Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2009drilling scheduled● Neutral
Monitor Energy says Century Rig 3 is mobilising to Fury-1 in PEL 115, with spud about 14 November and drilling expected to take about two weeks to 2,000 m. Monitor is also reviewing a farm-in to the Mirage Oil Field.
6 Nov 2009drilling progress report▲ Good
Snatcher-3 reached 1,855 m; logs are being run over a gross 22 m interval (1,766–1,788 m) with good oil shows. Logs will show whether it is a third Snatcher discovery.
4 Nov 2009asset acquisition disposition● NeutralMajor
Victoria agrees to buy Bow's ATP 574P interest (3.75% Walloon CSG, more in deeper sections) for $8m cash, 13m new shares and its ATP 608P and 805P stakes. This adds to its CSG holdings, but uses cash and adds shares. Subject to approvals.
4 Nov 2009drilling progress report▲ Good
Snatcher-3 has good oil shows in the target Birkhead sand from 1,766 m, at 1,784 m. Significance awaits wireline logs after total depth. An early positive sign in the Snatcher appraisal, not yet a result.
4 Nov 2009asset acquisition disposition● NeutralMajor
Bow's side of the deal: it sells its ATP 574P interests to Victoria for $8m cash, 13m Victoria shares (about $4.5m, escrowed 12 months) and Victoria's stakes in ATP 608P and ATP 805P. Subject to ministerial and partner consents.
2 Nov 2009drilling progress report● Neutral
Snatcher-3 was drilling ahead at 1,445 m on 2 November, heading to a planned 1,850 m. No results yet.
28 Oct 2009investor presentation● Neutral
AGM corporate presentation repeating known facts: cash about $18.4m at 30 June, no debt, FY2010 net oil revenue about $12m, 101 PJ 2P at Don Juan, 540+ PJ CSG potential. Share price 36c, market cap $132m. Nothing materially new.
26 Oct 2009drilling spud● Neutral
Snatcher-3 spudded on 26 October 2009 in PEL 111, planned to 1,850 m in 10 days. It tests whether the Birkhead sand that flowed 207 bopd at Snatcher-2 extends 787 m northwest. Victoria operates with 40%.
21 Oct 2009admin correction● Neutral
Re-release of the 21 October Don Juan reserves announcement with a corrected diagram; the text appears unchanged (100.9 PJ gross 2P, 45 PJ net to Victoria). No new information.
21 Oct 2009resource reserve update▲ GoodMajor
Victoria's own release of the Don Juan upgrade: 2P certified reserves rise to 100.9 PJ gross, 45 PJ net to Victoria, with 3P 89 PJ net. Reserve drilling in PL 171 and ATP 574P resumes late October/early November. Repeats Bow's announcement from the Victoria side.
20 Oct 2009resource reserve update▲ GoodMajor
Operator Bow reports certified 2P reserves at Don Juan CSG almost tripled to 100.9 PJ gross, adding 66.7 PJ in the Taroom coal seams. 3P is 197.4 PJ. Victoria holds 45%. This is the ~100 PJ upgrade the earlier context expected.
13 Oct 2009drilling scheduled● Neutral
Monitor Energy, Victoria's PEL 115 farm-in partner, gives the Fury-1 timetable: site works from 28 October, drilling from about 15 November, 16 days on site. Targets are 1.5 million barrels of oil and 22.79 Bcf of gas. Delays the earlier mid-October estimate.
9 Oct 2009drilling scheduled● Neutral
Victoria confirms two Cooper Basin wells from early November 2009: Snatcher-3 and Fury-1 (Monitor-funded, earning 75% of the Fury Prospect). Victoria keeps 25% and operatorship of PEL 115. A larger drilling program follows the Mollichuta 3D in December 2009/January 2010.
8 Oct 2009drilling scheduled▲ Good
Partner Impress says Snatcher-3 will spud in early November 2009, targeting 0.55 mmbbl P50, about 800 m from Snatcher-2. Snatcher-1 and -2 production is due early November (target 800 bopd), Tigercat late November. Growler is making 1,000 bopd. Mollichuta 3D processing delays other wells to 2010.
