27 Sept 2010annual report▲ GoodMajor
FY2010 maiden profit of $2.6m (against an $8.6m loss) on record revenue of $13.2m and net oil production up 15% to 142,579 barrels, despite flooding. Oil production is expected to resume in early 2011.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010. Board is now Patten, Davies, Pett and McKeown, with the principal office in Brisbane and Ernst & Young as auditor. Financial detail is in the separate results release.
22 Sept 2010director officer appointment● NeutralMajor
Founding Managing Director John Kopcheff retired from the Victoria Petroleum board after 26 years, citing the smooth transition to the new management team and the Brisbane move. He will stay engaged in an advisory role.
14 Sept 2010flow test result▲ Good
Alex-5 in PL 171 (Victoria 20%) flowed gas to surface during drill stem testing, drilled to 589 m. No flow rate is given. It is an early positive sign for the Walloon coals ahead of the certified PL 171 reserve.
13 Sept 2010joint venture update▼ BadMajor
Partner Impress says Growler and Snatcher remain cut off by floodwater and access is unlikely before the first quarter of 2011, later than the November 2010 estimate. A two-rig program aims to reach 3,000 bopd, twice pre-flood levels, and a pipeline is being planned.
9 Sept 2010agm notice● Neutral
Shareholders approved issuing options to new managing director Ian Davies and to John Kopcheff at a general meeting. Both passed on a poll, with about 131.6m votes for versus 6.0m against for Davies. The option terms are not given here.
8 Sept 2010investor presentation● Neutral
Good Oil Conference presentation by the new managing director, citing about $135m market value and $33m cash with no debt. Repeats known projects and the Brisbane move, mentions 25 drill targets and net 2P reserves of 1.7 mmbbl. No new operational result.
1 Sept 2010drilling progress report● Neutral
Alex-5 in PL 171 is drilling ahead at 208 m toward 593 m. No results yet.
27 Aug 2010drilling progress report● Neutral
Carla-3 in PL 171 was drilled to 607 m and cased, with no results given. The rig will move to Alex-5 when roads allow. The reserve target date is no longer stated.
17 Aug 2010drilling progress report● Neutral
In PL 171 (Victoria 20%), Carla-2 was drilled to 653 m and cased; the rig moved to Carla-3. No test results are given. A certified PL 171 reserve is targeted for the third quarter 2010.
30 July 2010quarterly activities report● Neutral
June quarter: cash $35.7m, no debt; Victoria holds 60% of PEL 104/111 and 49.9% of PEL 182. Northern Cooper oil production is still halted by floods and is expected to resume in Q4 2010. A two-rig, 12-well program is planned, and the 3P net total is 4.1 million barrels.
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.
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.
30 Apr 2010quarterly activities report● Neutral
March quarter: cash $42.7m, no debt, with flooding halting all Cooper Basin oil; net sales of about $0.6m. Production is expected to restart in September 2010, with a 10-well two-rig program. Cuisinier-1 production is now targeted for May 2010.
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.