8 Jan 2018production update▼ BadMajor
Ophir is in a non-routine shutdown after an FPSO power trip. Restart has not yet succeeded and troubleshooting is under way. This interrupts the production that began in October 2017, with no restart date given.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2017director officer appointment● Neutral
Joint Company Secretary Jack Tuohy resigned with immediate effect. Rob Wright, the existing Company Secretary, continues all duties. Administrative change.
29 Nov 2017other● Neutral
Chairman's AGM address: Ophir production began last month but has met challenges, including higher-than-predicted gas constraining oil output. Cornea JV seeks lease variation for a simpler development; Ascalon studies continue; Santos lodged Winchester Location application. Largely repeats known facts.
10 Nov 2017production update▲ GoodMajor
Ophir achieved contractual 'First Oil', with production starting 20 October 2017, capped at 3,000 bopd while de-bottlenecking continues. First crude lifting expected in December 2017. This delivers the milestone on the Ophir 2H 2017 first-oil timetable.
30 Oct 2017quarterly activities report● Neutral
Quarter to 30 September 2017: Ophir FPSO installed and start-up under way, first oil expected in Q4 2017. Cash $5.1M, debt US$8M. SIP notes convert at $0.15, $0.20 and $0.25 or may be redeemed from Ophir payments, which follow project loan repayment.
23 Oct 2017production update▲ GoodMajor
Ophir facilities are commissioned and hydrocarbons are being received, processed and stored on the FPSO, with performance tests under way. Next milestone is contractual 'First Oil', defined as 20 days of production out of 25.
16 Oct 2017production update▲ Good
The MTC Ledang FPSO is in final position at Ophir with moorings attached, and the flowline to the platform is installed and tested. Commissioning has begun. Exploration permits are now described as four, down from five.
4 Oct 2017other● Neutral
Appendix 4G corporate governance statement lodged with the annual report, pointing to the company website. Administrative filing with no new substance.
28 Sept 2017annual report● Neutral
FY2017 annual report: Ophir wells were completed ahead of time and under budget against the US$90M budget, with production about to start. Ascalon retention applications withdrawn; Cornea JV seeking to vary lease conditions toward a production test well.
15 Sept 2017production update▲ Good
The converted MTCE Ledang FPSO has sailed from Singapore for the Ophir field, where it will be moored and connected to the platform. Capacity is stated as 300,000 barrels of storage, versus 350,000 previously reported. First oil remains the next step.
13 Sept 2017regulatory community update▼ BadMajor
Octanex withdrew its March 2016 Ascalon retention lease applications after NOPTA advised the technical uncertainties should be addressed under exploration permits. It has started independent studies on resources and well deliverability. Both permits are in their term ending May 2018.
14 Aug 2017other● Neutral
Octanex changed its share registry provider from Link Market Services to Automic on 14 August 2017. Administrative notice only, with new contact details for shareholders.
11 Aug 2017drilling result▲ GoodMajor
The Ophir three-well drilling campaign is finished, which the company says was ahead of time and under budget, and the Naga-2 rig is being released. No further drilling updates are expected. Wells are shut in awaiting FPSO tie-in.
4 Aug 2017drilling progress report▲ Good
Ophir A2 and A3 were flowed to clean up drilling fluids and shut in for FPSO tie-in, so all wells are now cleaned up. The Naga-2 rig will be demobilised next.
31 July 2017quarterly activities report● Neutral
Quarter to 30 June 2017: three Ophir wells drilled, FPSO conversion advanced, first oil still due later this year. Cash $5.7M, debt US$8M. Ascalon retention lease re-assessment underway; Cornea still presently negative commercially at low oil prices.
28 July 2017drilling progress report▲ Good
Ophir A3 reached 3,332m with over 1,100m horizontal in the J20 oil reservoir, and completion and tree are installed. A1 was flowed back to clean up fluids before being shut in for FPSO tie-in. All three wells are now drilled.
21 July 2017drilling progress report● Neutral
A3's upper section was drilled to 2,227m, landing at the top of the target J20 reservoir; the horizontal section is now drilling. Completion is expected next week.
14 July 2017drilling progress report▲ Good
A1ST is completed, leaving A2 and A1ST done. The third well, Ophir A3, spudded on 11 July and is at 676m, preparing to run casing.
7 July 2017drilling progress report▲ Good
The Ophir A1 side-track reached 3,275m with over 1,280m of horizontal section in the J20 oil reservoir, and completion was being run, with A3 to follow. The company's footer now notes the US$12M convertible note facility is drawn to US$8M.
30 June 2017drilling progress report● Neutral
A2 is completed with its wellhead tree installed. On A1, oil was found in the target reservoir but the team chose to drill a side-track (A1ST) to improve alignment and trajectory.
23 June 2017drilling progress report▲ Good
Ophir A2 reached 3,070m total depth with a 1,000m horizontal section placed in the target J20 oil reservoir; completion is being run. A1 is next.
16 June 2017drilling progress report▲ Good
Ophir A1 reached 1,996m with intermediate casing set, and A2 reached 1,873m; both met the reservoir sequence within 1m of prediction. A2's horizontal section is next.
9 June 2017drilling progress report● Neutral
Ophir A1 and A2 were each drilled to 554m and surface casing set; the rig is now installing blow-out preventers on A1. Next step is drilling A1 toward the target reservoir at 1,983m. No results yet.
2 June 2017drilling spud▲ GoodMajor
Ophir A1, the first of three horizontal production wells, was spud on 2 June 2017 using the NAGA 2 rig. Target reservoirs are already proven oil-bearing, so this is development drilling, not exploration, toward 2H 2017 first oil.
1 June 2017other● Neutral
The partly paid shares (OXXCB) were removed from ASX quotation at close of trade on 1 June 2017, following the consolidation into fully paid shares. Final procedural step; other securities unaffected.
25 May 2017drilling progress report● Neutral
The NAGA 2 rig has begun leaving its previous location and is due at the Ophir field on 27 May for the three-well campaign. Consistent with the late-May spud timetable.
16 May 2017price query● Neutral
Responding to an ASX query after the share price jumped from 7.5c to an intraday 14.5c on heavy volume, Octanex said it knew of no unannounced information and could not explain the move. Ophir drilling plans unchanged.
9 May 2017drilling scheduled● Neutral
The NAGA 2 rig is expected to be handed over in the 3rd-4th week of May, with the first Ophir development well, Ophir-A1, to spud in late May. It is the first of three planned horizontal production wells.
3 May 2017other● Neutral
Octanex has put a video and photos of the Ophir platform installation on its website. No new information on the project.
28 Apr 2017quarterly activities report● Neutral
March quarter: cash $4.7M, debt US$4M, 272M shares. Ophir platform installed and FPSO selected, drilling due May, first oil still 2H 2017. Ascalon applications to be re-assessed; Cornea viability remains challenged by low oil prices. Text truncated.