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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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 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.
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.
11 Dec 2012drilling scheduled▲ GoodMajor
OMV has contracted the Kan Tan IV rig to drill Matuku-1 from Q3 2013, with a slot for Matuku-2 if successful. Resolves the rig search. Octanex stays free carried; NZOG's US$12.5m is paid in three tranches, the last when the rig is on location.
11 Dec 2012drilling scheduled▲ Good
NZ Oil & Gas reports OMV has secured the Kan Tan IV rig for Matuku drilling in Q3 2013. The NZOG farm-in remains subject to regulatory approval. Duplicates Octanex's own rig announcement the same day.
28 Nov 2012farm in farm out agreement▲ Good
NZ Oil & Gas's own announcement of its deal with Octanex: US$12.5m for a 12.5% interest in PEP 51906 (Matuku), leaving Octanex 22.5%, plus 50% farm-ins to PEP 53473 and PEP 52593. Duplicates Octanex's own announcement of the same day.
28 Nov 2012farm in farm out agreement▲ GoodMajor
Octanex signed deals with NZOG: US$12.5m for 12.5% of PEP 51906 (Matuku), leaving Octanex 22.5%, with options for a further 5%. NZOG also earns 50% of PEP 53473 (funding 75% of costs) and PEP 52593 (60%). Subject to ministerial and OMV approvals.
16 Nov 2012drilling scheduled▲ GoodMajor
OMV committed to drill Matuku-1 in PEP 51906 before the 19 November 2012 deadline, so it keeps its 65%. Drilling is targeted for Q3/Q4 2013, subject to securing a rig, at ~4850m depth. Octanex's 35% is free carried; mean recoverable resource is ~65 mmbbl if hydrocarbons are present.
16 Oct 2012drilling spud▲ GoodMajor
Shell spudded Palta-1 in WA-384-P on 14 October 2012 using the Noble Clyde Boudreaux rig, in about 1300m of water, expected to take 60-90 days to over 5000m. Octanex, which sold the permit in 2008, keeps discovery payments, a 1% royalty and re-conveyance rights.
26 June 2012resource reserve update▲ GoodMajor
OMV confirmed Matuku in PEP 51906 as a valid structural closure with an estimated mean recoverable resource of about 65 million barrels (if hydrocarbons are present). It is seeking a rig for drilling in the first half of 2013, with Octanex's 35% free carried. OMV has not yet committed; the deadline is 19 November 2012.
2 Apr 2012drilling progress report▲ Good
Shell completed the 783 km Tortilla 2D survey in WA-385-P in late March. Shell has committed to drill Palta-1 in WA-384-P, planned for Q3 2012 subject to approvals. Octanex keeps discovery payments, a 1% royalty and re-conveyance rights.
2 Apr 2012drilling scheduled▼ Bad
Santos now expects the Winchester well to be drilled in late Q1 2013, because PTTEP needs more time on Montara drilling with the Ensco 109 rig. This is a second slip, from Q3 to Q4 2012 and now to Q1 2013. Octanex's 25% is free carried.
13 Mar 2012drilling result▲ Good
Ascalon 3D in WA-407-P is complete, with about 426 km² acquired against a 200 km² requirement. This finishes the six-survey Bonaparte programme: 2,168 km of 2D and 1,186 km² of 3D, well above the required 1,850 km and 800 km².
10 Feb 2012drilling progress report● Neutral
The Ascalon 3D survey in WA-407-P (100% Octanex) has started, expected to take about 24 days and cover roughly 325 km². It is the last of three Bonaparte 3D surveys and meets the Year 3 work obligation.
9 Feb 2012drilling result▲ Good
Tamar 3D in WA-420-P is complete, with about 501 km² acquired, well above the 300 km² Year 3 obligation. It is the second of three 3D surveys; Ascalon in WA-407-P remains.
1 Feb 2012drilling scheduled▼ Bad
Santos says the Winchester well, in which Octanex has a free-carried 25%, has slipped from Q3 to Q4 2012 because the Ensco 109 rig will be delivered later than negotiated. Contradicts the earlier Q3/August timing.
18 Jan 2012drilling progress report● Neutral
Tamar 3D in WA-420-P, the second of three Bonaparte 3D surveys, has started and should take about 30 days. It will cover roughly 400 km² and meet the 300 km² Year 3 obligation.
16 Jan 2012drilling result▲ Good
Rissa 3D in WA-422-P is complete, with about 331 km² acquired within budget, exceeding the combined 300 km² Year 2 and 3 obligation. It is the first of three 3D surveys; the data will be used to resolve oil leads.
20 Dec 2011drilling progress report● Neutral
The first of three Bonaparte 3D surveys, Rissa (295 km²) in WA-422-P, has started, with Ascalon (325 km²) and Tamar (400 km²) to follow. All three are expected to take about 60 days and fulfil Year 3 work obligations.
28 Nov 2011drilling progress report▲ Good
Falcon 2D in WA-440-P is complete (about 556 km), finishing all three Bonaparte 2D surveys on time and within budget. The vessel is heading to Darwin to load equipment for the three 3D surveys (Ascalon, Tamar, Rissa).
23 Nov 2011drilling progress report▲ Good
Santos completed the Winchester 3D survey in WA-323-P/330-P (720 km² acquired, meeting the 440 km² Year 1 obligation). Processing is due by end of Q2 2012, with the well scheduled for Q3 2012; Octanex's 25% is free carried.
23 Nov 2011drilling progress report▲ Good
Hawk 2D survey in WA-441-P is complete, with about 653 km acquired on time and within budget, exceeding the 550 km Year 3 obligation. Falcon 2D in WA-440-P is now underway; second of six Bonaparte surveys done.
21 Nov 2011drilling result▲ Good
The first Bonaparte survey, Kingfisher 2D in WA-421-P, is complete: about 959 km acquired, on time and within budget, exceeding the 850 km Year 3 work obligation. Hawk 2D is now underway; the Tamar 3D will later test the same play.