Each one in plain English, with the numbers worked through for a shareholder.
6 Apr 2009investor presentation● Neutral
Corporate presentation for an April 2009 conference repeats known facts: about $20m cash, no debt, $6m a year net oil cash flow at US$45/bbl, and Don Juan's 192 PJ 3P. It shows 368m shares and a 41c share price. No new information.
27 Mar 2009drilling scheduled● Neutral
Impress says the PEL 111 joint venture will accelerate drilling of Snatcher-1, an exploration well near Santos' Charo field, in late May or June 2009, ahead of earlier plans to wait for 3D seismic interpretation. It partly meets the year-five three-well commitment.
27 Mar 2009drilling scheduled▲ GoodMajor
As operator with 40%, Victoria said the PEL 111 joint venture would drill Snatcher-1 in late May or early June 2009. The well will test whether oil is stratigraphically trapped in Birkhead channel sands 10 km from Growler, and partly satisfies the year-five three-well commitment.
26 Mar 2009joint venture update▲ Good
Victoria repeats Bow's news that 2P permeability testing has started on three Don Juan wells, finishing by end April with MHA's report expected June 2009. It adds that QGC/BG certification drilling at its ATP 574P/PL 171 permits is planned mid-year.
26 Mar 2009joint venture update▲ Good
Operator Bow began permeability testing of three Don Juan core wells (Carnarvon-2, -3, -4) to move toward 2P certification, with testing due by end April and MHA's report expected June 2009. Continues the 2P path after March's 192 PJ 3P certification (Victoria 45%).
23 Mar 2009production update● Neutral
Growler facility upgrade to process up to 2,000 barrels of fluid per day should finish early June 2009. Five wells are currently held to 900-1,000 bopd by facility limits. Victoria says it is on track for $6m a year of net oil revenue.
11 Mar 2009half year report▼ Bad
Half-year to 31 December 2008 shows a net loss of $7.2m versus $1.6m a year earlier. Focus remains on Cooper Basin oil and Queensland CSG, with the US interests being divested. Ben McKeown is listed as a director.
4 Mar 2009resource reserve update▲ GoodMajor
MHA independently certified Don Juan (Victoria 45%) gross 3P recoverable reserves of 192 PJ, 86 PJ net to Victoria, its first certified reserve. Testing to certify 2P reserves starts Q2 2009, with 2P targeted early in the second half. This resolves the awaited certification.
4 Mar 2009resource reserve update▲ Good
Bow announces MHA certified Don Juan gross 3P reserves at 192 PJ, on 255 PJ gas in place. Bow plans testing from Q2 2009, targeting 2P certification in early second half 2009. Later Victoria release gives its net share.
17 Feb 2009drilling result▲ Good
Victoria repeats Bow's Hobson-1 result: 432 m total depth, 22.34 m of net coal, gassy below 300 m. ATP 794P (Victoria 35%) covers about 53% of the 80 km Canaway Ridge structure. Appraisal to certify reserves is planned over the next 12 months.
17 Feb 2009drilling result▲ Good
Bow reports Hobson-1 reached 432 m with 22.34 m of net coal, gas desorbing from all sampled coals below 300 m. Appraisal to certify reserves is planned over 12 months. Victoria holds 35% of ATP 794P.
9 Feb 2009drilling spud● Neutral
Hobson-1, a coal seam gas test well in ATP 794P (Victoria 35%, Bow operator 65%), started drilling and is at 246 m. It is the second well in Bow's Canaway Ridge CSG project in south-west Queensland, a new area for Victoria.
20 Jan 2009flow test result● Neutral
Impress reported Growler-5 flowed 64 barrels of clean oil in two hours, equating to 1,536 bopd. This figure was later corrected as wrong.
20 Jan 2009flow test result▲ Good
Growler-5 was completed and, after being swabbed in, flowed clean oil at 960 bopd on a 16/64 inch choke over a four-hour period. It will be tied into the Growler Oil Field central production facility.
20 Jan 2009admin correction● Neutral
Impress corrects its earlier release: the Growler-5 flow rate is 960 bopd, not 1,536 bopd, matching Victoria's figure. It still calls the result excellent.
