15 Feb 2007drilling progress report● Neutral
Tunkalilla-1 is preparing to run surface casing at 651 m. Victoria now describes its 2007 Cooper program as 16 wells, up from 14 in the prior announcement. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2007drilling result▼ Bad
Victoria confirms Marracoonda-2 plugged and abandoned; oil shows were a residual column in the Hutton and a sub-economic thin sand in the basal Birkhead. The rig moves to Gamma-1. Victoria stays fully carried and keeps 25% of the permit.
14 Feb 2007drilling spud● Neutral
Tunkalilla-1 spudded 13 Feb in PEL 94, drilling to 1,405 m over about 7 days. Victoria holds 15%; the prospect has 1.8 mmbbl potential if oil is present. It is the third well in a planned 14-well 2007 Cooper program.
12 Feb 2007drilling spud● Neutral
Milagro #1, the second of six shallow gas wells in Project Margarita, Texas, spudded 9 Feb and is drilling to 1,585 m. Victoria holds 20%. Heavy rain delayed rig moves; El Viejito #1 is still awaiting a workover rig to complete it.
12 Feb 2007drilling result▼ BadMajor
Bow says Marracoonda-2 will be plugged and abandoned; logs show only minor oil, interpreted as sub-commercial or residual. This is a dry result for the first Wompi well, and the rig moves to Gamma-1 (6.1 mmbbl potential). Victoria is fully carried.
7 Feb 2007drilling progress report● Neutral
Bow says the Marracoonda-2 crew is returning after the floods, and the well's total depth is 1,775 m. A decision to case or plug will follow logs and side wall cores. Gamma-1, with 6.1 million barrels potential, is expected to spud next week, then Nora-1.
2 Feb 2007drilling result● Neutral
Victoria says El Viejito-1 reached 1,932 m, with logs indicating gas in a 1.2 m Frio interval and a possible 11 m Vicksburg interval. It will be cased and tested in about 14 days. Victoria holds 20% of the shallow gas program.
2 Feb 2007drilling result● Neutral
Sun Resources reports El Viejito #1 reached 1,932 m. Logs show possible gas in the Frio over 1.2 m and Vicksburgh over 11 m, both needing testing. Casing is being run, with testing in about 14 days. The rig then moves to Dos Dedos #1.
29 Jan 2007drilling progress report● Neutral
Santos has run 5.5 in casing to 1,587 m and suspended Wilpinnie-4 for later completion and production testing. The rig was released on 26 January. The 18 m oil zone is unchanged. This confirms the earlier plan to case it.
25 Jan 2007drilling progress report● Neutral
Bow says the Marracoonda-2 evacuation is complete and a skeleton crew is monitoring the well. The site is on high ground but roads are flooded. Work restarts when access allows.
25 Jan 2007drilling result▲ Good
Impress reports Wilpinnie-4 found an 18 m oil column (1,476-1,494 m) in the Mid Namur and will be cased and suspended as a future producer. It calls the results within pre-drill estimates. Impress is a joint venture partner and says it expects a commercial discovery.
25 Jan 2007drilling result▲ GoodMajor
Wilpinnie-4 will be cased at 1,587 m for later production testing. Logs show an 18 m gross oil zone, 1,476-1,494 m, which management says is close to pre-drill expectations. Santos's later testing will show how far the Tomcat pool extends into Victoria's PEL 115.
25 Jan 2007drilling progress report● Neutral
Victoria repeats that the Marracoonda-2 evacuation is complete, with a skeleton crew on site and roads partly flooded. Work resumes when weather and access allow. Victoria is fully carried at 25%.
24 Jan 2007drilling progress report● Neutral
Bow says Marracoonda-2 reached a revised total depth of 1,775 m with minor oil shows not worth testing. Most of the rig crew was evacuated because of flooding, to cut costs. Gamma-1 and Nora-1 follow when work resumes.
24 Jan 2007drilling progress report● Neutral
Victoria repeats Bow's news that Marracoonda-2 reached 1,775 m with minor shows not tested, and that most of the crew has left because of flooding. Victoria remains fully carried at 25%. No commercial result yet.
