Each one in plain English, with the numbers worked through for a shareholder.
22 Dec 2009drilling progress report▼ Bad
Monitor reports Airacobra-1 intersected the Murta and Namur about 60 m high with no oil shows, and calls the shallow formations difficult. Permian Patchawarra remains the target. Says Fury has de-risked nearby prospects such as Burunna.
22 Dec 2009capital raising announcement● Neutral
The Share Purchase Plan closing date is extended from 31 December 2009 to 15 January 2010, because Christmas postal delays meant holders may not receive documents in time. Administrative change; the 30c price is unchanged.
21 Dec 2009drilling progress report▼ Bad
Airacobra-1 is at 1,912 m in the Permian. The Jurassic targets had no oil shows, a disappointing result for the main objective; only gas shows in Permian coal. Logs at 2,340 m will decide. The Permian Patchawarra remains to be tested.
18 Dec 2009production update▲ GoodMajor
First oil from the Snatcher-1 and -2 discoveries has started, flowing to a temporary facility, with pumps to follow and stabilised rates announced later. Snatcher-3 goes on production in 1Q 2010. Victoria's 60% via Permian Oil still needs approvals.
18 Dec 2009production update▲ GoodMajor
Impress says the Snatcher field started production on 16 December, with Snatcher-1 and -2 free-flowing to temporary facilities until pumps are commissioned. Flow rates will be announced later. Production began two days after the delayed 14 December target.
15 Dec 2009drilling progress report● Neutral
Monitor says Airacobra-1 reached casing point at 750 m. Drilling to the Murta/Namur targets follows, with 2,340 m planned in about three weeks. Repeats Victoria's report; no new results.
14 Dec 2009drilling progress report● Neutral
Airacobra-1 has set 9 5/8 inch casing at 750 m, with 2,340 m still planned. No results yet; the prospect is described as up to 1.3 million barrels if oil is present.
14 Dec 2009drilling spud● Neutral
Monitor's version of the Airacobra-1 spud: at 90 m, heading to 2,340 m. It cites 1.28 million barrels in the Murta/Namur and a possible 15 million in the Permian if present. Repeats Victoria's announcement from the partner's side.
11 Dec 2009drilling spud● NeutralMajor
Airacobra-1 spudded in PEL 115 and was at 90 m, planned to reach 2,340 m in 22 days. It targets up to 1.3 million barrels in Jurassic sands next to Santos's Narcoonowie field. Follows the Fury-1 discovery; Victoria's interest is 33%, free-carried. (Text says 'November', apparently meaning December.)
9 Dec 2009other● Neutral
Substantial holder notice: Sentient raised its stake from 15.52% to 17.22% (70.5m shares) by taking 20.8m shares in the placement at 30c ($6.24m) on 4 December. Confirms the major holder's support for the raising.
7 Dec 2009drilling result▲ GoodMajor
Fury-1 is a new oil field discovery: 17 m gross oil column (1,309–1,326 m) in the Murta, plus a Permian Epsilon oil sand (1,814–1,819 m), the first Permian oil in PEL 115. Cased for production at 1,965 m; testing awaits a workover rig. Resolves the earlier oil shows.
7 Dec 2009drilling result▲ GoodMajor
Monitor reports Fury-1 oil shows confirmed by logs and side-wall cores: 17 m gross oil column (1,309–1,326 m) in the Murta, plus an oil sand in the Permian Epsilon. Production testing to follow; the rig moves to Airacobra. Partner's version of Victoria's news.
4 Dec 2009capital raising announcement● NeutralMajor
Victoria offers a Share Purchase Plan at 30c per share, for $1,200 to $15,000 per eligible holder. Record date 7 December, closing 31 December, allotment 6 January 2010. No total raise size is given. It follows 36c in October.
4 Dec 2009investor presentation● Neutral
December corporate presentation repeating known points: oil net revenue estimates of $20m (FY2010) and $34m (FY2011), 382m shares, 62m options, cash about $5m at 30 November after the Permian Oil acquisition. No new results.
4 Dec 2009capital raising announcement● Neutral
Letter to holders of 25c options (VPEO, expiring 31 Jan 2010) explaining they can join the Share Purchase Plan only by exercising some options and being on the register by 18 December 2009. Administrative mailing, no new figures.
