Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
1 Feb 2010quarterly activities report▲ Good
December quarter: cash $24.4m, no debt; net oil sales 52,904 bbl (575 bopd), revenue $3.1m. Cash is expected to reach about $40m by mid-February after the SPP and option exercise. Fury discovery testing now late February; Liberator-1 planned June 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.
