Each one in plain English, with the numbers worked through for a shareholder.
11 Nov 2008drilling spud● Neutral
Stormbird-1 (PEL 104, Victoria operator 40%) started drilling 10 November, planned to 2,280 m in 15 days. It targets the Birkhead with up to 1.1 mmbbl (P10) if oil is present. Fourth and last well in the current program; Growler about 930 bopd.
4 Nov 2008drilling result▼ BadMajor
Tigershark-1 logs, cores and formation testing show only minor, non-commercial oil shows at 1,715-1,718 m, so it will be plugged and abandoned. Live oil is seen as positive for migration. Rig moves to Stormbird-1 (up to 1.1 mmbbl P10).
31 Oct 2008admin correction▼ Bad
Victoria corrects the Tigershark-1 DST: a measurement error meant the true recovery was 6 barrels of mud with minor oil-cut mud, not 2 barrels of oil. This withdraws the earlier oil recovery. Well drilling ahead at 1,860 m.
30 Oct 2008drilling progress report● Neutral
Impress reports the Tigershark-1 drill stem test recovered 2 barrels of light oil and 35 barrels of drilling fluid. The well will drill on to total depth. Growler is over 1,000 bopd with Growler-4 on pump. Later corrected by Victoria.
30 Oct 2008well test result● Neutral
Victoria reports Tigershark-1 DST #1 recovered about 2 barrels of oil and 33 barrels of mud, light crude like Growler's. Significance awaits logs at 2,070 m. Growler at 1,029 bopd. Corrected the next day.
29 Oct 2008investor presentation● Neutral
Corporate presentation for the Mining 2008 convention, restating the Cooper Basin oil and Surat CSG focus. Cites cash about $17.5m with no debt, 320m shares, 18c share price, $58m market cap, and Sentient Group 15% alongside QGC 19.24%. No new results.
29 Oct 2008drilling progress report● Neutral
Victoria reports Tigershark-1 is preparing an open-hole drill stem test over 1,712-1,732 m to test Birkhead oil shows at 1,716-1,725 m. Growler produces a gross 969 bopd. No result yet.
29 Oct 2008drilling progress report● Neutral
Impress reports Tigershark-1 hit Birkhead at 1,716 m with elevated gas and poor-to-fair fluorescence over 10 m; a drill stem test is being run. Growler produces 980 bopd, heading to about 1,000 bopd. Rig then goes to Stormbird-1, then Growler-5.
27 Oct 2008asset acquisition disposition● NeutralMajor
Odin Energy finalised sale of its stake in Victoria for $9.8m. Its two directors resign from Victoria's board. Inference from the later quarterly report: the buyer was Sentient Group (15.52%). Ends the Odin shareholding noted earlier at about 18%.
27 Oct 2008director officer appointment● Neutral
Victoria announces resignations of directors Alex Bajada and Anthony Short, plus alternate Andrew Dimsey, effective 27 October. They had served about seven months. Follows Odin's sale of its Victoria stake the same day.
22 Oct 2008drilling spud● Neutral
Tigershark-1 (PEL 104, Victoria operator 40%) started drilling 21 October, planned to 2,070 m in 15 days. It targets the Birkhead with up to 4.7 mmbbl (P10 unrisked) if oil is present. Third well in the four-well program; Growler at 902 bopd.
16 Oct 2008drilling result▲ GoodMajor
Tigercat-1 logs and cores confirm a net 7 m of oil pay in the Birkhead over a gross 18.5 m (1,752-1,770.5 m). Production casing is being run to complete it as a future producer. Resolves the earlier pending logs; rig moves to Tigershark-1.
14 Oct 2008annual report▲ Good
Victoria's 2008 annual report: net oil production was 57,097 barrels (156 bopd), giving $6.3m gross oil revenue. Sale of US assets is under way to focus on Australia. QGC's extra $9.2m investment lifted it to 19.2%. Santos plans up to five more ATP 752P wells at no cost to Victoria.
13 Oct 2008asset acquisition disposition● NeutralMajor
Victoria accepted Adelaide Energy's A$3.3m offer for its US subsidiary, subject to final agreement and due diligence. Delivers the planned US exit to focus on Cooper Basin oil and Surat CSG, with proceeds for Australian exploration.
13 Oct 2008drilling progress report● Neutral
Tigercat-1 is at 1,782 m with good oil shows over a net 9 m in the Birkhead, 1,750-1,769 m. A drill stem test failed from a packer fault, so significance awaits logs at 2,100 m.
