16 Feb 2010production update▼ Bad
Impress reports Snatcher and Growler remain shut in, with flooding keeping roads closed and no reopening date known. Continues the shut-in that began in early February.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2010drilling progress report● Neutral
Monitor says Fury-1 testing is delayed by a workover rig shortage and flooding. A consultant report puts Murta oil in place at a mean 7.99 million barrels in a 13 m column. A tie-back to Mirage and a second well near Burunna-1 are being considered.
12 Feb 2010asset acquisition disposition● NeutralMajor
Victoria agrees to sell its 5% of Jingemia (L14) and 5.013% of EP413 to Norwest for $500,000, now seen as non-core. Jingemia net output was 30 bopd against 545 bopd in the Cooper Basin. Proceeds go to the Western Margin Oil Trend; approval needed by 31 Dec 2010.
11 Feb 2010asset acquisition disposition● Neutral
Norwest announces buying Victoria's Northern Perth Basin interests for $500,000, lifting its Jingemia (L14) stake from 1.278% to 6.278% and EP413 to 55.606%. Same deal as Victoria's own release; subject to ministerial approval by 31 Dec 2010.
8 Feb 2010drilling progress report● Neutral
Paradise Downs-3 in PL 171 was cased with 7 inch casing to 479 m after five drill stem tests, and the rig released 5 Feb. Completed as a potential CSG production well. Up to 12 wells planned; initial reserve target end 2Q 2010 unchanged.
4 Feb 2010production update▼ Bad
Victoria as operator confirms Snatcher, Growler and Mirage are shut in because Santos closed roads and oil tanks are full. Production resumes when roads reopen. Repeats the Impress notice; no reopening date.
3 Feb 2010production update▼ Bad
Impress reports roads closed by ex-cyclone Olga rain have shut in Snatcher and Growler, with Growler imminent as tanks fill. Reopening date unknown; a December event cost about one week of production. Extends the earlier cyclone shut-in.
3 Feb 2010asset acquisition disposition▲ GoodMajor
Bow confirms completion of the ATP 574P sale to Victoria: 13m Victoria shares (escrowed to 2 Nov 2010) allotted 1 Feb, plus Victoria's ATP 608P/805P stakes passing to Bow. Bow had already received the $8m cash. Resolves the pending Bow deal, lifting Victoria's ATP 574P interest.
1 Feb 2010drilling progress report● Neutral
QGC has drilled Paradise Downs-3 (PL 171) to 506 m and is running drill stem tests. It is the first of up to 12 wells over 12 months; Victoria's 20% carries up to 200 PJ net gas in place, with an initial reserve targeted by end 2Q 2010.
29 Jan 2010other● Neutral
Sentient's holding is unchanged at 70.5 million shares, but its voting power fell from 17.22% to 15.59% because new shares were issued, apparently the SPP allotment (inference). It is dilution, not selling.
28 Jan 2010capital raising announcement● Neutral
34,388,000 shares were allotted at 30c to Share Purchase Plan subscribers, raising $10.3 million. Quoted shares rise to about 452 million. Completes the SPP.
What it means for a shareholder
34.4m new shares at A$0.300 to raise about A$10.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
22 Jan 2010security holder rights change● Neutral
Quotation of the listed VPEO options ceased at close of trading on 21 January 2010. The options remain exercisable until 31 January.
20 Jan 2010investor presentation● Neutral
Shareholder letter reuses known themes and recasts oil revenue forecasts at US$65/bbl: $14m for FY2010 and $26m for FY2011, lower than the earlier $20m and $34m estimates. Also promotes the option underwriting and RBS Morgans' pick.
20 Jan 2010capital raising announcement▲ GoodMajor
The Share Purchase Plan closed with $10.3 million raised at 30c, near the $12m target. Together with $26 million cash on hand, it funds up to 30 wells over the next 12 months. Shares are to be allotted 25 January.
19 Jan 2010capital raising announcement▲ GoodMajor
RBS Morgans will fully underwrite exercise of the 25c options expiring 31 January, about 56.4 million options raising $14.1 million for a 2.75% fee. Funds support up to 30 wells over 12 months, which removes the risk of the options lapsing.
