Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2007drilling spud● NeutralMajor
Victoria, as PEL 115 operator, reports Wilpinnie-4 (Tomcat) spudded 9 January, drilling at 264 m toward 1,586 m. Tomcat could hold 3.5 mmbbl mean recoverable, up to 5.6 mmbbl (P10). The PEL 115 JV pays 100% and earns 50% if commercial.
9 Jan 2007drilling progress report● Neutral
Victoria repeats that El Viejito #1 was at 1,129 m, with targets below 1,524 m and final depth 1,920 m. Wells are drilled at a fixed price, so delay costs fall on the contractor. No result yet.
9 Jan 2007drilling progress report● Neutral
Sun Resources says El Viejito #1 was at 1,129 m after a Christmas break and crew change; targets are below 1,524 m, final depth 1,920 m. Wells are on a fixed-price turnkey basis. The initial program now runs to end January.
2 Jan 2007drilling scheduled▼ Bad
Impress reports rain has delayed Wirraway-1 (PEL 104, Victoria operator 40%) to about mid-January. Wilpinnie-4 (Tomcat) is expected to spud early to mid January with Santos operating.
21 Dec 2006drilling spud● NeutralMajor
Victoria confirms drilling began on El Viejito #1, first of six shallow Margarita wells in Texas (up to 8-10 bcf gross). It was running surface casing at 192 m, with drilling to 1,920 m after Christmas. Victoria's interest is 20%.
21 Dec 2006drilling spud● Neutral
Sun Resources reports drilling has started on El Viejito #1, first of six shallow Margarita gas wells with up to 8-10 bcf gross potential. Drilling resumes 26 December to 1,920 m. Victoria's final interest is 20%.
18 Dec 2006drilling result▲ GoodMajor
Bow reports Donga-4 was cased and suspended as a future oil producer after logs and cores showed oil-saturated sandstone from 1,565 to 1,571 m. Completion is planned early 2007. The Marracoonda-2 rig move slips to 4 January 2007 over Christmas.
18 Dec 2006drilling result▲ GoodMajor
Donga-4 (Victoria 15%) was cased and suspended as a future oil producer, with oil-saturated sandstone over 6 m from 1,565 to 1,571 m. This resolves the case-and-suspend decision after the weak test. Completion for production is planned early 2007.
15 Dec 2006drilling progress report▼ Bad
Victoria repeats that Donga-4 reached 1,603 m and may be cased and suspended. The test suggests poorly developed reservoir, contradicting the drilling interpretation. The joint venture decided not to drill Donga-5 immediately, which reverses the earlier plan to follow up straight away.
15 Dec 2006drilling progress report▼ Bad
Bow says Donga-4 reached 1,603 m. The test suggests the reservoir is not well developed, which conflicts with what was seen while drilling. Donga-5 will not be drilled immediately and the rig is released. Marracoonda-2 (Victoria 25% carried) is next in the Wompi Block.
13 Dec 2006drilling progress report● Neutral
Testing continues at Donga-4, with a drill stem test over the oil-show sandstone at 1,568 m. No flow result is reported yet.
13 Dec 2006drilling progress report● Neutral
Victoria repeats that Donga-4 drill stem testing continues over the 5 m oil-show interval at 1,568 m. No result yet.
12 Dec 2006drilling result▲ GoodMajor
Donga-4 (Victoria 15%) hit good oil shows in the Donga sandstone from 1,563 m, with over 20% porosity. The top is at least 18 m above the field's oil-water contact. A drill stem test is under way; no flow result yet.
12 Dec 2006drilling result▲ Good
Victoria repeats Bow's report of good oil shows in Donga-4 over a 5 m interval from 1,563 m, with a drill stem test being run. The sandstone top is at least 18 m above the field's oil-water contact. Test result due later.
11 Dec 2006drilling progress report● Neutral
Donga-4 was preparing to resume drilling at 1,475 m after rig repairs. No new result.
11 Dec 2006drilling progress report● Neutral
Drilling at Donga-4 paused over the weekend when the rig's rotary clutch failed at 1,475 m, about 90 m above the target. Repairs finished 11 December and the target is expected within 24 hours.
8 Dec 2006drilling progress report● Neutral
Bow reports Donga-4 at 1,224 m, running several metres high to prognosis, with the primary target expected over the weekend. Repeats Victoria's daily report with slightly more detail.
8 Dec 2006drilling progress report● Neutral
Donga-4 was drilling ahead at 1,203 m, with the target about 1,570 m. No new result.
7 Dec 2006drilling progress report● Neutral
Donga-4 was drilling ahead at 926 m, with the target about 1,570 m. No new result.
6 Dec 2006drilling progress report● Neutral
Donga-4 was drilling ahead at 670 m, with the target about 1,570 m. No new result.
6 Dec 2006farm in farm out agreement▲ GoodMajor
Victoria confirms a 5 December farmin by Empyrean Energy for the Margarita gas project in Texas, where Victoria holds 20%. Three shallow wells start about 18 December (5 bcf gross target), then three more in February, with three deep wells planned mid-2007.
5 Dec 2006drilling progress report● Neutral
Donga-4 (Victoria 15%) was drilling ahead at 313 m, with the target expected around 1,569 m. No result yet.
5 Dec 2006farm in farm out agreement● Neutral
Sun Resources describes the Margarita farmout: Empyrean (AIM-listed) funds six shallow Texas gas wells, leaving Victoria with a 20% final interest. First wells start about 15 December, with three initial prospects of 1.2-2.0 bcf mean each. Overlaps Victoria's own release.
4 Dec 2006drilling spud● NeutralMajor
Operator Bow spudded the Donga-4 appraisal well in ATP 805P on 1 December, targeting the Donga sandstone that produced oil at Donga-3. Victoria holds 15%; Bow sees 2.2-5 million barrels potential. Donga-5 follows if successful.
4 Dec 2006drilling spud● Neutral
Victoria's release of the Donga-4 spud (1 December, Victoria 15%, Bow operator). Repeats Bow's announcement; casing set at 181.5 m, well planned at 12 days, Donga-5 to follow if successful.
23 Oct 2006drilling scheduled▲ Good
Bow's five-well Queensland program is set: two Donga appraisal wells from late November (Victoria 15%, 2.2-5 million barrels potential), Rookwood North-1 completion, and Wompi wells from December under the Avery carry. Victoria keeps 25% of ATP 752P. Text truncated.
18 Oct 2006drilling result● Neutral
Partner Sun Resources repeats that Eagle North-1 retrieval was abandoned and the well will be suspended for a later sidetrack to the lower Gatchell sand. It says a new operator and partner will be sought, and Sun is weighing whether to keep or farm down its 10%.
18 Oct 2006drilling result▼ BadMajor
Victoria and partners stopped trying to retrieve the stuck valve and guns at Eagle North-1, calling it not cost effective. The well will be re-entered and sidetracked later, with the timing depending on rig availability. This ends the retest attempt, so no flow rates were obtained.
16 Oct 2006farm in farm out agreement▲ GoodMajor
The PEL 115 JV will pay 100% of Tomcat-1 in Santos' PPL 93, due late December, to earn 50% of the Wilpinnie North Block if it is a commercial producer. Victoria would hold 20% after earning. The prospect could hold 3.5-5.6 million barrels if oil is present.
9 Oct 2006drilling result▲ Good
Fairground-1 logs and cores show a net 8 m of potential oil sand at 1,561-1,582 m. Casing is run and the zone perforated, with a production test due this week. A further 7 m of shallower sand will be completed later. Victoria holds 15% before payout.