30 Sept 2009drilling scheduled▲ Good
QGC reports Lawton-3 and -4 found average 33 m net Walloon coal, among the thickest in the Surat Basin. Nine more PL 171 wells planned over 8 months, next core hole in the Carla area October 2009. Victoria holds 20%.
29 Sept 2009annual report▲ Good
2009 Annual Report. The chairman says oil net revenues more than doubled and six exploration wells were 67% successful. Growler and Snatcher together are close to 4 mmbbl gross recoverable P10, 1.6 mmbbl net. Capitalised value $144m at 30 June.
14 Sept 2009well test result● Neutral
Tigercat-1 short test swabbed oil at 150 bopd from the Birkhead Formation. An extended production test is planned for late 2009, subject to approvals. Modest result for the earlier discovery.
11 Sept 2009farm in farm out agreement▲ Good
Monitor Energy's release of the same PEL 115 farm-in: up to 75% by funding two wells, first well estimated at A$2.0m. Victoria remains operator. Monitor also has a capital raising underwritten by Patersons. Repeats Victoria's announcement.
11 Sept 2009farm in farm out agreement▲ GoodMajor
Heads of Agreement: Monitor Energy pays 100% of Fury-1 in PEL 115 to earn 75% of the Fury Prospect and the right to 37.5% of the licence, rising to 75% with a second well. Drilling planned mid-October 2009. Advances the PEL 115 farm-in thread.
10 Sept 2009other▲ Good
Victoria won the Good Oil Conference 2009 Explorer Award, cited for its Cooper Basin western margin successes and Queensland CSG discoveries. Recognition only; no financial effect.
7 Sept 2009annual report● Neutral
Annual financial report for the year to 30 June 2009, with directors, Ernst & Young as auditor, and financial statements. Text provided is mostly director biographies and does not show figures.
2 Sept 2009investor presentation● Neutral
Good Oil Conference presentation repeating the August deck: cash about $18.4m, no debt, 560+ PJ net CSG potential, FY2010 oil revenue about $12m. Nothing new.
1 Sept 2009flow test result▲ Good
Snatcher-2 flowed clean 48 degree API oil at 207 bopd on a short test, similar to Snatcher-1's 218 bopd. The rig now moves to test Tigercat-1. Confirms the discovery as a modest producer.
17 Aug 2009drilling result▲ GoodMajor
Snatcher-2 is a second oil discovery in the Snatcher channel: logs indicate 13 m net oil pay in the Birkhead Sandstone. Cased for production at 1,822 m; flow test planned mid-October 2009. Victoria holds 40%.
17 Aug 2009investor presentation● Neutral
Corporate presentation at the SA Future Energy Conference repeating known facts: cash about $18.4m, no debt, 368m shares, FY2010 oil revenue about $12m at US$65/bbl, and 560+ PJ net CSG potential. Nothing new.
12 Aug 2009drilling result▲ Good
Core from Snatcher-2 showed good oil shows over 15 m (18.8 m gross from 1,765 m). Significance awaits logs. Planned total depth cut to 1,900 m.
11 Aug 2009drilling progress report▲ Good
Snatcher-2 saw oil shows at 1,765-1,768.8 m in the target Birkhead Sandstone and was pulling out of the hole to cut a core. Early positive sign; not yet evaluated.
10 Aug 2009drilling progress report● Neutral
Snatcher-2 was drilling ahead at 1,659 m toward the Birkhead Sandstone target, planned to 2,000 m. Victoria operates with 40%. No result yet.
6 Aug 2009drilling result▲ Good
Victoria relays Origin's result: Jingemia-12 reached 2,709.5 m, found about 15 m of hydrocarbon column in the Dongara Sandstone and is cased for production. Victoria holds 5%. Repeats the operator's release.
6 Aug 2009drilling result▲ Good
Origin, operator, reports Jingemia-12 drilled to 2,709.5 m and found about 15 m of hydrocarbon column in the Dongara Sandstone. It is cased and being prepared as a producer. Victoria holds 5%. Resolves the open Jingemia-12 thread.