22 Jan 2007drilling progress report● Neutral
Marracoonda-2 had good to excellent oil shows, but the first drill stem test recovered 74 barrels of fluid, only about 5% oil. Drilling continues to 1,900 m, and flooding may delay the rig move to Gamma-1. Victoria stays fully carried at 25%.
19 Jan 2007drilling progress report● Neutral
Bow says Marracoonda-2 was at 1,684 m waiting on rig repairs, with the Hutton sandstone expected near 1,691 m. Minor oil shows in shallower units were not enough to test. Gamma-1 then Nora-1 follow.
19 Jan 2007drilling progress report● Neutral
Marracoonda-2 is drilling ahead at 1,654 m toward 1,900 m, with the Hutton target still expected about nine days from spud. Victoria is fully carried and keeps 25%. No result yet.
18 Jan 2007drilling progress report● Neutral
Wilpinnie-4 is running open-hole drill stem test #1 over 1,475-1,487 m to test the oil shows. Shows began at 1,446 m, about 17 m higher than in Wilpinnie-3. Test result awaited.
18 Jan 2007drilling progress report● Neutral
Marracoonda-2 is drilling ahead at 1,504 m, with the Hutton target still expected about nine days from the 11 January spud. Victoria stays fully carried at 25%. No result yet.
17 Jan 2007drilling progress report● Neutral
Marracoonda-2 is drilling ahead at 1,360 m toward 1,900 m, with the Hutton target still expected about nine days from spud. Victoria is fully carried and keeps 25%. No result yet.
17 Jan 2007drilling progress report▲ Good
Wilpinnie-4 cut a 9 m core at 1,478-1,487 m, with oil shows over a 21 m interval from 1,446 m in the Namur Sandstone. An open-hole drill stem test is next. Encouraging but not yet a flow result.
16 Jan 2007drilling progress report● Neutral
Marracoonda-2 is drilling ahead at 890 m toward 1,900 m. Hutton target is still expected about nine days from spud. Victoria is fully carried by Avery and keeps 25%. No result yet.
16 Jan 2007drilling progress report▲ Good
Wilpinnie-4 (Tomcat) hit oil shows at 1,466-1,469 m in the target Namur Sandstone, about 17 m higher than the shows in Wilpinnie-3. Early encouragement, but no flow test yet.
15 Jan 2007drilling progress report● Neutral
Marracoonda-2 is preparing to drill out the casing shoe after setting casing at 299.9 m. Hutton target still expected about nine days from the 11 January spud. Avery carries Victoria, which keeps 25%.
15 Jan 2007drilling progress report● Neutral
Wilpinnie-4 (Tomcat) drilling ahead at 1,098 m after setting surface casing at 306 m, following the earlier re-spud. Target depth is 1,586 m. The JV pays 100% and earns 50% of the block only if commercial. No result yet.
12 Jan 2007drilling spud● NeutralMajor
Victoria confirms Marracoonda-2 spudded 11 January, first of three Wompi wells with up to 13 mmbbl recoverable potential if oil is present. Victoria is fully carried by Avery and keeps 25%. Target reached in about nine days.
12 Jan 2007drilling spud● Neutral
Bow reports Marracoonda-2 spudded 11 January in the Wompi Block of ATP 752P. Hutton Sandstone target is expected in about nine days, with 16 days to finish a 1,900 m well. Avery funds the Wompi wells; Victoria keeps 25%.
11 Jan 2007drilling progress report▼ Bad
Wilpinnie-4 ran into surface casing difficulties and the rig was being skidded to re-spud the well. This is a setback to the Tomcat test. Prospect estimate updated to 3.6 mmbbl mean, 5.7 mmbbl P10.
10 Jan 2007drilling spud● Neutral
Impress reports Wilpinnie-4 (Tomcat prospect, PPL 93) spudded 9 January, with Santos operating. Pre-drill estimate is 3.5 mmbbl recoverable (P50), target depth 1,588 m. Victoria would hold 20% after earning in if the well is commercial.