31 Jan 2008drilling spud▲ Good
Orallo North-2, the first of six core wells in the Don Juan CSG project (Victoria 45%), has started drilling, at 36 m. It will measure gas content for MHA certification toward the 200 PJ 2P target by end 2008.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2008drilling result▲ GoodMajor
Carnarvon-1, the third Don Juan CSG well, has about 13.5 m of coal and free gas flows from 74 m. MHA approved a certification program of six core holes and eight firm plus four contingent pilot wells, targeting 200 PJ of 2P reserves by end 2008.
7 Jan 2008drilling result▼ BadMajor
Schoenfield #1 at El Fatso reached 13,371 ft; gas readings were elevated but there is not enough sand reservoir for commercial gas, so it is being plugged and abandoned. A dry hole for the 20% committed first well. Victoria turns to Margarita and West Florence.
27 Dec 2007drilling progress report● Neutral
Schoenfield #1 (El Fatso, Victoria 20%) is drilling at 7,944 ft after setting casing at 7,379 ft as planned. The first target zone is expected near 11,000 ft, with TD about 13,740 ft.
13 Dec 2007drilling spud● NeutralMajor
Drilling has begun at Schoenfield #1 on the El Fatso prospect in Texas, at 2,125 ft with a 13,740 ft target in about 30 days. Victoria is committed to the first well at 20% (15% after casing point). Targets are unproven.
11 Dec 2007drilling result▲ Good
Orallo North-1 reached 399 m with about 19 m of coal below casing and was suspended as a future pilot well; connection gas gave a 2 m flame. The JV will drill a third well, Carnarvon-1 (270 m), with more drilling from February 2008.
7 Dec 2007drilling progress report● Neutral
Site work for Schoenfield #1 at El Fatso (Victoria 20%, falling to 15% after casing point) is progressing, with the rig mobilising and spud expected next week. Targets 13,740 ft; resource estimates unchanged (P50 30 bcf).
6 Dec 2007drilling progress report▲ Good
Victoria repeats Bow's report: Orallo North-1 at 342 m with about 26.5 m of coal, high water flow and connection gas, but no free gas flow expected. MD still sees first certification as early as October 2008.
6 Dec 2007drilling progress report▲ Good
Bow reports Orallo North-1 at 342 m with about 26.5 m of coal and high water flows (~1,800 bwpd), so no free gas flow is expected. Next stage is core hole drilling to measure gas content. Repeats the MHA appointment.
30 Nov 2007drilling progress report● Neutral
Victoria repeats Bow's report that Orallo North-1 drilling has resumed after the wet-weather pause. Repeats the operator's update.
30 Nov 2007drilling progress report● Neutral
Drilling has restarted at Orallo North-1 after the weather suspension earlier in the week. Victoria holds 45%.
28 Nov 2007farm in farm out agreement▲ GoodMajor
Victoria completed buying a 20% interest in the El Fatso gas and condensate prospect in Wharton County, Texas, reducing to 15% after casing point. Operator estimates unrisked recoverable up to 72 bcf; first well due to start late December.
27 Nov 2007drilling progress report● Neutral
Victoria repeats Bow's report that Orallo North-1 drilling is suspended by wet weather, with restart expected late this week or the weekend. Repeats the operator's update.
27 Nov 2007drilling progress report● Neutral
Drilling at Orallo North-1 is temporarily suspended due to wet weather, with restart expected late this week or the weekend if no more rain. Victoria holds 45%.
23 Nov 2007drilling spud● Neutral
Victoria repeated Bow's report that drilling had started at Orallo North-1, the second Don Juan well, which was not expected to flow free gas. The managing director said first reserve certification could come as early as mid next year, with the certification process still due to start early in 2008.
23 Nov 2007drilling spud● Neutral
Drilling has started at Orallo North-1, the second Don Juan coal seam gas well, 19 km from Taringa South-1, to 420 m. It is designed to test coal and dewatering, not to flow free gas. Taringa South-1 gas was 96.92% methane.
14 Nov 2007drilling result▲ Good
Taringa South-1 was completed for production testing after logs showed 17 m of coal, 11 m in the open hole to 188 m. Pumping equipment is due this week; second well Orallo North-1 (420 m) follows. Victoria holds 45%.
14 Nov 2007drilling result▲ Good
Victoria repeats Bow's update: Taringa South-1 completed for production testing with 17 m of coal intersected, and second well Orallo North-1 to follow. Largely repeats the operator's announcement.
9 Nov 2007drilling progress report● Neutral
Operator Bow reports Taringa South-1, the first Don Juan coal seam gas well, has surface casing at 78 m and is awaiting rig repairs before drilling the coal targets. Reserve certification still possible early 2008. Victoria holds 45%.
1 Nov 2007drilling spud● Neutral
Victoria confirms drilling began at Taringa South-1, the first Don Juan coal seam gas well, as planned from October. Flow testing and further pilot wells could lead to reserve certification early in 2008. Victoria holds 45%. Repeats the operator's report.
1 Nov 2007drilling spud● Neutral
Operator Bow reports drilling started at Taringa South-1, the first of three Don Juan coal seam gas wells (two firm), 250-450 m deep. Wells will be suspended for flow testing, with reserve certification possible from early 2008. Victoria holds 45%.
17 Oct 2007farm in farm out agreement▲ GoodMajor
Formal farm-in agreement signed with Santos and Avery for ATP 752P, firming up the August letter of intent. Seven wells plus at least 300 sq km of 3D seismic (about $18.5m) fully carried; Victoria keeps 15%. Santos operates, first wells from Q1 2008.
2 Oct 2007drilling result▼ Bad
Impress confirms Ascender-1 reached 2,093 m with no hydrocarbon indications over the primary targets, and the well is being plugged. Its CEO points to Gannet, Warhawk and a Growler extended production test by year end. Repeats the operator's dry result.
2 Oct 2007drilling result▼ BadMajor
Ascender-1 was dry: logs and cores found no hydrocarbons in the Birkhead sand at 1,726 m, and it will be plugged at 2,093 m. Victoria (40%) now focuses on starting Growler at about 300 bopd in December 2007, then Gannet and Warhawk in 1H 2008.
28 Sept 2007drilling progress report▼ Bad
Impress reports Ascender-1 at 1,919 m, nine days after spud, with no shows observed. Drilling continues to the 2,100 m target depth, then logging.
28 Sept 2007drilling progress report▼ Bad
Ascender-1 at 1,919 m showed no oil in the primary Birkhead sandstone; the managing director called results 'not encouraging', to be confirmed by logs and cores. Gannet and Warhawk are still planned for first half 2008.
27 Sept 2007drilling progress report● Neutral
Ascender-1 was drilling at 1,653 m, approaching the primary Birkhead sandstone target at 1,695 m. Routine progress; no result yet.
26 Sept 2007drilling progress report● Neutral
Ascender-1 was drilling at 1,404 m. Target depths are given: Birkhead 1,695 m, Namur 1,466 m, Hutton 1,725 m. Routine progress; no result yet.
25 Sept 2007drilling progress report● Neutral
Ascender-1 was drilling ahead at 994 m in 8½ inch hole. Routine progress; no result yet.
25 Sept 2007drilling progress report● Neutral
Impress reports Ascender-1 drilling ahead at 994 m, five days after spud, with surface casing set at 656 m. Repeats the operator's report; no result.