17 Aug 2010drilling progress report● Neutral
In PL 171 (Victoria 20%), Carla-2 was drilled to 653 m and cased; the rig moved to Carla-3. No test results are given. A certified PL 171 reserve is targeted for the third quarter 2010.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2010drilling result● Neutral
Pinelands-9, the fourth of six ATP 574P wells, was drilled to 659 m and open hole tested. No test results are given. The certified reserve remains due in the third quarter 2010.
21 July 2010drilling progress report● Neutral
Pinelands-8 finished at 555 m (earlier reported at 640 m) and was tested; the rig moved to Pinelands-9, planned to 635 m. No results given. Reserve still targeted for the third quarter 2010.
14 July 2010drilling progress report● Neutral
Pinelands-6 testing is complete and Pinelands-8, third of six wells in ATP 574P, reached 640 m and is under open hole testing. No test results are given; the reserve is still due in the third quarter 2010.
9 July 2010drilling progress report● Neutral
Peebs-8 testing is finished and the rig released; Pinelands-6, second of six wells, reached 659 m and is being tested. The certified ATP 574P reserve is now due in the third quarter 2010, slipping from 'after end June'.
29 June 2010drilling progress report● Neutral
Peebs-8 in ATP 574P (Victoria 30%) reached 689 m and had casing set through the Walloon coals ahead of production testing. It is the first of 6 wells; certified reserves are still due after end-June 2010, with up to 1,500 PJ in place.
22 June 2010drilling spud● Neutral
QGC began CSG appraisal well Peebs-8 in ATP 574P (Victoria 30%), now at 65 m toward 699 m. It is the first of 6 wells in the next 4 months. Certified reserves are now to be published after end-June 2010.
7 June 2010drilling progress report▲ Good
Monitor says a rig arrives 7 June to complete and test Fury-1 in PEL 115 (Victoria operator, 33%) after floods receded and roads were repaired. A pipeline tie-back to Mirage, 5.3 km away, is planned if the test succeeds. This ends the long testing delay.
23 Apr 2010drilling progress report● Neutral
The rig has been released from Marcus-1 in ATP 574P after logging and drill stem testing of the Walloon coals. No test results are given. A minimum of 12 follow-on wells and the end-June initial reserve target are restated.
15 Apr 2010drilling result● Neutral
Marcus-1 reached total depth of 1,041 m in ATP 574P (Victoria 30%) and is running logs, with cores cut from 585 m. The follow-on program is now stated as a minimum of 12 wells, up from 7 in the body text; end-June reserve target unchanged.
14 Apr 2010farm in farm out completion▲ GoodMajor
Shareholders overwhelmingly approved buying Permian Oil from BG, which holds a 20% interest in the Western Margin permits. Completion would lift Victoria to 60%, raising net 3P oil reserves to 4.4 million barrels. This resolves the pending shareholder approval.
8 Apr 2010drilling progress report● Neutral
Marcus-1 in ATP 574P is coring at 837 m toward 1,046 m. The weekly report repeats the minimum 7-well program and end-June 2010 initial reserve target, with no new result.
1 Apr 2010drilling progress report● Neutral
QGC's Marcus-1 coal seam gas core hole in ATP 574P (Victoria 30%) is coring at 702 m after rig repairs, heading to 1,046 m. Continues the Marcus-1 drilling; the end-June 2010 initial reserve target and minimum 7-well program are unchanged.
24 Mar 2010drilling progress report● Neutral
Marcus-1 in ATP 574P is coring ahead at 699 m, with planned coring to 1,046 m. Programme of at least 7 wells and the end-June 2010 initial reserve target are unchanged.
17 Mar 2010drilling progress report● Neutral
QGC has started CSG core hole Marcus-1, the first 2010 well in ATP 574P (Victoria 30%), drilling ahead at 447 m. At least 7 wells planned; initial reserve targeted by end June 2010, with gas in place up to 450 PJ net.
17 Feb 2010drilling progress report● Neutral
Fury testing is delayed because heavy rain closed Santos access roads. Victoria cites the consultant's 13 m oil column and mean 7.99 million barrels in place (highside 17.44 million). The JV agreed in principle to drill an appraisal well offsetting Burunna-1 when a rig is available.
