22 Oct 2007production update● Neutral
Victoria repeats that West Florence-1 began producing 32 barrels of oil per day and 101 of water from the Codell. A Pierre Shale well and 3D seismic are planned. Nothing new for Fall River.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2007drilling scheduled● Neutral
Queensdale South well, operated by Texalta, is now scheduled to start drilling about 1 November 2007, to about 1,440 m. Cost is C$450,000, of which Fall River pays C$112,500, targeting up to 1 million barrels. Slips from the October start earlier planned.
5 Oct 2007joint venture update● Neutral
Adelaide Energy repeats that West Florence-1 will be pumped within days. Adds that the next well is likely to be drilled with air and target only the Pierre formation.
2 Oct 2007drilling progress report● Neutral
Victoria repeats that West Florence-1 swabbing is done and a pump will go in during October to produce oil from the Codell. A further well is being planned. Nothing new for Fall River.
1 Oct 2007drilling progress report▲ Good
Swabbing at West Florence-1 has finished, recovering oil and water from four zones between 5400 and 5700 ft. A pump will be installed in October to start production, and the joint venture is planning a further well.
13 Sept 2007farm in farm out agreement▲ GoodMajor
Fall River farms into the South Queensdale oil prospect in Saskatchewan: 25% before payout, 15% after, for 25% of well costs (C$112,500). Operator estimates up to 1 million barrels; well planned for October 2007. A small new Canadian oil interest.
12 Sept 2007listing compliance notice● NeutralMajor
Fall River has applied to delist from the Canadian TSX Venture Exchange, citing regulatory cost and few shares trading there. ASX becomes the sole listing; about 82.1% of the 90,536,522 shares/CDIs are ASX-tradable.
27 Aug 2007joint venture update● Neutral
Adelaide Energy, a 15% partner, repeats the 25 barrels of oil in 12 hours from fracture-stimulated Codell and Lower Niobrara, with mid Niobrara stimulation starting that day. Nothing new for Fall River.
24 Aug 2007flow test result▲ Good
Fall River repeats that fracture-stimulated Codell and Lower Niobrara zones recovered 25 barrels of oil in 12 hours with gas. Mid Niobrara stimulation is now set for 27 August; Pierre Shale to be tested later by a separate well. Duplicates the Victoria release.
23 Aug 2007flow test result▲ GoodMajor
After fracture stimulation, Codell and Lower Niobrara swabbing recovered 25 barrels of oil in 12 hours with gas, which Victoria calls apparently commercial by comparison with the adjacent field. Mid Niobrara stimulation follows on 24 August. This is the first oil success after the failed gas zones.
23 Aug 2007listing compliance notice● Neutral
ASX reinstates Fall River's securities to quotation from 24 August 2007 after the annual listing fee for the year to 30 June 2008 was paid. This implies quotation had been suspended for non-payment (inference).
14 Aug 2007well test result● Neutral
Fall River repeats the operator's news: gas zones gave unmeasurable gas with water, and small oil from Codell and Niobrara will be fracture stimulated this week. Fall River holds 15% of 12,000 acres and up to 10.5% of 13,000. Duplicates the Victoria release.
13 Aug 2007well test result● Neutral
The operator reported that the Upper Bench Dakota and Muddy J zones gave gas too small to measure, with water. Small quantities of oil came from the Codell and Niobrara, which were to be fracture stimulated that week. Fall River holds 15%.
10 Aug 2007other● Neutral
Fall River notifies that 1,500,000 CDIs and 500,000 warrants (expiring 30 November 2007) are released from escrow on 21 August 2007. Administrative only; no new money or project news.
3 Aug 2007other● Neutral
Top 20 holder list for the new A$0.10 options expiring 9 May 2009, out of 41,773,972 in total. Martin Place Securities Nominees holds the largest block, 7,930,574 (18.98%). Administrative only.
