6 Oct 2006drilling result▼ BadMajor
Bow reported that Banff-1 reached 1,650 m, with wireline logs and side wall cores showing no hydrocarbon zones. The well was being plugged and abandoned, leaving Bow 65% and Victoria 35% of the Barcoo Block.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2006drilling progress report● Neutral
Victoria repeats Banff-1 at 1,650 m being logged, with plugging if nothing is found. It adds Bow's Surat and Cooper plans: Donga appraisal wells in mid to late November (Victoria 15%) and Wompi wells in December. The text is truncated.
5 Oct 2006drilling progress report▼ Bad
Banff-1 reached total depth of 1,650 m in basement and is being logged. It will be plugged and abandoned if logs show no commercial potential. Bow also plans Donga appraisal wells in late November and the Rookwood North-1 oil completion.
4 Oct 2006drilling progress report▼ Bad
Banff-1 at 1,564 m is interpreted to have penetrated the basal Jurassic sandstones without significant oil shows. Next steps are to reach total depth and log the hole. Both main targets now look unpromising.
4 Oct 2006drilling progress report▼ Bad
Victoria repeats Banff-1 at 1,564 m, with no significant shows in the basal Jurassic and only very minor ones. It says logs and cores are still needed to be sure. Duplicates Bow's update.
3 Oct 2006drilling progress report▼ Bad
Victoria repeats Banff-1 at 1,485 m with no significant shows in the Hutton sandstone. Logs and side wall cores are still needed to confirm. Drilling continues toward the basal Jurassic sandstone. This duplicates Bow's update.
3 Oct 2006drilling progress report● Neutral
Banff-1 is drilling ahead at 1,485 m toward the basal Jurassic sandstone targets. No new results beyond the earlier Hutton result.
3 Oct 2006drilling progress report▲ Good
Primero-1 reached 1,565 m and met additional gas zones in the Reids Dome Beds, with continuous flaring and a flow test planned. Partners also agreed a four-week-plus extended flow test of the shallow 134-151 m gas, which Victoria says may support a commercial project.
2 Oct 2006drilling progress report▼ Bad
Banff-1 passed through the primary Hutton sandstone target over the weekend with no significant oil shows, and is drilling ahead at 1,383 m toward the basal Jurassic targets. This is a poor sign for the 34 million barrel prospect.
29 Sept 2006drilling progress report● Neutral
Operator Bow says Banff-1 is at 876 m, on schedule and running high to prediction, with the Hutton target due over the weekend. It also outlines three Wompi wells from early to mid December in ATP 752P and Donga appraisal wells; Donga may hold 0.7 million barrels.
29 Sept 2006drilling progress report● Neutral
Banff-1 was drilling ahead at 821 m in 8½ inch hole. The top of the Hutton target is still expected about seven days after the 25 September start. No results yet.
29 Sept 2006farm in farm out agreement▲ GoodMajor
Phoenix Resources will fund a $100,000 airborne and soil survey in EP 359 (Exmouth, WA) for an option to drill one well costing it $1.5m and earn 50%. Victoria's interest is not stated in the text (an inference: the table shows 33.36%, 63.30%, 3.34%).
28 Sept 2006drilling progress report▲ Good
Growler-1 has been cased and perforated over 1,720-1,737 m, and the rig released on 26 September. A clean-up flow follows within seven days, then an extended production test from mid November, subject to approvals. The up to 4 million barrel estimate is unchanged.
28 Sept 2006drilling progress report● Neutral
Banff-1 was drilling ahead in 8½ inch hole at 323 m. No results yet.
27 Sept 2006drilling progress report● Neutral
Banff-1 is installing blowout preventers on 9 5/8 inch casing set at 245 m before drilling ahead in 8½ inch hole. No new results.
26 Sept 2006drilling progress report● Neutral
Banff-1 was drilling ahead at 218 m. The top of the Hutton target is still expected about seven days after spud. No results yet.
25 Sept 2006drilling spud● NeutralMajor
Operator Bow reports Banff-1 spudded at 2 pm on 25 September. After the well, Bow says Barcoo Block interests will be Bow 25%, SEQOil 40% (Bow purchasing) and Victoria 35%. This is the first Queensland Cooper well in the ten-well program.
25 Sept 2006drilling progress report● Neutral
Primero-1 was drilling at 1,056 m toward the deeper Reids Dome Beds target (2,700 m). Cattle Creek gas of 2.8 mmcfd needs retesting after casing; operator White Sands is reviewing the shallow field's 30 bcf potential.
25 Sept 2006drilling spud● Neutral
Banff-1 began drilling on 25 September, targeting up to 34 million barrels in the Hutton Sandstone if oil is present. Victoria's 35% interest is free carried. It is Victoria's first Queensland Cooper exploration well in ten years. Duplicates Bow's spud release.
22 Sept 2006drilling result▲ Good
Fairground-1 in California (Victoria 15% before payout, 9% after) found oil shows at 1,577-1,582 m and reached 1,667 m. Logs will decide if it is tested. The prospect could hold up to 1.2 million barrels if oil is present.
20 Sept 2006drilling scheduled● Neutral
Hunt Rig 2 is moving to Banff-1 (ATP 794P) with spud expected about 25 September. The 1,650 m well targets up to 34 million barrels if oil is present; Victoria holds a 35% free carried interest.
19 Sept 2006drilling progress report● Neutral
Growler-1 is preparing to run 7 inch casing to 1,993 m. Logs and cores confirm oil in the basal Birkhead (1,721-1,740 m). The up to 4 million barrel estimate and ten-well program are restated; the drill stem test figures are unchanged.
19 Sept 2006drilling progress report● Neutral
A workover rig is on site at Eagle North-1 (Victoria operator, 20%). A coiled tubing rig found the perforating guns appear not to have fired in the first test, so the rig will spend about 14 days clearing the well to test 72 m of untested oil pay behind casing.
18 Sept 2006resource reserve update▲ GoodMajor
Growler-1 reached 1,993 m with no further oil shows below the Birkhead; it will be cased as a Birkhead oil producer. Victoria estimates possibly up to 4 million barrels recoverable, well below the pre-drill 16 million target, and very preliminary.
15 Sept 2006drilling progress report▲ Good
Growler-1 is drilling at 1,784 m in the Hutton Sandstone, with oil shows extending in the Birkhead to 1,754 m. Preliminary test data show an initial flow of 400 bopd into the tool and no pressure depletion; the oil recovered is restated as 33 barrels.
14 Sept 2006drilling result▲ Good
Partner Impress re-reports that Growler-1's first drill stem test recovered about 30 barrels of light oil in two hours from the Birkhead sandstone (1,728-1,737 m). The well will be deepened; commercial significance awaits logs. Duplicates Victoria's own release.
13 Sept 2006drilling progress report● Neutral
Growler-1 is running the drill stem test tool over the oil-show interval 1,728-1,737 m. Repeats the earlier oil show details; no test result yet.
12 Sept 2006drilling progress report▲ Good
Growler-1 showed oil in the basal Birkhead sand (1,728-1,737 m), with up to 50% sample fluorescence and gas rising from 2 to 17 units. A drill stem test will follow. Management calls it encouraging but awaits the test.
11 Sept 2006drilling progress report● Neutral
Growler-1 was drilling ahead at 1,425 m on 11 September, heading toward the main sandstone targets from 1,440 m. No oil results yet; target remains up to 16 million barrels, if oil is present.
8 Sept 2006drilling progress report● Neutral
Growler-1 is drilling out the casing shoe for a leak off test before drilling ahead in 8½ inch hole. No new results; the target and ten-well program are restated.