4 Dec 2009capital raising announcement● NeutralMajor
Letter detailing the Share Purchase Plan at 30c, $1,200–$15,000 per holder, to fund faster Cooper Basin oil and Surat CSG drilling. Capped at 110.8m shares ($33.2m); the board targets $12m, not underwritten. Same price as the recent placement to professional investors.
4 Dec 2009investor presentation▲ Good
Shareholder report promoting the 60% Western Margin interest and estimating net oil revenue of $20m for FY2010 and $34m for FY2011 on a risked basis. Urges support for the December Share Purchase Plan. Market cap is said to have risen from $50m to $130m in 12 months.
3 Dec 2009production update▼ Bad
Impress says heavy rains shut in Growler production temporarily; shipments have resumed. First production from Snatcher-1 and -2 is delayed from end-November to 14 December 2009 because of road closures. Growler pressure data suggests strong aquifer support.
2 Dec 2009drilling progress report● Neutral
Peebs-1 finished coring to 727.6 m in the Walloon Coal Measures, followed by logs and drill stem tests over four zones. The rig moves to Pinelands-4 next. No test results given.
1 Dec 2009drilling progress report▲ Good
Monitor reports Fury-1 at 1,838 m with good wet gas shows in Permian sands, over 70 units of total gas. Logging at 2,000 m will decide whether it is a discovery. Positive indications only, not a result.
30 Nov 2009drilling progress report● Neutral
Fury-1 is drilling ahead at 1,770 m toward the Permian Patchawarra target, with no new results beyond the earlier Murta oil shows. Total depth is 2,000 m, then logs and testing. Airacobra-1 follows.
24 Nov 2009drilling progress report● Neutral
Peebs-1 in ATP 574P is coring the Walloon Coal Measures at 577 m, toward a planned 677 m. An initial certified reserve is still targeted for end of 2Q 2010. Routine operator progress, no result yet.
23 Nov 2009drilling progress report▲ Good
Fury-1 has good oil shows in Murta sands over a 12 m gross interval (1,309–1,321 m), drilling ahead at 1,363 m toward Permian targets. Significance awaits logs and testing at 2,000 m. An encouraging sign, not yet a discovery.
23 Nov 2009drilling progress report▲ Good
Monitor Energy confirms good oil shows in Fury-1's Murta sands (1,309–1,321 m) and calls the results encouraging. Total depth of 2,000 m is expected in about five days. Repeats Victoria's report from the partner's side.
18 Nov 2009joint venture update▲ Good
Partner Impress says Snatcher-3 extended the field and is suspended for production. Snatcher-1 and -2 are due on stream end-November at a combined 800 bopd, trucked to Moomba. Estimated reserves are 240,000 bbl proved and 480,000 bbl proved plus probable per well. Part of the text is truncated.
17 Nov 2009drilling spud● Neutral
QGC began drilling Peebs-1 in ATP 574P, the first of three core holes, to 677 m. Up to 12 more wells are planned over 12 months, aiming for an initial certified reserve by end of 2Q 2010. Victoria holds 30%, with up to 450 PJ gas in place net.
17 Nov 2009drilling spud▲ GoodMajor
Fury-1 in PEL 115 spudded 15 November 2009, to 2,000 m, about 15 days. Lion Petroleum joins the Monitor farm-in, so Victoria's free-carried interest rises from 25% to 33% through Fury-1 and Airacobra-1. Victoria operates; Airacobra-1 follows. Subject to regulatory approval.
17 Nov 2009drilling spud● Neutral
Monitor Energy's version of the Fury-1 spud on 15 November, drilling at 42 m toward 2,000 m. Site preparation has begun at Airacobra-1 for a back-to-back well. Repeats Victoria's announcement from the partner's side.
11 Nov 2009asset acquisition disposition▲ GoodMajor
Victoria lifts its Western Margin oil interest (PEL 104/111, PRL 15) from 40% to 60% by acquiring Permian Oil from QGC, in exchange for a 3.75% Walloon interest in ATP 574P. It replaces the earlier Bow deal terms for the 3.75%. Needs JV consents, regulators and shareholder approval.
9 Nov 2009drilling result▲ GoodMajor
Snatcher-3 in PEL 111 is a third Snatcher oil discovery: logs and cores show a 20 m gross oil column (1,766.5–1,786.5 m) with 10 m net pay. It is cased and suspended for production, 787 m northwest of Snatcher-2. Field extent needs more drilling. Victoria holds 40%.