19 Jan 2010resource reserve update▲ GoodMajor
Growler 3P reserves are put at 5.8 million barrels against current 2P of 1.8 million. Growler-6 and -7 development wells are due to start end January. Output is about 1,000 bopd, which could reach 1,800 bopd gross by end 1Q 2010. Victoria's 60% depends on shareholder approval of the Permian Oil deal.
12 Jan 2010admin correction● Neutral
Corrects the 8 January release: Victoria holds 20% of PL 171, not 25%, and 30% of ATP 574P, averaging 25% across both. Reserve and gas-in-place table unchanged.
8 Jan 2010security holder rights change● Neutral
Standard reminder to holders of the 25c listed options that they expire 31 January 2010; quotation ceases 22 January. Shares last traded at 32.5c on 7 January, above the exercise price.
8 Jan 2010drilling result▲ GoodMajor
Monitor says logs and sidewall cores confirm light crude oil in the Epsilon and Patchawarra formations at Airacobra-1, TD 2,163 m. No oil-water contact was found. Well cased for flow testing, after earlier Jurassic disappointment.
8 Jan 2010drilling progress report● Neutral
Pinelands-4 was completed as a CSG well after drill stem tests and the rig was released. The next QGC-operated well will be Paradise Downs in PL 171, and the release stated Victoria held 30% of ATP 574P and 25% of PL 171.
8 Jan 2010drilling result▲ GoodMajor
Victoria confirms Airacobra-1 reached 2,163 m, with logs and cores showing light oil with diesel odour in Permian Epsilon (2,016-2,018 m) and Upper Patchawarra (2,117.5-2,119 m). Cased for testing in late January after Fury-1; Victoria keeps 33% free-carried.
5 Jan 2010drilling progress report▲ Good
Monitor reports Airacobra-1 at 2,130 m with two further oil and gas show zones in Upper Patchawarra sands (2,103-2,119 m), in addition to the Epsilon shows. Repeats Victoria's report; logs to follow.
5 Jan 2010drilling progress report● Neutral
Pinelands-4 in ATP 574P was cored to 732.4 m and logged, and drill stem tests on the coals are under way. The up-to-12-well program and end 2Q 2010 initial reserve target are unchanged.
5 Jan 2010drilling progress report▲ Good
Airacobra-1 is at 2,130 m with further good to fair gas and oil shows over a gross 9 m in Upper Patchawarra sands (2,103-2,119 m). Significance awaits wireline logs; Victoria's 33% is free-carried, subject to regulatory approval.
4 Jan 2010drilling progress report▲ Good
Airacobra-1 restarted on 2 January and is at 2,043 m, with good to fair gas and oil shows in Permian Epsilon sands at 2,010-2,016 m. This is the first hydrocarbon sign after the empty Jurassic; logs at total depth will decide significance.
29 Dec 2009drilling progress report● Neutral
QGC reports Pinelands-4 in ATP 574P is coring the Walloon coals at 490 m, planned to 660 m. Up to 12 wells are planned over 12 months, aiming for an initial certified reserve by end 2Q 2010. No new results.
23 Dec 2009production update▼ Bad
Impress says Growler, Snatcher and Mirage/Ventura will be temporarily shut in ahead of heavy rain from the remains of Cyclone Laurence, with restart expected the week after Christmas. Snatcher pump commissioning continues; production rates will be announced later.
23 Dec 2009capital raising announcement● Neutral
Shareholder letter repeats the Share Purchase Plan extension to 15 January 2010 because of Christmas mail delays. It adds that Fury and the Snatcher start-up move the company toward its target of 1,200 bopd net by end 2010, and Surat CSG drilling resumes mid-January.
23 Dec 2009drilling progress report● Neutral
Monitor says Airacobra-1 is suspended above the Patchawarra target because of flooding from Cyclone Lawrence, with roads possibly closed 1–2 weeks. Drilling resumes once access returns. Delays the test of the Permian objective.
23 Dec 2009drilling progress report● Neutral
Victoria confirms Airacobra-1 is suspended at 1,983 m in the Murteree Shale above the Patchawarra target ahead of flooding. Drilling should resume in about 1–2 weeks when roads reopen. No new results.