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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.