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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
22 July 2013joint venture update● Neutral
Oil Basins reports the Federal Court will hear the native title appeal on the Derby Block on 30 July; grant is expected soon after. OBL plans to enforce Octanex's priority farm-in once granted. Continues the delayed Derby thread.
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.
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.
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.