Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2021drilling progress report● Neutral
A third lag sampling campaign has begun at Sefton, expected to take about three weeks, covering unsampled areas and infill around known anomalies. Results will help design aircore/RAB drilling. No new results.
12 Aug 2021drilling result▲ GoodMajor
Second-round lag sampling at Sefton found peak gold of 5 ppb, 31 samples above 1 ppb and ten above 1.5 ppb, extending anomalism along about 10 km of strike. Octanex is planning shallow aircore/RAB drilling in 2022. These are low-level surface anomalies, not a discovery.
7 July 2021farm in farm out completion▲ GoodMajor
Octanex has earned its 65% of Sefton by funding $500,000 and elected to earn a further 15% (80% total) by spending $225,000 and issuing 1,153,846 shares to Reindler. This advances the Reindler agreement; further lag results are due August 2021.
18 May 2021drilling progress report● Neutral
A second lag sampling program began at Sefton, expected to take about three weeks. It covers untested ground and infill around the six known gold anomalies. No new results yet.
27 Apr 2021drilling result▲ GoodMajor
First-pass lag sampling on the newly granted Sefton licences found peak gold of 3.2 ppb and six anomalies above 1.5 ppb, which Octanex calls encouraging. More sampling is planned. These are low-level geochemical anomalies, not a drilled discovery.
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.
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.
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.
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.
19 Apr 2017drilling progress report▲ Good
The Ophir wellhead platform has been installed in the field, with drilling conductors driven 80m below the seabed. It is now ready for the NAGA 2 rig, due shortly, to drill three horizontal production wells ahead of 2H 2017 first oil.
27 Mar 2017drilling progress report▲ Good
The Ophir wellhead platform (350-tonne topsides on a tri-legged jacket) has been loaded onto barges at Port Klang and will be towed to the field for installation. Follows the platform fabrication flagged earlier; a step toward drilling and 2H 2017 first oil.
31 Jan 2014drilling progress report● Neutral
NZOG confirms Matuku-1 is plugged, with commercial oil and gas not present, and the Kan Tan IV rig moves to NZOG's Pateke-4H well in the Tui fields. Duplicates Octanex's final report; the Tui permit is not an Octanex interest.
31 Jan 2014drilling result▼ BadMajor
Matuku-1 reached 4,846m and is plugged and abandoned: sandstones were found in both targets but commercial hydrocarbons were not confirmed. This is a dry-hole outcome for the well OMV put at about 65 mmbbl mean if successful. Octanex's 22.5% was free carried, so it bore no cost.
21 Jan 2014drilling progress report● Neutral
Matuku-1 reached total depth of 4,846m and is being wireline logged before plug and abandonment as planned. Octanex's 22.5% remains free carried; no new results beyond the earlier water-bearing, no-shows reports.
20 Jan 2014drilling progress report▼ Bad
NZOG reports Matuku reached total depth of 4846m on 18 January; the primary F sands had no significant shows, with oil shows in the D Sands and deeper North Cape units. The 400 km² Kaka 3D survey also finished ahead of schedule.
16 Jan 2014drilling progress report▼ Bad
Matuku-1 at 4,307m: the upper North Cape (K90) sandstones were less porous than the F sands, water-bearing, with no significant shows. Both main targets are now without hydrocarbons; the well will go to 4750m and then be plugged and abandoned as planned.
14 Jan 2014drilling progress report▼ Bad
NZOG reports Matuku-1 hit the Farewell F sands at 3935m: porous, but no significant gas or oil shows. Drilling continues to 4754m, then logging. Duplicates Octanex's report of the same day.
13 Jan 2014drilling progress report● Neutral
NZOG reports Matuku-1 at 3913m on 12 January, drilling to a planned 4754m. Duplicates Octanex's own reporting and restates the NZOG option over a further 5% if the well succeeds; no results.
7 Jan 2014drilling progress report● Neutral
Matuku-1 at 3417m on 7 January, with 9⅝-inch casing cemented and the 8½-inch hole about to start through the target zones. Continues the earlier casing and sidetrack work; no hydrocarbon results yet. Octanex's 22.5% remains free carried.
7 Jan 2014drilling progress report● Neutral
A new 400 km² Kaka 3D seismic survey began on 7 January 2014 in PEP 51906, where Octanex holds 22.5%. It will complete and exceed the permit's Year 5 work obligations (one well plus at least 310 km² of 3D), and is expected to take 23 days.
7 Jan 2014drilling progress report● Neutral
NZOG reports Matuku-1 at 3417m on 6 January 2014, with 9⅝-inch casing cemented at 3409m. The 8½-inch section to a planned 4754m, through the target zones, is about to begin.
