Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 June 2013regulatory community update▲ Good
A location has been declared over the Greater Cornea Field in WA-342-P, a necessary first step before applying for a retention lease. This resolves the Q1 2013 application; Octanex holds 18.75% (text also says 18.5%).
12 June 2013regulatory community update● Neutral
Moby Oil & Gas (22.375% holder) reports the same location declaration over the Greater Cornea Discovery in WA-342-P. Duplicates Octanex's own announcement of the same day.
4 June 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 3274m MDRT on 4 June, drilling the 12¼-inch hole toward a casing point near 3540m. No results yet.
28 May 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 2891m MDRT on 28 May, 14-inch casing cemented and preventer tests done. Next is drilling the 12¼-inch hole to about 3610m. No results yet.
21 May 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 2891m MDRT on 21 May, 14-inch casing being run and cemented. Blowout preventer testing comes next before the 12¼-inch hole. No results yet.
20 May 2013drilling scheduled▲ GoodMajor
OMV formally committed to drill Matuku-1 in PEP 51906, meeting the 18 May 2013 deadline. Spud is set for mid-September on Kan Tan IV, to about 4756m, with Octanex free carried. OMV's mean estimate is about 65 million barrels if oil is present.
20 May 2013drilling scheduled● Neutral
NZ Oil & Gas says OMV expects the Kan Tan IV to start Matuku-1 in mid-September, taking about 40 days to 4756m. Duplicates Octanex's own announcement of the same day.
14 May 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 2875m MDRT on 14 May, nearing the intermediate casing point of about 2930m. Deviated section has started. No results yet.
7 May 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 2164m MDRT on 7 May, drilling the 17½-inch hole after blowout preventer tests. No results yet.
2 May 2013regulatory community update▲ Good
The Karoro 3D survey in PEP 52593 is complete: about 290 km² acquired, 269 km² inside the permit, on time and budget. This ends the 2013 3D programme; the joint venture has until 31 March 2014 to process and map it.
2 May 2013regulatory community update● Neutral
NZ Oil & Gas reports the Karoro 3D survey in PEP 52593 finished on time and incident free, with 290 km² acquired. Duplicates Octanex's own announcement of the same day.
30 Apr 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 1875m MDRT on 30 April; 20-inch casing cemented and blowout preventer being tested. Next section is the 17½-inch hole. No results yet.
29 Apr 2013quarterly activities report● Neutral
Quarter to March 2013: Winchester-1 spudded after quarter end, NZOG deals approved, Cornea location application lodged, Palta-1 still drilling, Matuku-1 prepared for Q3. Largely restates announced items.
23 Apr 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 1756m MDRT on 23 April, drilling ahead in the 26-inch hole toward the 20-inch casing point at about 2040m. No results yet.
22 Apr 2013regulatory community update● Neutral
NZ Oil & Gas reports the PEP 53473 3D survey finished early and a roughly 300 km² survey has started in PEP 52593. Duplicates Octanex's own announcements on the same day.
22 Apr 2013regulatory community update● Neutral
The Karoro 3D survey of about 299 km² has started in PEP 52593, above the 225 km² requirement. Octanex pays 40% of costs, NZOG 60%. It targets the Karoro lead, with the aim of making it a drillable prospect.
22 Apr 2013regulatory community update▲ Good
The Kokako 3D survey in PEP 53473 is complete: 590 km² acquired, 513 km² inside the permit, on budget and within 20 days. The joint venture has until 19 March 2014 to process and map it, targeting two leads.
16 Apr 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 845m MDRT on 16 April, conductor cemented and 26-inch hole being drilled. No results yet.
8 Apr 2013drilling spud▲ GoodMajor
Winchester-1 was spudded by the Ensco-109 rig at 23:00 on 7 April 2013 in WA-323-P, targeting Triassic reservoirs to 4803m in about 80 days. Octanex's 25% is free carried. First result is awaited.
4 Apr 2013regulatory community update▲ Good
The Kokako 3D survey of about 590 km² has started in PEP 53473, more than double the 250 km² work requirement. NZOG funds 75% of costs, Octanex 25%. This starts the 2013 3D programme from the NZOG farm-in.
4 Apr 2013drilling scheduled● Neutral
Santos says Winchester-1 in WA-323-P will spud within 3 days, most likely 7 April, after the Ensco-109 rig handover. Planned to reach 4803m in about 80 days. Octanex's 25% is free carried. Follows the delayed Q1/Q2 timing.
5 Mar 2013half year report▼ Bad
Half year to 31 December 2012 shows a loss of $251,999, against a $1,844,199 profit a year earlier. Notes the Derby Block appeal lodged 1 March 2013, so permit grant is expected to be delayed.
5 Mar 2013regulatory community update▼ Bad
A native title group has appealed the Tribunal's Derby Block determination, so grant of the permit is expected to be delayed. Octanex's conditional 25% purchase therefore waits on the appeal outcome.
18 Feb 2013farm in farm out completion▲ Good
NZ Oil & Gas confirms Ministerial consent for its three Octanex deals, including the 12.5% of PEP 51906 for US$12.5m. Duplicates Octanex's own announcement of the same day.
18 Feb 2013farm in farm out completion▲ GoodMajor
Ministerial consent makes the NZOG agreements unconditional. NZOG holds 12.5% of PEP 51906 and 50% each of PEP 53473 and PEP 52593. Octanex receives the first US$3m of US$12.5m on 22 February 2013, leaving 22.5% in Matuku.
7 Feb 2013regulatory community update▲ Good
WA-386-P and WA-387-P were renewed for 5 years from 7 February 2013, with Octanex at 100%. Resolves the pending renewals. Octanex must finish three years of work, then can withdraw; it will seek partners.
6 Feb 2013joint venture update▼ Bad
Oil Basins says it has offered its Derby Block co-applicant Backreef a share of the Octanex farm-in, and claims Backreef breached its undertakings by agreeing to sell its interest to Buru. A dispute that could affect the Derby Block shares.
4 Feb 2013regulatory community update▲ Good
The Native Title Tribunal determined the Derby Block permit may be granted, clearing a hurdle for Octanex's conditional 25% purchase. Grant itself is still awaited; Octanex's acquisition remains subject to conditions.
31 Jan 2013quarterly activities report● Neutral
Quarter to December 2012: Palta-1 drilling started, Matuku-1 committed with rig contracted, NZOG deals signed, Winchester-1 now Q1/Q2 2013. Notes the WA-386/387-P renewals and Derby Block deal after quarter end. Mostly restates announced items.
24 Jan 2013asset acquisition disposition● Neutral
Oil Basins Limited's announcement: Octanex will buy 25% of the Derby Block for $1.75m and take 15m OBL shares at 3.5c in a ~$625k placement. Octanex's own announcement of the same deal follows; this duplicates it.