3 Aug 2007other● Neutral
Distribution schedule for a new class of unlisted options, exercisable at A$0.10 and expiring 9 May 2009. A total of 41,773,972 options are held by 88 holders. Administrative only.
1 Aug 2007quarterly activities report▼ Bad
June quarter: West Florence-1 is expected not to be a commercial gas producer; oil zone tests are programmed for mid August, and a 13,000-acre farm-in with a first well due by late September. Baxter's next well is delayed, likely to early 2008, and the Saskatchewan acreage was surrendered.
31 July 2007well test result▼ BadMajor
Two West Florence-1 gas zones tested: the lower Dakota gave unmeasurable gas with water and the upper Dakota gave no gas. Reinterpreted logs suggest the Muddy J will not be commercial either. Oil zone testing follows in 2-3 weeks. The primary gas target looks failed.
30 July 2007well test result▼ Bad
The first West Florence-1 test, of the Lower Bench Dakota, recovered gas too small to measure along with water. Victoria calls it not commercial but proof of gas in the area. The two higher zones remain to be tested.
25 July 2007drilling progress report● Neutral
Fall River repeats the operator's news that production testing is starting at West Florence-1 across three gas zones, with 9.1 m net gas pay interpreted. Fall River holds 15% in the original 12,000 acres. Duplicates the Victoria release.
24 July 2007drilling progress report● Neutral
A rig is on site at West Florence-1 to test three zones between 1,861 and 1,879 m, holding a total of 9.1 m net gas pay by log interpretation. The oil-bearing shales will not be tested in this program.
26 June 2007drilling scheduled▲ Good
Fall River's version of the operator news: West Florence-1 testing is planned for late July 2007, with 7.6 m net gas pay interpreted from logs. Fall River can earn up to 10.5% of 13,000 extra acres, on top of its 15% of the original 12,000 acres.
26 June 2007half year report● Neutral
Fall River's reviewed half-year accounts to 31 March 2007 show a net loss of C$950,626. Placements closed at A$872,050 (A$0.10) and A$1,189,308 (A$0.07), plus A$199,000 more in June. West Florence-1 is cased and under evaluation; the next Baxter well is being planned.
26 June 2007other▲ Good
The ASX lifts the suspension of Fall River's securities after receiving the March 2007 half-year accounts. Trading resumes, ending the halt that began over the late filing. The text does not give the start date of this suspension.
26 June 2007joint venture update● Neutral
Adelaide Energy repeats the West Florence-1 testing plan, now saying mid to late July. It also says its own Jacaranda Ridge 2 well in South Australia is delayed to about the second week of July. Nothing new for Fall River.
26 June 2007financial restatement▼ BadMajor
Fall River's September 2006 accounts are reissued as restated, with the auditor's earlier January 2007 report withdrawn. Net loss is now C$4,145,300, against C$2,044,719 first reported, mainly from a C$2,475,200 write-down on the Sprowl gas field. Equity is C$1,426,278.
26 June 2007financial restatement▼ Bad
Fall River's extract explains the September 2006 restatement. A C$2,475,200 impairment on the Sprowl gas field, a convertible note accounting correction and cash flow reclassifications lift the loss to C$4,145,300 from C$2,044,719 previously reported.
25 June 2007drilling scheduled▲ Good
Victoria Petroleum reports West Florence-1 testing planned for the third week of July 2007. Wireline logs show 7.6 m net gas pay in a 53 m show interval. The joint venture also secured rights to earn up to 70% of 13,000 more acres, doubling the area to 25,000 acres.
18 June 2007joint venture update● Neutral
Partner Adelaide Energy's update says West Florence-1 is cased at 1,956 m, with a smaller workover rig being prepared for testing and log analysis continuing. Its table again shows Fall River at 15%. No new result for Fall River.
1 June 2007drilling progress report● Neutral
Victoria Petroleum's repeat: West Florence-1 cased at 1,956 metres, with log analysis continuing to select zones to test. No new result.