Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2007drilling progress report● Neutral
The rig was released from Stokes Bay-1 on 6 November. Testing will resume with a separate crew in one to two weeks. Fluids recovered still appear to be drilling mud, about 24% of the 12,000 barrels lost. No formation fluid is identified yet.
5 Nov 2007well test result● Neutral
Empire repeats the operator's flow test report: 3,000-4,000 barrels of fluid a day, apparently drilling mud, no hydrocarbons seen yet. Its figures for fluids lost and recovered are in square brackets (10,000 and 1,500 barrels), differing from the operator's. Duplicate of operator data.
5 Nov 2007well test result● Neutral
Partner FAR repeats the operator's report: flow test under way at 3,000-4,000 barrels of fluid a day, apparently drilling mud, no hydrocarbons yet. FAR holds 8%. Duplicate of operator data.
5 Nov 2007well test result● Neutral
The Stokes Bay-1 flow test began on 4 November, flowing 3,000-4,000 barrels of fluid a day. Fluids so far look like the drilling mud lost earlier, and no hydrocarbons have been seen. About 2,400 of 12,000 barrels lost are recovered. Testing continues. Pancontinental holds 10%.
5 Nov 2007well test result● Neutral
Pancontinental relays ARC's flow test report: Stokes Bay-1 flowing 3,000-4,000 barrels a day, apparently drilling mud, no hydrocarbons seen. The test continues until formation fluids are identified. PCL holds 10%. Repeats operator data.
5 Nov 2007well test result● Neutral
Emerald repeats the operator's flow test report: fluids recovered appear to be part of the 12,000 barrels of drilling fluid lost, with no hydrocarbons yet. Emerald will update when formation fluids are identified. Duplicate of operator data.
1 Nov 2007drilling result▲ Good
Stokes Bay-1 was deepened to 2,777 m with more mud losses, but mud gas peaks of up to 10% appeared. The operator recommends completing the well to test the Nullara. PCL's deeper interest is 10%. It is encouraging but not yet a result.
1 Nov 2007drilling progress report● Neutral
Empire says Stokes Bay-1 flowed into the wellbore intermittently, and the mud gas is interpreted as very dry (97% methane). The joint venture will complete the well for Nullara testing. Empire can back in to 14.8% by paying penalties from production. Empire's view; no test result yet.
1 Nov 2007drilling result▲ Good
Operator ARC reports Stokes Bay-1 at 2,777 m with 7-inch casing at 2,585 m, ongoing mud losses and intermittent gas peaks up to 10%. It will complete the well rather than run an open-hole test, with testing to follow. Duplicate source of the PCL release.
1 Nov 2007drilling progress report● Neutral
Partner FAR repeats the operator's report: Stokes Bay-1 at 2,777 m, with the well to be completed for Nullara testing within two days. FAR holds 8% in the deeper section. Duplicate of operator data.
1 Nov 2007drilling progress report● Neutral
Emerald repeats the operator's report: Stokes Bay-1 deepened to 2,777 m with continued mud losses and gas peaks up to 10%. The joint venture will complete the well as a potential gas producer and clean-up flow the Nullara. Emerald holds 12.75%. Duplicate of operator data.
31 Oct 2007quarterly activities report● Neutral
September quarter report. Valentine-1 was abandoned with gas shows, its main target sands poorly developed. Stokes Bay-1 was drilling below 1,840 m. The A$3.8m rights issue closed. PCL raised its Canning interest to 10%. Other projects had no new developments.
25 Oct 2007drilling progress report● Neutral
Empire says the joint venture will run 7-inch casing in Stokes Bay-1 to test the Nullara carbonates first, then the Anderson sands. Empire is carried through completion costs but is non-consent below 2,589 m, keeping a right to back in by paying penalties from production.
25 Oct 2007drilling progress report● Neutral
Operator ARC reports drill-pipe logs show possible oil in some Anderson zones. Nullara top is at 2,722 m with logs degraded by large-scale vugular porosity. No fluid type is known because of mud losses. Casing will be run before testing.
