13 Sept 2007drilling progress report● Neutral
Partner Empire repeats the operator's report of Valentine-1 at 3,038 m with elevated gas in the Clanmeyer Formation, awaiting logging. Duplicate of operator data.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2007drilling progress report● Neutral
Partner FAR repeats the operator's report of Valentine-1 at 3,038 m, with elevated Clanmeyer gas pending logging. Duplicate of operator data.
10 Sept 2007drilling progress report● Neutral
Partner Empire repeats the operator's log findings: low hydrocarbon saturations in the Anderson sands, drilling at 2,695 m. Says the shows enhance Stokes Bay-1 prospectivity. Duplicate of operator data.
10 Sept 2007drilling progress report● Neutral
Partner FAR repeats the operator's 10 September report: logging done, low hydrocarbon saturations in Anderson sands, drilling at 2,695 m. Duplicate of operator data.
10 Sept 2007drilling result● Neutral
Operator ARC reports logs show porous Lower Anderson sands (2,100-2,260 m) with low hydrocarbon saturations, including the strong gas-show zone. Well deepened to 2,695 m toward Virgin Hills; ARC calls results encouraging for Stokes Bay-1. Fresh elevated gas not yet evaluated.
10 Sept 2007drilling progress report● Neutral
Partner Emerald repeats the operator's log results but is more cautious: low hydrocarbon saturations suggest the shows are likely residual hydrocarbons. Drilling at 2,695 m toward Virgin Hills.
10 Sept 2007drilling progress report● Neutral
Pancontinental reports the operator's preliminary logs show low hydrocarbon saturation in the 2,240-2,260 m gas-show zone, so the Anderson test moves to Stokes Bay-1. Battrick says the deeper Laurel shales need further evaluation. Drilling at 2,695 m.
6 Sept 2007drilling progress report● Neutral
Partner Emerald repeats the operator's 6 September report: Valentine-1 at 2,589 m, wireline logging under way. No results yet. Duplicate of operator data.
6 Sept 2007drilling progress report● Neutral
Partner Empire repeats that wireline logs have been run in Valentine-1 at 2,589 m and interpretation of the gas readings is under way. No results yet.
6 Sept 2007drilling progress report● Neutral
Partner FAR repeats the operator's report of wireline logging at 2,589 m in Valentine-1, plus well background and the Stokes Bay-1 sidetrack plan. Nothing new for Pancontinental.
6 Sept 2007drilling progress report● Neutral
Operator ARC reports Valentine-1 is wireline logging the 808-2,589 m interval on 6 September, with no new depth drilled. The earlier gas readings are being evaluated; no results yet.
4 Sept 2007drilling progress report▲ Good
Pancontinental reports six gas-show zones between about 2,250 and 2,470 m in Valentine-1, outside the primary target. Battrick calls it very encouraging and wants urgent logging before deepening; the main target is about a week away.
4 Sept 2007drilling progress report● Neutral
Partner Emerald repeats the operator's report of Valentine-1 at 2,589 m with additional elevated gas readings, a wiper trip under way before wireline logging. Duplicate of the operator's data.
4 Sept 2007drilling progress report▲ Good
Operator ARC reports Valentine-1 at 2,589 m with five more elevated gas readings between 2,295 and 2,470 m. A wiper trip is under way before wireline logging to judge their significance.
4 Sept 2007drilling progress report● Neutral
Partner Empire repeats the five additional gas readings in Valentine-1 at 2,589 m and says wireline logs will assess them. Restates its 1,200 BCF gas and up to 200 million barrel estimates for the main target.
30 Aug 2007drilling progress report▲ Good
Operator ARC reports Valentine-1 at 2,340 m on 30 August. Elevated gas readings appeared over 2-3 m at about 2,250 m in the Anderson Formation; their significance awaits logging at total depth.
30 Aug 2007drilling progress report● Neutral
Partner FAR repeats the Valentine-1 gas readings at 2,340 m. The rest covers FAR's Texas well, where a test recovered oil but a sidetrack is planned, and a Louisiana well selling oil. Nothing new for Pancontinental.
30 Aug 2007drilling progress report● Neutral
Partner Empire repeats the operator's Valentine-1 report: 2,340 m, with elevated gas over 2-3 m at about 2,250 m, significance to be determined after logging. Duplicate of operator data.
30 Aug 2007drilling progress report● Neutral
Partner Emerald repeats the operator's Valentine-1 report: 2,340 m, with elevated gas at about 2,250 m awaiting wireline logging. Duplicate of the operator's data.
30 Aug 2007drilling progress report▲ Good
Pancontinental reports a gas show at about 2,250 m in Valentine-1, drilling at 2,340 m. Battrick calls it encouraging because it is not the primary target, and sees the target 4-5 days away. Significance awaits logging.
23 Aug 2007drilling progress report● Neutral
Partner Emerald repeats the Valentine-1 report: drilling ahead at 1,566 m on 23 August with no hydrocarbon indications. Duplicate of the operator's data.
23 Aug 2007drilling progress report● Neutral
Partner FAR's update repeats Valentine-1 drilling ahead at 1,566 m and describes the Stokes Bay-1 sidetrack to follow. The rest covers FAR's separate Texas and Louisiana wells. Nothing new for Pancontinental.
23 Aug 2007drilling progress report● Neutral
Partner Empire repeats Valentine-1 at 1,566 m, saying no hydrocarbons are expected in this upper section. Restates its estimates of 1,200 BCF of recoverable gas or up to 200 million barrels of oil. Duplicate of the operator's data.
23 Aug 2007drilling progress report● Neutral
Valentine-1 is drilling ahead at 1,566 m, 11 days in, against a 3,407 m target depth and a 3,222 m main objective. Manager Battrick says the well is on trajectory and timeline, with another week or two before the target. PCL holds 10%.
23 Aug 2007drilling progress report● Neutral
Operator ARC reports Valentine-1 at 1,566 m on 23 August, 9 5/8 inch casing set at 808 m, no hydrocarbon indications. Same data as Pancontinental's report.
20 Aug 2007joint venture update● Neutral
Operator Gippsland has taken delivery of the Kenya L-6 FALCON gravity data; seismic arrives next week and drillable prospects are still due by end September. Leads cited at 1.1 billion barrels or 5 TCF; PCL holds 40%. Repeats the 17 August update.
17 Aug 2007joint venture update● Neutral
Gippsland says Kenya L-6 FALCON gravity data processing is complete and drillable prospects are now due by end September, a month later than the end-August target previously given. Leads still cited at 1.1 billion barrels or 5 TCF; the next PSC phase needs 2 wells in 4 years from October 2007.
16 Aug 2007drilling progress report● Neutral
Partner FAR's drilling update repeats Valentine-1 at 644 m with no hydrocarbon indications; the rest covers FAR's separate Texas well. Nothing new for Pancontinental.
16 Aug 2007drilling progress report● Neutral
Operator ARC's Valentine-1 report: drilling ahead at 644 m on 16 August, casing set at 112 m, no hydrocarbon indications. Same data as Pancontinental's report.
16 Aug 2007drilling progress report● Neutral
Valentine-1 drilling report: 644 m reached by 16 August with 13 3/8 inch casing set at 112 m. No hydrocarbon indications yet; target is 3,222 m to the main objective.