16 Feb 2010drilling progress report● Neutral
Monitor says Fury-1 testing is delayed by a workover rig shortage and flooding. A consultant report puts Murta oil in place at a mean 7.99 million barrels in a 13 m column. A tie-back to Mirage and a second well near Burunna-1 are being considered.
8 Feb 2010drilling progress report● Neutral
Paradise Downs-3 in PL 171 was cased with 7 inch casing to 479 m after five drill stem tests, and the rig released 5 Feb. Completed as a potential CSG production well. Up to 12 wells planned; initial reserve target end 2Q 2010 unchanged.
1 Feb 2010drilling progress report● Neutral
QGC has drilled Paradise Downs-3 (PL 171) to 506 m and is running drill stem tests. It is the first of up to 12 wells over 12 months; Victoria's 20% carries up to 200 PJ net gas in place, with an initial reserve targeted by end 2Q 2010.
19 Jan 2010resource reserve update▲ GoodMajor
Growler 3P reserves are put at 5.8 million barrels against current 2P of 1.8 million. Growler-6 and -7 development wells are due to start end January. Output is about 1,000 bopd, which could reach 1,800 bopd gross by end 1Q 2010. Victoria's 60% depends on shareholder approval of the Permian Oil deal.
8 Jan 2010drilling result▲ GoodMajor
Monitor says logs and sidewall cores confirm light crude oil in the Epsilon and Patchawarra formations at Airacobra-1, TD 2,163 m. No oil-water contact was found. Well cased for flow testing, after earlier Jurassic disappointment.
8 Jan 2010drilling progress report● Neutral
Pinelands-4 was completed as a CSG well after drill stem tests and the rig was released. The next QGC-operated well will be Paradise Downs in PL 171, and the release stated Victoria held 30% of ATP 574P and 25% of PL 171.
8 Jan 2010drilling result▲ GoodMajor
Victoria confirms Airacobra-1 reached 2,163 m, with logs and cores showing light oil with diesel odour in Permian Epsilon (2,016-2,018 m) and Upper Patchawarra (2,117.5-2,119 m). Cased for testing in late January after Fury-1; Victoria keeps 33% free-carried.
5 Jan 2010drilling progress report▲ Good
Monitor reports Airacobra-1 at 2,130 m with two further oil and gas show zones in Upper Patchawarra sands (2,103-2,119 m), in addition to the Epsilon shows. Repeats Victoria's report; logs to follow.
5 Jan 2010drilling progress report● Neutral
Pinelands-4 in ATP 574P was cored to 732.4 m and logged, and drill stem tests on the coals are under way. The up-to-12-well program and end 2Q 2010 initial reserve target are unchanged.
5 Jan 2010drilling progress report▲ Good
Airacobra-1 is at 2,130 m with further good to fair gas and oil shows over a gross 9 m in Upper Patchawarra sands (2,103-2,119 m). Significance awaits wireline logs; Victoria's 33% is free-carried, subject to regulatory approval.
4 Jan 2010drilling progress report▲ Good
Airacobra-1 restarted on 2 January and is at 2,043 m, with good to fair gas and oil shows in Permian Epsilon sands at 2,010-2,016 m. This is the first hydrocarbon sign after the empty Jurassic; logs at total depth will decide significance.
29 Dec 2009drilling progress report● Neutral
QGC reports Pinelands-4 in ATP 574P is coring the Walloon coals at 490 m, planned to 660 m. Up to 12 wells are planned over 12 months, aiming for an initial certified reserve by end 2Q 2010. No new results.
23 Dec 2009drilling progress report● Neutral
Monitor says Airacobra-1 is suspended above the Patchawarra target because of flooding from Cyclone Lawrence, with roads possibly closed 1–2 weeks. Drilling resumes once access returns. Delays the test of the Permian objective.
23 Dec 2009drilling progress report● Neutral
Victoria confirms Airacobra-1 is suspended at 1,983 m in the Murteree Shale above the Patchawarra target ahead of flooding. Drilling should resume in about 1–2 weeks when roads reopen. No new results.