25 Oct 2007drilling progress report● Neutral
Partner Emerald repeats the operator's update: casing to be run to test the Nullara lost-circulation zone, 2,737-2,755 m, then the Anderson sands. Emerald holds 12.75% in the deepening. Duplicate of operator data.
25 Oct 2007drilling progress report● Neutral
Pancontinental relays ARC's update: logs show modest oil potential in the Anderson sands, and the Nullara is very porous but its fluid content is unknown because of repeated mud losses. Casing will be run, then the Nullara tested. PCL holds 10%.
25 Oct 2007drilling progress report● Neutral
Partner FAR repeats the operator's report: logging done, casing to be run, then the Nullara tested. FAR kept its 8% in the deepening. Duplicate of operator data.
25 Oct 2007annual report● Neutral
Pancontinental's 2007 annual report; text is truncated before the financials. It notes A$5.8 million raised in the year, Origin completing its Kenya L8/L9 seismic farm-in, GOP completing its L6 farm-in, and the Namibia licence. Nothing new.
18 Oct 2007drilling result● Neutral
Pancontinental relays ARC's report that Stokes Bay-1 reached 2,755 m after total mud losses at the top of the Nullara carbonates. Logging then a possible flow test will follow. PCL holds 10% in the deeper section. Repeats the 18 October well data.
18 Oct 2007drilling result● Neutral
Partner FAR repeats the operator's report: Anderson oil and gas shows, deepening to 2,755 m, and total mud loss at a possible porous Nullara zone. FAR keeps its 8%. Duplicate of operator data.
18 Oct 2007drilling result● Neutral
Partner Emerald repeats the operator's report: Stokes Bay-1 at 2,755 m, Anderson oil and gas shows, total mud loss at the Nullara. Emerald keeps 12.75% in the deeper section. Duplicate of operator data.
18 Oct 2007drilling result▲ GoodMajor
Stokes Bay-1 reached the Anderson target at 2,589 m with oil and gas shows, then was deepened to 2,755 m after the joint venture elected to test the Nullara carbonates. Total mud loss there suggests a porous zone. Pancontinental keeps 10% in the deeper part.
18 Oct 2007drilling result● Neutral
Partner Empire reports two Anderson sands with oil and gas shows in Stokes Bay-1 and wants to test them. It chose not to join the deeper Nullara drilling, calling it very high risk. Otherwise repeats the operator's data.
11 Oct 2007drilling progress report● Neutral
Partner Emerald forwards the operator's 11 October report: Stokes Bay-1 at 1,841 m after a stuck-pipe incident, running in with a new bit. Duplicate of operator data.
11 Oct 2007drilling progress report● Neutral
Pancontinental relays the operator's update: Stokes Bay-1 at 1,841 m after a stuck-pipe incident was cleared, now running in with a new bit. No new results.
11 Oct 2007drilling progress report● Neutral
Operator ARC reports Stokes Bay-1 drilled to 1,841 m after pipe stuck at 858 m was freed. Running in with a new bit; no hydrocarbon indications yet.
11 Oct 2007drilling progress report● Neutral
Partner Empire summarises Valentine-1 as having excellent Anderson gas shows, possibly at the edge of the accumulation. Says the joint venture is considering deepening Stokes Bay-1 to test the Nullara carbonates. Well is at 1,841 m.
4 Oct 2007drilling spud● Neutral
Partner Empire repeats the Stokes Bay-1 spud and drilling at 1,226 m. Empire maps the target about 150 m updip from Valentine-1 and sees mainly gas, with possible oil, in the Anderson sands. Duplicate of operator data.
4 Oct 2007drilling spud▲ Good
Pancontinental confirms the Stokes Bay-1 sidetrack started on 3 October, with the company holding 10% of the Canning Basin permits. Battrick says the well will meet the Valentine-1 gas-show intervals substantially updip.
4 Oct 2007drilling spud● Neutral
Partner FAR repeats the operator's report: Valentine-1 sidetracked as Stokes Bay-1 on 3 October, drilling ahead at 1,226 m toward about 2,500 m. Duplicate of operator data.
