Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2011drilling progress report▲ Good
Seabird's six Southern Bonaparte seismic surveys (three 2D, three 3D) have begun across Goldsborough's permits, due to take about 90 days. Octanex holds 100% of five permits and will earn 60% of WA-422-P by funding its 295 km² Rissa 3D survey.
24 Oct 2011farm in farm out agreement▲ GoodMajor
Goldsborough agreed to earn 60% and operatorship of WA-422-P in the Southern Bonaparte by funding a 295 km² 3D survey and reprocessing existing 2D data. It adjoins Octanex's other Bonaparte permits. Subject to regulatory approvals.
10 June 2011farm in farm out completion▲ GoodMajor
The Santos farmout of WA-323-P and WA-330-P is now unconditional. Santos holds 75% and operates; Octanex keeps 25% free carried and receives A$7m for past costs. A Santos 3D survey is due in Q4 2011, then a well within three years.
26 May 2011drilling result▼ BadMajor
Galahad-1 has been plugged and abandoned after logging, ending the two-well Exmouth Plateau program following dry Gawain-1. Octanex's 20% was free carried through both wells and stays carried through any next well in either permit.
16 May 2011drilling result▼ BadMajor
Galahad-1 reached total depth of 3,448m with no hydrocarbon indications in the shallower Mungaroo sands, including the AVO-anomaly targets. A thin sand below them showed elevated gas; its significance is still to be analysed. Logging precedes planned abandonment.
11 May 2011drilling progress report● Neutral
Galahad-1 remained at 2,380m while the riser and blow-out preventer were pressure tested after a weather delay. Drilling of the 12¼-inch hole is next. No results yet; Octanex's 20% stays free carried.
10 May 2011farm in farm out completion▲ GoodMajor
The OMV farmout of PEP 51906 became unconditional after New Zealand ministerial consent. OMV holds 65% and operates, and Octanex keeps 35% free carried. OMV will reimburse NZ$1m and start the 270 km² Matuku 3D survey, taking about 35 days. This completes the 25 March deal.
4 May 2011drilling progress report● Neutral
Galahad-1 reached 2,380m, with the 13⅜-inch casing cemented and the riser and blow-out preventer being installed. Top Mungaroo is predicted near 2,489m, with intra-Mungaroo sand targets from about 2,698m to 3,344m. No results yet.
27 Apr 2011drilling spud● NeutralMajor
Galahad-1 spudded at 06:30 WST on 24 April 2011, the second well of the Exmouth Plateau program after the dry Gawain-1. Surface casing is set and a pilot hole is being drilled. Octanex's 20% stays free carried.
21 Apr 2011drilling scheduled● Neutral
Galahad-1 in WA-363-P is expected to spud within 5 to 7 days and take about 36 days. It targets multiple Triassic Mungaroo sands, with undiscovered hydrocarbons in place at the well location estimated at 4 TCF. Octanex holds 20%, fully carried.
20 Apr 2011drilling progress report● Neutral
Logs were run at Gawain-1 and plugging and abandonment should finish by 23 April 2011. The drillship then moves to Galahad-1. Octanex's 20% stays free carried. Confirms the earlier dry-hole result.
13 Apr 2011drilling result▼ BadMajor
Gawain-1 reached total depth of 3,963m with no hydrocarbons encountered in the final section from 3,778m. Wireline logs are next, then the well will be plugged and abandoned. Octanex's 20% stays free carried through Galahad-1. The company's pre-drill estimate for Gawain was 5 TCF, so this is a dry hole.
11 Apr 2011drilling progress report● Neutral
The drillship has returned to Gawain-1 and is preparing to resume drilling from 3,778m. The next target, at 3,832m, remains ahead. No new results.
4 Apr 2011drilling progress report● Neutral
Gawain-1 drilled to 3,778m, then drilling was suspended and the well secured as the drillship left location ahead of a developing tropical low. The 3,832m target had not yet been reached.
28 Mar 2011drilling progress report● Neutral
Gawain-1 sat at 3,653m waiting on weather after the 9⅝-inch liner was cemented. The operator is watching a developing weather system before deciding whether to drill ahead or move off. No new results.
