Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2009production update▼ Bad
Impress says heavy rains shut in Growler production temporarily; shipments have resumed. First production from Snatcher-1 and -2 is delayed from end-November to 14 December 2009 because of road closures. Growler pressure data suggests strong aquifer support.
2 Dec 2009drilling progress report● Neutral
Peebs-1 finished coring to 727.6 m in the Walloon Coal Measures, followed by logs and drill stem tests over four zones. The rig moves to Pinelands-4 next. No test results given.
1 Dec 2009drilling progress report▲ Good
Monitor reports Fury-1 at 1,838 m with good wet gas shows in Permian sands, over 70 units of total gas. Logging at 2,000 m will decide whether it is a discovery. Positive indications only, not a result.
30 Nov 2009drilling progress report● Neutral
Fury-1 is drilling ahead at 1,770 m toward the Permian Patchawarra target, with no new results beyond the earlier Murta oil shows. Total depth is 2,000 m, then logs and testing. Airacobra-1 follows.
24 Nov 2009drilling progress report● Neutral
Peebs-1 in ATP 574P is coring the Walloon Coal Measures at 577 m, toward a planned 677 m. An initial certified reserve is still targeted for end of 2Q 2010. Routine operator progress, no result yet.
23 Nov 2009drilling progress report▲ Good
Fury-1 has good oil shows in Murta sands over a 12 m gross interval (1,309–1,321 m), drilling ahead at 1,363 m toward Permian targets. Significance awaits logs and testing at 2,000 m. An encouraging sign, not yet a discovery.
23 Nov 2009drilling progress report▲ Good
Monitor Energy confirms good oil shows in Fury-1's Murta sands (1,309–1,321 m) and calls the results encouraging. Total depth of 2,000 m is expected in about five days. Repeats Victoria's report from the partner's side.
18 Nov 2009joint venture update▲ Good
Partner Impress says Snatcher-3 extended the field and is suspended for production. Snatcher-1 and -2 are due on stream end-November at a combined 800 bopd, trucked to Moomba. Estimated reserves are 240,000 bbl proved and 480,000 bbl proved plus probable per well. Part of the text is truncated.
17 Nov 2009drilling spud● Neutral
QGC began drilling Peebs-1 in ATP 574P, the first of three core holes, to 677 m. Up to 12 more wells are planned over 12 months, aiming for an initial certified reserve by end of 2Q 2010. Victoria holds 30%, with up to 450 PJ gas in place net.
17 Nov 2009drilling spud▲ GoodMajor
Fury-1 in PEL 115 spudded 15 November 2009, to 2,000 m, about 15 days. Lion Petroleum joins the Monitor farm-in, so Victoria's free-carried interest rises from 25% to 33% through Fury-1 and Airacobra-1. Victoria operates; Airacobra-1 follows. Subject to regulatory approval.
17 Nov 2009drilling spud● Neutral
Monitor Energy's version of the Fury-1 spud on 15 November, drilling at 42 m toward 2,000 m. Site preparation has begun at Airacobra-1 for a back-to-back well. Repeats Victoria's announcement from the partner's side.
11 Nov 2009asset acquisition disposition▲ GoodMajor
Victoria lifts its Western Margin oil interest (PEL 104/111, PRL 15) from 40% to 60% by acquiring Permian Oil from QGC, in exchange for a 3.75% Walloon interest in ATP 574P. It replaces the earlier Bow deal terms for the 3.75%. Needs JV consents, regulators and shareholder approval.
9 Nov 2009drilling result▲ GoodMajor
Snatcher-3 in PEL 111 is a third Snatcher oil discovery: logs and cores show a 20 m gross oil column (1,766.5–1,786.5 m) with 10 m net pay. It is cased and suspended for production, 787 m northwest of Snatcher-2. Field extent needs more drilling. Victoria holds 40%.
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.
30 Oct 2009quarterly activities report▲ Good
September quarter: cash $17.4m, no debt. Net oil production rose 14% to 42,416 bbl (461 bopd), net sales about $1.7m. Don Juan 2P tripled and Snatcher-3 spudded. Cuisinier-1 was targeted for production in November, and Fury-1 drilling was planned for mid November.
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.
28 Oct 2009agm notice● Neutral
AGM results: re-election of Denis Patten and Ben McKeown and adoption of the remuneration report all passed on a show of hands, with large proxy majorities in favour. Routine.
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%.
