7 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 750 metres. No oil result yet; the program still targets 1,000 barrels a day by mid-2006.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,564 metres in the sidetrack, directionally drilling to 3,627 metres before a trip to change assembly. Target depth is expected by the end of the week. No oil result yet.
7 Feb 2006drilling progress report● Neutral
Victoria reports Eagle North-1 drilling ahead at 3,565 metres in the new sidetrack toward 4,145 metres. Drilling is back under way after the second sidetrack. No oil result yet.
6 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 is at 3,407 metres in the new sidetrack hole, running back in with a new assembly. Target is 4,145 metres and total depth 4,206 metres. No oil result yet.
6 Feb 2006drilling progress report● Neutral
Mirage-2 has set surface casing and is preparing to drill ahead from 636 metres. No oil result yet.
6 Feb 2006drilling progress report● Neutral
Victoria reports Eagle North-1 in the new sidetrack at 3,407 metres, running back in to resume drilling toward 4,145 metres. Planned time to total depth is unchanged at 24 days. No oil result yet.
6 Feb 2006drilling result● Neutral
FAR reports its Schwing A-1 Louisiana well reached 11,650 feet; three Upper Bolmex sands show no oil and the well is being plugged and abandoned. Eagle North-1's new sidetrack was drilled to 11,371 feet. FAR holds 18.3% in Schwing, with no Victoria interest.
3 Feb 2006drilling progress report● Neutral
Mirage-2 is preparing to run surface casing at 636 metres. No oil result yet; the well remains the first of three development wells.
3 Feb 2006drilling progress report● Neutral
Eagle North-1 is pulling out of the hole to pick up an assembly to sidetrack from 3,407 metres. Planned time to total depth remains 24 days. No oil result yet.
3 Feb 2006drilling scheduled● Neutral
Cooper Energy's memorandum says Geordie-1 in PEL 88 should spud around 9 February to 2,600 metres. Victoria holds 10% and the well costs A$2.3 million gross. Cooper Energy estimates a 15% chance of commercial discovery, with 7.5 million barrels mean undiscovered. New exposure for Victoria.
2 Feb 2006drilling progress report● Neutral
FAR reports Eagle North-1 is preparing a new sidetrack after the first one hit the original obstruction. Its South Louisiana Schwing A-1 well is drilling at 11,547 feet, with logs due late in the week. Nothing new for Victoria.
2 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 587 metres. Same program as before: first of three development wells, aiming to lift output from 440 to 1,000 barrels a day by mid-2006. No result yet.
2 Feb 2006drilling progress report● Neutral
Eagle North-1 is waiting on cement to set before resuming sidetrack drilling toward 4,145 metres. Planned time to total depth stays at 24 days from the 12 January start. Victoria keeps its 20% near-free carried interest.
1 Feb 2006drilling progress report▼ Bad
Victoria reports the new Eagle North-1 sidetrack drilled back into the original wellbore, so a new cement plug must be set and the sidetrack redone. Planned time to total depth is now 24 days, a second setback.
1 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 210 metres, the first of three Mirage development wells. Production is currently 440 barrels a day, with a target of 1,000 by mid-2006. This release lists Victoria 40%, Impress 40%, Roma 20%.
1 Feb 2006drilling progress report▼ Bad
Sun Resources relays that the Eagle North-1 sidetrack deviated back into the original junked hole at 3,598 metres, so another cement plug is being set to repeat the sidetrack. Target depth is now expected around 7-8 February, a further slip.
31 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 off bottom in the sidetrack at 3,459 metres, preparing to ream the hole before drilling ahead. Target and total depth are expected later in the week. No oil result yet.
31 Jan 2006drilling spud● Neutral
Impress Ventures announces Mirage-2 spudded on 31 January, the first well of a proposed nine-well Cooper Basin program. It lists Impress 40% and Victoria 40% (operator), which differs from the 27.5% Impress and 40% Victoria split previously recorded, and Roma 20%.
31 Jan 2006drilling spud▲ GoodMajor
Victoria as operator spudded Mirage-2 in PEL 115 on 31 January, the first of three Mirage development wells. The aim is to lift output from the current 440 barrels a day to a target of 1,000 by mid-2006.
30 Jan 2006drilling progress report● Neutral
FAR relays that the Eagle North-1 sidetrack reached 11,285 feet (3,459 metres), with the crew changing bit. Its Schwing A-1 Louisiana well is at 10,984 feet and expected to reach total depth this week. Nothing new for Victoria.
30 Jan 2006drilling progress report● Neutral
Victoria reports the Eagle North-1 sidetrack drilled to 3,459 metres, and the crew is changing bit and assembly to drill on toward 4,145 metres. Total depth of 4,206 metres is now planned at 20 days from start. No oil result yet.
27 Jan 2006drilling progress report▼ Bad
Victoria reports the stuck drill pipe recovered except 20 metres, with a cement plug being set before sidetracking from about 3,500 metres. Drilling is expected to resume over the weekend. Planned time to total depth is now 17 days.
27 Jan 2006drilling progress report▼ Bad
Sun Resources reports Eagle North-1 still at 3,625 metres while a cement plug is set for the sidetrack. Target depth is now expected late the following week, with a further 24-hour pause for crop spraying. A further slip from earlier timing.
25 Jan 2006drilling progress report▼ Bad
Victoria confirms Eagle North-1 pipe stuck at 3,625 metres. It will leave pipe in the hole, set cement and sidetrack from about 3,500 metres, with drilling to resume in roughly 48 hours. The Managing Director calls the delay disappointing; the 20% near-free carry is unchanged.
25 Jan 2006drilling progress report▼ Bad
Sun Resources reports Eagle North-1 pipe stuck at 3,625 metres. The pipe is being backed off and a cement plug set to sidetrack around it. Drilling is expected to resume in about 48 hours, so the 25 January total depth timing slips.
24 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports Eagle North-1 drilling ahead at 3,540 metres on 24 January, toward a 4,145 metre target and 4,206 metre total depth. No oil result yet.
24 Jan 2006drilling progress report● Neutral
Partner FAR reports Eagle North-1 drilling ahead at 11,614 feet (3,540 metres) and Schwing A-1 in Louisiana at 9,935 feet during rig repairs. Repeats earlier figures; nothing new for Victoria Petroleum.
24 Jan 2006drilling progress report● Neutral
Sun Resources relays that Eagle North-1 was at 3,540 metres on 23 January, with target and total depth expected about 25 January. Restates the 13.5 to 34 million barrel Eagle range. No new result.
23 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports Eagle North-1 drilling ahead at 3,386 metres on 23 January, toward a 4,145 metre target. No new result.
23 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,386 metres on 22 January, finishing a wiper trip before drilling on. Total depth is now expected around 25 January. No oil result yet.