24 Dec 2008asset acquisition disposition▼ BadMajor
The sale of Victoria Petroleum USA to Adelaide Energy for A$3.3m has been terminated by mutual agreement because the sale conditions could not be met in time. Victoria is negotiating with other bidders and expects an offer in the first quarter of 2009.
17 Dec 2008director officer appointment● Neutral
Ben McKeown, a partner at Sentient Group, joins the board as a non-executive director. Sentient holds 49,684,394 shares (13.49%), giving the large holder board representation after the October resignations of the Odin nominees.
15 Dec 2008drilling result▲ GoodMajor
Growler-5 reached 1,822 m; logs and side wall cores confirm an oil zone in the Birkhead (1,732-1,749 m), similar to the productive Growler-3. Production casing is set, with testing in January 2009. Growler is now about 950 bopd, up from 200 bopd at the start of 2008.
11 Dec 2008drilling progress report▲ Good
Growler-5 at 1,780 m reports good oil shows over a 24 m gross interval (1,725-1,749 m) in the Birkhead Sandstone. Logs and a drill stem test at 1,800 m will assess significance.
8 Dec 2008drilling progress report● Neutral
Growler-5 was drilling ahead at 1,297 m toward a planned 1,800 m total depth. No results yet. Growler field is producing about 930 bopd gross.
3 Dec 2008capital raising announcement● NeutralMajor
Victoria placed 48 million shares at 14 cents to raise $6.72m before costs, via ABN-AMRO Morgans. Funds go to accelerated Surat Basin CSG work, Cooper Basin oil development and working capital. The price is below the 18c quoted in late October.
What it means for a shareholder
48.0m new shares at A$0.140 to raise about A$6.7m. 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.
2 Dec 2008security holder rights change● Neutral
6,717,000 unlisted options exercisable at 28 cents expired on 30 November 2008. Administrative notice with no cash or operational effect stated.
1 Dec 2008drilling spud● Neutral
Growler-5, a development well targeting the eastern extension of the Birkhead sands, started drilling 29 November with Century Rig 3. Planned depth is 1,800 m in 12 days. Growler is producing about 930 bopd gross; Victoria operates with 40%.
28 Nov 2008resource reserve update▲ Good
Operator Bow reports Don Juan (Victoria 45%) has seven core holes and four pilots drilled, with a 225 sq km focus area of 2.5-4.8 m3/tonne gas, like adjacent Lacerta. Third-party reserves certification and extended testing planned early 2009. Largely repeats the 27 November release.
27 Nov 2008resource reserve update▲ GoodMajor
Bow, operator with 55%, says Don Juan gas content data (Victoria 45%) identifies a 225 sq km focus area with 2.5-4.8 m3/tonne, like adjacent Lacerta, and up to 200 PJ gas in place. Reserves certification and extended testing planned early 2009. Follows the earlier awaited desorption results.
24 Nov 2008drilling result▼ BadMajor
Stormbird-1 reached 2,176 m with the Birkhead sands water bearing. Basement quartzite recovered 1.5 litres of 43 API oil, a first for PEL 104, but it was judged non-commercial and the well was to be plugged. This was the last of the four 2008 exploration wells, and the rig moved to Growler-5.
19 Nov 2008drilling progress report● Neutral
Stormbird-1 at 1,876 m reports oil shows over 2 m (1,810-1,812 m) in the Birkhead; significance awaits logs and formation testing at total depth.
18 Nov 2008drilling progress report● Neutral
Stormbird-1 is drilling at 1,774 m towards the Birkhead target. Up to 1.1 mmbbl (P10) if oil is present. Growler about 930 bopd. No results yet.
14 Nov 2008production update▲ Good
Impress releases operator volume charts: Mirage, Ventura and Growler deliveries passed 20,000 barrels in October 2008 after Growler-3 and -4. Higher output is expected to continue into 2009, with Tigercat-1 and hopefully Growler-5 adding.
13 Nov 2008drilling progress report● Neutral
Impress reports Stormbird-1 at 665 m, running surface casing, three days after spud. Target remains the Birkhead, up to 1.1 mmbbl (P10), TD 2,280 m. No results yet.