25 Mar 2011farm in farm out agreement▲ GoodMajor
OMV New Zealand farms into PEP 51906 in Taranaki, taking 65% and operatorship, with Octanex keeping 35% free carried. OMV pays for a 3D survey of at least 270 km² and reimburses up to NZ$1m of past costs. It must commit to a well by 19 Nov 2012 or hand the interest back. Subject to ministerial consent. This resolves the open farmout search.
21 Mar 2011drilling progress report▼ Bad
Gawain-1 reached 3,653m. The operator skipped wireline logs in this section, citing no evidence of commercial hydrocarbons in the Upper Mungaroo from LWD data, cuttings and the absence of gas shows. The earlier fluorescence still needs analysis. The next target is at 3,832m.
14 Mar 2011drilling result▼ Bad
Gawain-1 reached the top of the Mungaroo sandstone at about 2,693m, 94m deeper than predicted, with no gas or hydrocarbon shows. Fluorescence was seen in three thin sandstones without significant gas. The company says significance can't be judged until logs are run.
9 Mar 2011drilling progress report● Neutral
Gawain-1 was at 2,590m, with the riser and blow-out preventer installed and tested, and about to drill the 12¼-inch hole toward the Mungaroo target. No new results.
2 Mar 2011drilling progress report● Neutral
Gawain-1 had its 13⅜-inch casing set, though more days were lost to weather. The next step is to drill toward the Mungaroo target, with the top of the formation expected near 2,599m. No results yet.
23 Feb 2011drilling progress report● Neutral
Gawain-1 pilot hole was drilled to 2,540m, but several days were lost when the drillship moved off for Tropical Cyclone Carlos. The ship was returning to location on 23 Feb. No results yet.
14 Feb 2011drilling spud▲ GoodMajor
Gawain-1 spudded at 03:00 WST on 12 Feb 2011, the first of the two Exmouth Plateau wells. The 36-inch conductor is cemented and 24-inch hole is being drilled. Octanex holds 20%, fully carried.
8 Feb 2011drilling progress report▼ Bad
The drillship reached the Gawain-1 location on 8 Feb but is moving away because of a possible tropical cyclone. The return date is unknown, so the spud is delayed.
3 Feb 2011drilling scheduled● Neutral
The Saipem 10000 drillship left Darwin on 2 Feb 2011 and should reach the Gawain-1 location in 5 to 7 days. Gawain-1 will be followed immediately by Galahad-1. Octanex holds 20% in both wells, which are fully carried.
19 Jan 2011farm in farm out completion● NeutralMajor
Octanex confirmed it will join the second well, Galahad-1 in WA-363-P, keeping a 20% fully carried interest rather than taking US$16m cash. With the Gawain-1 choice, it has passed up US$32m. Drilling is expected from late January 2011.
17 Dec 2010drilling scheduled▲ GoodMajor
Targets set for two Exmouth Plateau wells: Gawain-1 in WA-362-P and Galahad-1 in WA-363-P, both aiming at Triassic Mungaroo sands, with drilling expected late January 2011. Company estimates undiscovered gas of 5 TCF at Gawain (chance of success 13-27%) and 4 TCF at Galahad (22-30%).
24 Nov 2010farm in farm out agreement▲ GoodMajor
Santos farms into WA-323-P and WA-330-P (Winchester area), taking 75% and operatorship. Santos will shoot 3D, drill one well and reimburse past costs; Octanex keeps 25% free carried. Conditional on approvals and permit renewals. This resolves the farmout search begun June 2010.
8 Nov 2010drilling scheduled▲ GoodMajor
OMV and Eni now intend to drill two back-to-back wells, one in WA-362-P and one in WA-363-P, starting mid-January 2011 for about 60 days, subject to approvals. Locations are due in about four weeks. Octanex pays nothing; its interest falls from 40% to 20% once the second well is formally committed.
19 Oct 2010farm in farm out completion▲ GoodMajor
Shell committed to drill a well in WA-384-P, planned for late 2011, avoiding reassignment of the permit to Octanex. A discovery would pay Octanex US$5m, with more payments and a 1% royalty possible. Shell gets extra time on WA-385-P; WA-394-P decision is due by February 2011.
6 Sept 2010drilling progress report▼ Bad
The Kakapo 3D survey in PEP 51906 was suspended after about 20% of the planned 270 km² because of mechanical problems on the Reflect Resolution vessel. Octanex is discussing repairs and restart timing with the contractor. This delays the Taranaki work.
