29 July 2010drilling result● Neutral
Pinelands-9, the fourth of six ATP 574P wells, was drilled to 659 m and open hole tested. No test results are given. The certified reserve remains due in the third quarter 2010.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2010asset acquisition disposition● Neutral
ADX says it completed the sale of its 49.9% PEL 182 interest to a Victoria subsidiary for A$1.1m cash, received. This completes the deal Victoria agreed on 15 June 2010 and gives it a stake next to its Growler/Snatcher permits.
26 July 2010asset acquisition disposition● Neutral
Innamincka Petroleum says it completed buying 37.6% of PEL 182 and notes Victoria's purchase of ADX's 49.9%. Planned 3D seismic comes first. Final stakes are expected as Victoria 49.9%, Innamincka 37.6%, Strategic Energy 12.5%, subject to South Australian approvals.
21 July 2010drilling progress report● Neutral
Pinelands-8 finished at 555 m (earlier reported at 640 m) and was tested; the rig moved to Pinelands-9, planned to 635 m. No results given. Reserve still targeted for the third quarter 2010.
14 July 2010drilling progress report● Neutral
Pinelands-6 testing is complete and Pinelands-8, third of six wells in ATP 574P, reached 640 m and is under open hole testing. No test results are given; the reserve is still due in the third quarter 2010.
9 July 2010drilling progress report● Neutral
Peebs-8 testing is finished and the rig released; Pinelands-6, second of six wells, reached 659 m and is being tested. The certified ATP 574P reserve is now due in the third quarter 2010, slipping from 'after end June'.
29 June 2010drilling progress report● Neutral
Peebs-8 in ATP 574P (Victoria 30%) reached 689 m and had casing set through the Walloon coals ahead of production testing. It is the first of 6 wells; certified reserves are still due after end-June 2010, with up to 1,500 PJ in place.
24 June 2010director officer appointment● NeutralMajor
Ian Davies, ex-QGC CFO, becomes Managing Director from late July 2010, replacing John Kopcheff, who stays as an Executive Director. Two former QGC executives join as general managers, head office will move to Brisbane, and Victoria has bought a 10.15% stake in Impress.
22 June 2010drilling spud● Neutral
QGC began CSG appraisal well Peebs-8 in ATP 574P (Victoria 30%), now at 65 m toward 699 m. It is the first of 6 wells in the next 4 months. Certified reserves are now to be published after end-June 2010.
15 June 2010asset acquisition disposition● Neutral
ADX announces selling its 49.9% operated interest in Cooper Basin PEL 182 to Victoria for A$1.1 million cash. Subject to South Australian government approval and joint venture pre-emption or consent. Same deal as Victoria's own release.
15 June 2010asset acquisition disposition▲ GoodMajor
Victoria agrees to buy ADX's 49.9% interest in PEL 182, next to its Cooper Basin permits, for A$1.1m cash plus about $200,000 of well plugging liability. Subject to South Australian approval and partner pre-emption or consent.
10 June 2010investor presentation● Neutral
Presentation at the Gold Coast Resources Showcase restating known projects and plans. It shows 518 million shares and cash over $32m with no debt, and mentions a 10% Impress shareholding. No new operational result.
8 June 2010production update▼ BadMajor
Mirage and Ventura restarted at 85 bopd, but Growler and Snatcher roads are now not expected to reopen until November 2010. FY2011 net production revenue is cut to an estimated $12.1m, and the 10-well drilling program is pushed to November 2010.
8 June 2010production update▲ GoodMajor
Cuisinier-1 (ATP 752P) is on production at about 340 bopd with a 1.5% water cut, trucked to Jackson. It is Victoria's first Queensland Cooper oil producer. Interest is 20.37%, falling to 15% after the farm-in work. This delivers the 2Q 2010 target.
7 June 2010drilling progress report▲ Good
Monitor says a rig arrives 7 June to complete and test Fury-1 in PEL 115 (Victoria operator, 33%) after floods receded and roads were repaired. A pipeline tie-back to Mirage, 5.3 km away, is planned if the test succeeds. This ends the long testing delay.
