31 Dec 2013drilling progress report● Neutral
Matuku-1 at 3365m on 31 December, drilling towards 3404m after a cement plug was set over suspected junk in the hole. Target 4750m depth unchanged; no results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2013drilling progress report▼ Bad
NZOG reports a cement plug set across suspected debris at the base of Matuku-1 (3167m), with a sidetrack to 3400m next. First sign of a operational hitch; no results.
24 Dec 2013drilling progress report● Neutral
Matuku-1 at 3167m on 24 December, preparing to drill ahead before running 9⅝-inch casing. Still above the target zones; no results.
20 Dec 2013drilling progress report● Neutral
NZOG's update: Matuku-1 drilled to 2867m by 19 December, next drilling to 3400m before running casing. Duplicates Octanex reporting; no results.
17 Dec 2013drilling progress report● Neutral
NZOG's weekly update: Matuku-1 at 1569m on 16 December with blowout preventers installed and tested. Duplicates Octanex's own reporting; no results.
17 Dec 2013drilling progress report● Neutral
Matuku-1 at 2002m on 17 December, drilling ahead in the 12¼-inch hole. No hydrocarbon results reported.
10 Dec 2013drilling progress report● Neutral
Matuku-1 at 1500m on 10 December, with 13⅜-inch casing cemented. Next steps are installing blowout preventers and drilling to 3407m. No hydrocarbon results yet.
2 Dec 2013drilling spud● Neutral
Partner NZOG reports Matuku-1 began drilling on 30 November, expected to take 45 days to about 4750m. Duplicates Octanex's own spud news and restates the option for NZOG to earn a further 5% if the well succeeds.
2 Dec 2013drilling spud▲ GoodMajor
Matuku-1 spudded at 13:50 on 30 November 2013 after a weather delay, targeting about 4750m. Octanex's 22.5% is free carried by OMV. This is the well OMV estimated at about 65 mmbbl mean recoverable if successful.
18 Nov 2013drilling scheduled▲ Good
Operator OMV says Matuku-1 will spud within 5 days, likely 22 November, with the Kan Tan IV rig handed over 19 November. Octanex's 22.5% is free carried; OMV's mean estimate is about 65 mmbbl if hydrocarbons are present. Final US$6.25m NZOG payment is due once the rig is on location.
16 Sept 2013farm in farm out agreement● NeutralMajor
Octanex and NZOG begin a global farmout campaign for PEP 52593 and PEP 53473, ahead of the March 2014 drilling commitments. Pre-3D estimates: Karoro up to 140 mmbbl and Kokako up to 81 mmbbl (high cases). No partner signed yet.
19 Aug 2013resource reserve update● Neutral
Moby (22.375% holder in Cornea) reports the joint venture's Cornea contingent resources: best-estimate 28.8 mmbbl oil (range 7.9–101.9) and 67.1 Bcf gas. Duplicates Octanex's own release; no new information for Octanex holders.
19 Aug 2013resource reserve update▲ GoodMajor
First contingent resource booking for the Cornea Field in WA-342-P: best-estimate 28.8 mmbbl oil (range 7.9–101.9) and 67.1 Bcf gas. Octanex's 18.75% share is 5.40 mmbbl oil and 12.58 Bcf gas. Supports the retention lease application following the June location declaration.
16 Aug 2013resource reserve update▲ GoodMajor
Final analysis lifts the Winchester condensate-bearing net gas pay from 40m to 58m below 3614m, to TD of 4019m. The well is being abandoned, with the rig released around 21 August. This is the last progress report.
5 Aug 2013drilling progress report● Neutral
The Winchester-1/ST-1 joint venture called total depth at 4019m after losses and further over-pressured zones made deeper drilling in the 6-inch hole challenging. Final logging and abandonment have begun; log analysis continues.
1 Aug 2013drilling result▼ BadMajor
Shell's Palta-1 in WA-384-P reached total depth with no commercial hydrocarbons and is being plugged and abandoned. This resolves the open Palta result; Octanex keeps its discovery payments (US$5m already received), 1% royalty and re-conveyance rights.
30 July 2013drilling progress report● Neutral
Winchester-1/ST-1 report: 7-inch liner cemented, drilling the 6-inch hole at 3880m toward an expected 4378m. Log analysis of the gas zone continues and will take some weeks.
23 July 2013drilling progress report● Neutral
Winchester-1/ST-1 report: 8½-inch hole drilled to 3771m and new logs run; a 7-inch liner is being cemented. Drilling resumes in a 6¾-inch hole, with Octanex paying 25% of that section up to A$5m.
18 July 2013drilling result▲ GoodMajor
Octanex confirms the Winchester gas discovery: about 40m net gas pay in a 107m gross interval, ending the long wait for the result. It will fund 25% of deepening, capped at A$5m; the text says commercial prospects look good.
18 July 2013drilling result▲ GoodMajor
Santos announces a gas discovery at Winchester-1: 40m of net gas pay in Jurassic Angel and Triassic Mungaroo formations between 3,614 and 3,721m. The well will be deepened to test further Mungaroo objectives.
16 July 2013drilling progress report● Neutral
Sidetrack re-drilled the gas-show sandstones to 3730m and wireline logging is underway. Octanex's free carry has run to the current depth; it will pay 25% of the 6¾-inch section, capped at A$5m.
9 July 2013drilling progress report● Neutral
Winchester-1/ST-1 sidetrack report: well plugged back to 3481m and running in at 3464m to drill the 8½-inch sidetrack through the gas-show sandstones, then log. No results yet.
2 July 2013drilling progress report▼ Bad
Winchester-1's drill string became stuck while the well was shut in; it could not be freed and was severed. A sidetrack will re-drill the gas-show sandstones and be logged. Octanex remains free carried.
25 June 2013drilling progress report● NeutralMajor
Winchester-1 hit the target Triassic interval higher than predicted, with gas shows in several sandstones, then an over-pressured zone with gas and water influx forced the well to be shut in at 3803m. Significance is being assessed.
18 June 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 3660m MDRT on 18 June, drilling the 8½-inch hole; the target zones are to be drilled through this coming week. No results yet.
12 June 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 3543m MDRT on 12 June; 9⅞-inch casing run and cemented. Next is drilling the 8½-inch hole into the target zones. No results yet.
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.