km2) across EP368 and EP426, in addition to Lockyer Deep. They need more seismic before becoming drillable; no resource volumes are given for the leads.
17 Aug 2021drilling progress report● Neutral
Drilling resumed 16 August from 1,205 m after a replacement blowout preventer was installed and tested, resolving the earlier delay. Next update at about 3,400 m. Prospect figures unchanged (1.12 Tcf high case, 38% chance).
5 Aug 2021drilling progress report▼ Bad
Lockyer Deep-1 drilling remains halted because the rig's blowout preventer failed testing; replacement parts are due within five days. The company says the delay will not materially affect well cost. No geological result yet.
23 July 2021drilling progress report● Neutral
Lockyer Deep-1 reached surface casing point at 1,205 m, with casing cemented. Operations paused three to four days due to Western Australia border restrictions; partners do not expect a material effect on cost or duration. No geological result yet.
19 July 2021drilling spud▲ GoodMajor
Lockyer Deep-1 was spudded at 23:00 on 18 July 2021, targeting the Kingia and High Cliff formations. Expected to take 35 days to reach 4,185 m TVDSS. Norwest holds 20%; gross high case 1.12 Tcf, 38% chance of success.
13 July 2021drilling progress report● Neutral
The Ensign 970 rig has finished mobilising to the Lockyer Deep-1 site and rig-up is under way. Next announcement will come at spud. Prospect figures unchanged.
6 July 2021drilling scheduled▲ GoodMajor
Operator signed a rig sharing agreement with Strike and a drilling contract with Ensign for the Ensign 970 rig, to take over around 7 July. Spud expected in July 2021. EP368 year 2 end date extended six months to 29 December 2021. Resolves the long rig search.
6 July 2021drilling scheduled● Neutral
Operator parent Mineral Resources confirms its subsidiary has secured the Ensign 970 rig for Lockyer Deep 1, with drilling to start later in July. Repeats Norwest's own rig announcement from the same day; Norwest holds 20%.
21 July 2020drilling scheduled▲ Good
Operator lodged the Lockyer Deep-1 environmental plan on 10 July 2020 and ordered long lead items (casing and wellhead). The joint venture targets drilling in six to nine months, subject to a rig slot. Prospective resource is unchanged at up to 1.12 Tcf gross, 38% chance of success.
20 Dec 2019resource reserve update▲ GoodMajor
Norwest raised Lockyer Deep-1's geological chance of success from 29% to 38% after Beach's Beharra Springs Deep gas flow (up to 46 MMscfd). Resource range unchanged at up to 1.12 Tcf gross. Operator signing of the drilling resolution awaits Mineral Resources board approval of its 2020 program.