23 Apr 2010drilling progress report● Neutral
The rig has been released from Marcus-1 in ATP 574P after logging and drill stem testing of the Walloon coals. No test results are given. A minimum of 12 follow-on wells and the end-June initial reserve target are restated.
15 Apr 2010drilling result● Neutral
Marcus-1 reached total depth of 1,041 m in ATP 574P (Victoria 30%) and is running logs, with cores cut from 585 m. The follow-on program is now stated as a minimum of 12 wells, up from 7 in the body text; end-June reserve target unchanged.
14 Apr 2010farm in farm out completion▲ GoodMajor
Shareholders overwhelmingly approved buying Permian Oil from BG, which holds a 20% interest in the Western Margin permits. Completion would lift Victoria to 60%, raising net 3P oil reserves to 4.4 million barrels. This resolves the pending shareholder approval.
14 Apr 2010production update▼ BadMajor
Victoria now expects Growler and Snatcher roads to reopen only in late September 2010, keeping FY2010 net revenue at $4.7m. A 268 sq km 3D survey defines 25 drill targets (up to 21 million barrels unrisked); up to 10 wells with two rigs planned from September.
8 Apr 2010drilling progress report● Neutral
Marcus-1 in ATP 574P is coring at 837 m toward 1,046 m. The weekly report repeats the minimum 7-well program and end-June 2010 initial reserve target, with no new result.
8 Apr 2010production update▼ BadMajor
Victoria says Cooper Basin roads stay closed: Growler road not expected to reopen until June/July 2010 and Snatcher until September 2010. Flood shut-in continues, and FY2010 net production revenue is cut to an estimated $4.7 million. Development drilling is also delayed.
1 Apr 2010drilling progress report● Neutral
QGC's Marcus-1 coal seam gas core hole in ATP 574P (Victoria 30%) is coring at 702 m after rig repairs, heading to 1,046 m. Continues the Marcus-1 drilling; the end-June 2010 initial reserve target and minimum 7-well program are unchanged.
24 Mar 2010drilling progress report● Neutral
Marcus-1 in ATP 574P is coring ahead at 699 m, with planned coring to 1,046 m. Programme of at least 7 wells and the end-June 2010 initial reserve target are unchanged.
17 Mar 2010drilling progress report● Neutral
QGC has started CSG core hole Marcus-1, the first 2010 well in ATP 574P (Victoria 30%), drilling ahead at 447 m. At least 7 wells planned; initial reserve targeted by end June 2010, with gas in place up to 450 PJ net.
16 Mar 2010half year report▲ Good
Half-year to 31 Dec 2009: revenue $7.6m (up 28%), net profit $1.75m against a $7.2m loss a year earlier, cash $24.3m. Net oil production was 78,871 bbl, up 54%. Confirms the 30c placement and SPP raising $10.3m.
5 Mar 2010other▲ Good
S&P index rebalance notice listing Victoria Petroleum (VPE) among additions to the All Ordinaries index, effective after close on 19 March 2010. No company-specific operational news.
2 Mar 2010production update▼ BadMajor
Victoria says roads may reopen in 6 to 8 weeks, starting with Mirage; shut-in continues. Output was 1,560 bopd, a new high, before shut-in. Little Growler pressure depletion after almost 500,000 barrels supports the 5.8m barrel 3P. Century#3 rig to start up to 12 wells once roads reopen.
2 Mar 2010production update▼ BadMajor
Impress says Snatcher and Growler will probably stay shut in for at least 6 to 8 more weeks because of flooding. Growler well pressures have rebuilt strongly after almost 500,000 barrels produced, suggesting recovery may exceed earlier expectations.
17 Feb 2010drilling progress report● Neutral
Fury testing is delayed because heavy rain closed Santos access roads. Victoria cites the consultant's 13 m oil column and mean 7.99 million barrels in place (highside 17.44 million). The JV agreed in principle to drill an appraisal well offsetting Burunna-1 when a rig is available.
17 Feb 2010production update▼ Bad
Victoria says Snatcher, Growler and Mirage stay shut in as roads remain closed, and the start of Growler development drilling is delayed. Production and drilling resume when Santos reopens roads.