7 Oct 2008drilling progress report● Neutral
Emerald repeats that Stokes Bay-1 testing is now expected October 2008, using nitrogen. No formation fluids recovered yet. Duplicate of operator information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Oct 2008drilling progress report● Neutral
FAR repeats that crews are mobilising for Stokes Bay-1 testing, now expected October 2008 with nitrogen replacing surfactant. No formation fluids recovered yet. Duplicate of operator information.
7 Oct 2008drilling progress report● Neutral
Empire says crew are mobilising to fix roads for Stokes Bay-1 testing, now expected October 2008, using nitrogen instead of surfactant to induce flow. No formation fluid yet recovered; the test slips from the planned late September.
3 Sept 2008drilling scheduled● Neutral
Emerald (12.75%) repeats the Stokes Bay-1 retest plan for late September 2008. Duplicate of operator announcement.
3 Sept 2008drilling scheduled▲ GoodMajor
Operator Buru Energy (which now holds the 38.95% previously under ARC) announces the joint venture unanimously agreed further Stokes Bay-1 testing from late September 2008, starting with foaming surfactant to induce flow. Closure may be 7 km², up to 17 km². Follows July's inspection gas flow.
3 Sept 2008drilling scheduled● Neutral
Empire (14.8%) repeats the joint venture decision to test Stokes Bay-1 from late September 2008. Duplicate of operator announcement.
3 Sept 2008drilling scheduled● Neutral
FAR (8%) repeats the Stokes Bay-1 retest plan for late September 2008. Duplicate of operator announcement.
3 Sept 2008drilling scheduled● Neutral
Pancontinental (10%) announces the joint venture's unanimous decision to retest Stokes Bay-1 from late September 2008, to identify reservoir fluid in the Nullara reef. Operator sees possible closure up to 17 km². Pressure is consistent with hydrocarbons, though other readings possible.
14 Apr 2008farm in farm out agreement▲ GoodMajor
Pancontinental signs a deal with Key Petroleum: each gets 50% of any petroleum agreement awarded over its 30,000 sq km Namibia Walvis Basin licence. Key pays up to A$100,000 of past costs and shares future costs. PCL's interest falls from 100% to 50% if awarded.
14 Apr 2008farm in farm out agreement▲ Good
Key Petroleum announces its Namibia consortium agreement with Pancontinental: Key takes 50% of any petroleum agreement and exploration licence converted from the 30,000 sq km Walvis Basin licence, paying up to A$100,000 for past costs. Duplicate of Pancontinental's release.
7 Nov 2007drilling progress report● Neutral
Pancontinental relays ARC's report: rig released from Stokes Bay-1 on 6 November, testing to resume in one to two weeks, recovered fluids still appear to be drilling mud (24% of 12,000 barrels). PCL holds 10%. Repeats operator data.
6 Nov 2007drilling progress report● Neutral
Emerald repeats the operator's report: rig released from Stokes Bay-1, testing to resume in one to two weeks, recovered fluids still appear to be drilling mud. Duplicate of operator data.
6 Nov 2007drilling progress report● Neutral
Empire repeats the operator's report: rig released from Stokes Bay-1 on 6 November, testing to resume in one to two weeks, recovered fluids still appear to be drilling mud. Duplicate of operator data.
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.
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.
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.
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.