24 July 2007drilling progress report● Neutral
Growler-2 is pulling out of the hole to run electric logs over the oil shows seen at 1,715-1,760 m; total depth is stated as 1,804 m. No new result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2007drilling result▲ Good
Victoria confirms the Growler-2 18 m core had good reservoir sands and oil shows, with shows continuing to 1,760 m. Drilling continues toward a planned 1,810 m, with logs to judge significance. Repeats Impress's news.
23 July 2007drilling result▲ Good
Growler-2 cut an 18 m core (1,721-1,739 m) showing fair to good reservoir sands with oil staining, fluorescence and cut, and shows continued to 1,760 m. Impress reports total depth 1,780 m and logs are next. Encouraging, but not yet a confirmed oil column.
20 July 2007drilling progress report● Neutral
Impress reports Growler-2 repairs done and the hole circulated clean; the rig is pulling out to pick up the core barrel for Core 1. Repeats Victoria's news; no new result.
20 July 2007drilling progress report● Neutral
Growler-2 rig repairs are complete and a wiper trip is under way ahead of cutting Core #1 at 1,721 m. No new result.
19 July 2007drilling progress report● Neutral
Growler-2 rig repairs are now expected to finish within 24 hours, before coring at 1,721 m. Resource boilerplate repeated; no new result.
18 July 2007drilling progress report● Neutral
Growler-2 rig repairs continue before coring at 1,721 m, now due to finish later this week. Oil shows at 1,715-1,721 m and resource figures are repeated; no new result.
17 July 2007drilling progress report● Neutral
Growler-2 rig repairs continue ahead of coring at 1,721 m, expected to finish later this week. No change from the previous day.
16 July 2007drilling progress report▼ Bad
Growler-2 rig repairs are still under way, now expected to finish later this week, so the Birkhead core is further delayed. Resource boilerplate repeated; no new result.
16 July 2007drilling spud● Neutral
Climaco-1, the last and largest well of the Margarita shallow gas program (1.6 bcf mean, planned 1,980 m), began drilling 12 July. Victoria holds 20%. Follows the Donna Carlota-1 and Agavero-1 gas discoveries.
16 July 2007drilling progress report● Neutral
Partner Sun reports Climaco-1 began drilling 12 July and was at 838 m. Repeats Victoria's release; Victoria holds 20%.
13 July 2007drilling progress report● Neutral
Growler-2 rig repairs continue ahead of coring at 1,721 m. No change from the previous day's report.
12 July 2007drilling progress report▼ Bad
Impress reports a sheared rig drive shaft at Growler-2 found after pulling out of the hole. Repairs could take up to four days before the Birkhead core is cut. A delay to the appraisal result.
12 July 2007drilling progress report▼ Bad
Victoria confirms Growler-2 rig repairs are under way before coring at 1,721 m; oil shows were seen at 1,715-1,721 m. Repeats the Impress news; resource boilerplate unchanged.
11 July 2007drilling progress report▲ Good
Growler-2 reached 1,721 m and saw fluorescence (an oil indicator) from 1,715-1,721 m in the Birkhead reservoir. The rig is pulling out to cut an 18 m core. Early sign only; no flow or oil column confirmed yet.
11 July 2007drilling progress report▲ Good
Victoria confirms Growler-2 is preparing to cut Core #1 at 1,721 m, with oil shows over 1,715-1721 m in the Birkhead. Same news as Impress's release; resource figures repeated, no flow result yet.
10 July 2007drilling progress report● Neutral
Growler-2 is drilling at 1,564 m, approaching the Birkhead target. Resource figures and fairway claims repeated; no new result.
9 July 2007drilling progress report● Neutral
Growler-2 is drilling ahead at 1,272 m toward 1,785 m. Boilerplate resource figures repeated; no new result.
6 July 2007drilling progress report● Neutral
Growler-2 is drilling at 783 m, toward 1,785 m. Resource figures and management's Jurassic oil fairway claims are repeated unchanged; no new result.
4 July 2007drilling progress report● Neutral
Partner Impress reports Growler-2 resumed drilling 4 July at 654 m after casing and blowout equipment testing. Murta reservoir expected in about 2 days, Lower Birkhead 2-3 days later. Impress gives a proposed total depth of 1,765 m versus Victoria's 1,785 m.
4 July 2007drilling progress report● Neutral
Growler-2 is drilling ahead at 654 m toward a planned 1,785 m, appraising the Growler-1 oil find. Repeats known resource figures (P50 1.4 mmbbl recoverable) and management's 'oil fairway' claims; no new result. Victoria operates with 40%.
3 July 2007drilling progress report● Neutral
Growler-2 has set 9 5/8 inch casing at 644 m and is pressure testing the blowout preventers. Target depth is 1,785 m. Restates known resource figures; no new result.
29 June 2007drilling progress report● Neutral
Growler-2 is drilling at 379 m after setting casing at 107 m, following the weather delay. Restates the Growler resource figures and management's Jurassic oil fairway claims. No new result.
28 June 2007drilling result▲ GoodMajor
Agavero-1 is a second gas discovery in the Margarita program: 5.5 m of gross gas pay at 889 m with no water, ahead of testing. Victoria holds 20%. Climaco-1 is next, and the program is now expected to finish mid July.
28 June 2007drilling result▲ Good
Partner Sun reports Agavero-1 reached 1,341 m with 5.5 m of gross gas pay and no water; casing is being run for testing. Donna Carlota-1 testing is still delayed by flooding. Victoria holds 20%.
26 June 2007drilling progress report● Neutral
Fall River re-releases the West Florence-1 results: 7.6 m net gas pay, testing planned late July, and the acreage expansion to 25,000 acres. Duplicate of Victoria's 25 June release; Fall River holds 15%.
26 June 2007drilling progress report▲ Good
Partner Impress reports Growler-2 operations have restarted after the rain delay, with the hole at 108 m. Primary targets at 1,650 m are expected to take about 10-12 days to drill. Resolves the weather wait; Victoria operates with 40%.
25 June 2007drilling spud● Neutral
Agavero-1 began drilling 21 June and was at 695 m, targeting 1,340 m and 0.7 bcf mean potential. Donna Carlota-1 testing is planned around 28 June. The shallow program is now expected to finish mid July, earlier than end July.
25 June 2007drilling progress report● Neutral
Partner Sun reports Agavero-1 drilling at about 693 m, while flooding has delayed testing of Donna Carlota-1 until about 26 June. Victoria's interest is 20%. No new results.
25 June 2007drilling result▲ GoodMajor
West Florence-1 showed net gas pay of 7.6 m in Muddy J and Dakota sands, plus oil shows in other zones; through-casing testing is planned for the third week of July. Participants also gained rights to earn up to 70% of 13,000 more acres; Victoria's share is up to 17.5%.