13 Oct 2008asset acquisition disposition● NeutralMajor
Adelaide Energy says its offer to buy Victoria Petroleum USA for A$3.3m has been accepted, subject to a sale agreement and due diligence. Effective 1 July 2008; assets include West Florence, Flour Bluff, Margarita, Vallecitos and Hal. Adelaide cites over A$1m a year net revenue.
9 Oct 2008drilling progress report● Neutral
Impress reports Tigercat-1 drilling at 1,398 m. Growler-4 flowed an estimated 240 bopd on cleanup; Growler field makes 800 bopd, targeting about 1,000 bopd by end October. Impress calls Warhawk-1 an oil discovery.
9 Oct 2008well test result▲ Good
Growler-4 flowed clean oil at 240 bopd on a cased-hole test from the 12 m Birkhead interval, still cleaning up. Field output is 800 bopd, aimed at about 1,000 bopd by end October. Lower than Growler-3's test rates.
6 Oct 2008drilling spud● Neutral
Tigercat-1 (PEL 104, Victoria operator 40%) started drilling 3 October, 8 km east of Growler, targeting the Birkhead with up to 1 mmbbl (P10) if oil is present. Planned depth is 2,100 m. Second well in the four-well program.
30 Sept 2008material agreement termination▼ BadMajor
Warhawk-1 is cased as a potential producer, with thin, less-developed Birkhead sands than Growler. The PEL 104 joint venture terminated the Odin Tempest Permian farm-in on 29 September, so Stormbird-1 replaces Fokker-1. Rig moves to Tigercat-1.
29 Sept 2008drilling result● Neutral
Warhawk-1 tests failed from equipment faults, but wireline sampling confirmed thin oil-bearing sandstones and it will be completed for future production. Impress says Growler now produces over 800 bopd, rising past 1,000 once Growler-1 and Growler-4 return.
25 Sept 2008drilling progress report● Neutral
Impress reports initial logs show Warhawk-1's Birkhead is oil bearing but not particularly well developed; secondary targets are water bearing. A straddle test is planned. Tigercat-1 (0.7 mmbbl P50 if present) will now precede Tigershark-1.
23 Sept 2008drilling progress report● Neutral
Victoria reports oil shows over 9 m in the Warhawk-1 Birkhead, 1,729-1,748 m, with the well at 1,880 m. Significance awaits logs and a planned test at 2,030 m. Same news as the Impress update.
23 Sept 2008drilling progress report● Neutral
Impress reports Warhawk-1 at 1,912 m with good oil shows and elevated gas in the Birkhead from 1,729-1,748 m. Wireline logs and possible testing will decide their significance at total depth.
22 Sept 2008well test result▲ Good
Growler-3 flowed 2,040 bopd to tanks on a cased-hole production test, the 19 m Birkhead zone now tied in. Management says it will not produce at that rate, and still expects Growler-4 on stream in October and 1,000 bopd field output by end 2008.
22 Sept 2008production update▲ GoodMajor
Impress says Growler-3 began producing 20 September, flowing naturally at 1,125 bopd on a restricted choke, earlier than Growler-1's 120 bopd shut-in tie-in. Growler-4 awaits a workover rig, with about 500 bopd expected. Production beats the earlier 750 bopd gross end-December projection.
18 Sept 2008drilling progress report● Neutral
Impress reports Warhawk-1 at 648 m, running surface casing. Well targets the Birkhead reservoir that produces at Growler; Tigershark-1 is listed next. Routine progress with no result.
17 Sept 2008drilling spud● Neutral
Warhawk-1 (PEL 111, Victoria operator 40%) started drilling 16 September, targeting up to 1.48 mmbbl recoverable if oil is present. Planned depth is 2,030 m. First of four exploration wells with Century Rig 3, following the Growler development wells.
15 Sept 2008production update▲ Good
Growler-3 is completed as a producer and the rig is released to Warhawk-1. Both Growler wells are expected on stream in October after approvals. Management says its 1,000 bopd gross target by end 2008 is now quite achievable, up from about 200 bopd.
15 Sept 2008flow test result▲ GoodMajor
Cuisinier-1 (ATP 752P, Santos operator) recovered 104.5 barrels of oil over 29 hours from the Murta Sandstone, 1,622-1,634 m, and will become a beam pump producer. Victoria's first Queensland Cooper oil producer; it retains 15% and is carried on up to five more wells.
