Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2009annual report▲ Good
2009 Annual Report. The chairman says oil net revenues more than doubled and six exploration wells were 67% successful. Growler and Snatcher together are close to 4 mmbbl gross recoverable P10, 1.6 mmbbl net. Capitalised value $144m at 30 June.
14 Sept 2009well test result● Neutral
Tigercat-1 short test swabbed oil at 150 bopd from the Birkhead Formation. An extended production test is planned for late 2009, subject to approvals. Modest result for the earlier discovery.
11 Sept 2009farm in farm out agreement▲ Good
Monitor Energy's release of the same PEL 115 farm-in: up to 75% by funding two wells, first well estimated at A$2.0m. Victoria remains operator. Monitor also has a capital raising underwritten by Patersons. Repeats Victoria's announcement.
11 Sept 2009farm in farm out agreement▲ GoodMajor
Heads of Agreement: Monitor Energy pays 100% of Fury-1 in PEL 115 to earn 75% of the Fury Prospect and the right to 37.5% of the licence, rising to 75% with a second well. Drilling planned mid-October 2009. Advances the PEL 115 farm-in thread.
10 Sept 2009other▲ Good
Victoria won the Good Oil Conference 2009 Explorer Award, cited for its Cooper Basin western margin successes and Queensland CSG discoveries. Recognition only; no financial effect.
7 Sept 2009annual report● Neutral
Annual financial report for the year to 30 June 2009, with directors, Ernst & Young as auditor, and financial statements. Text provided is mostly director biographies and does not show figures.
2 Sept 2009investor presentation● Neutral
Good Oil Conference presentation repeating the August deck: cash about $18.4m, no debt, 560+ PJ net CSG potential, FY2010 oil revenue about $12m. Nothing new.
1 Sept 2009flow test result▲ Good
Snatcher-2 flowed clean 48 degree API oil at 207 bopd on a short test, similar to Snatcher-1's 218 bopd. The rig now moves to test Tigercat-1. Confirms the discovery as a modest producer.
17 Aug 2009drilling result▲ GoodMajor
Snatcher-2 is a second oil discovery in the Snatcher channel: logs indicate 13 m net oil pay in the Birkhead Sandstone. Cased for production at 1,822 m; flow test planned mid-October 2009. Victoria holds 40%.
17 Aug 2009investor presentation● Neutral
Corporate presentation at the SA Future Energy Conference repeating known facts: cash about $18.4m, no debt, 368m shares, FY2010 oil revenue about $12m at US$65/bbl, and 560+ PJ net CSG potential. Nothing new.
12 Aug 2009drilling result▲ Good
Core from Snatcher-2 showed good oil shows over 15 m (18.8 m gross from 1,765 m). Significance awaits logs. Planned total depth cut to 1,900 m.
11 Aug 2009drilling progress report▲ Good
Snatcher-2 saw oil shows at 1,765-1,768.8 m in the target Birkhead Sandstone and was pulling out of the hole to cut a core. Early positive sign; not yet evaluated.
10 Aug 2009drilling progress report● Neutral
Snatcher-2 was drilling ahead at 1,659 m toward the Birkhead Sandstone target, planned to 2,000 m. Victoria operates with 40%. No result yet.
6 Aug 2009drilling result▲ Good
Victoria relays Origin's result: Jingemia-12 reached 2,709.5 m, found about 15 m of hydrocarbon column in the Dongara Sandstone and is cased for production. Victoria holds 5%. Repeats the operator's release.
6 Aug 2009drilling result▲ Good
Origin, operator, reports Jingemia-12 drilled to 2,709.5 m and found about 15 m of hydrocarbon column in the Dongara Sandstone. It is cased and being prepared as a producer. Victoria holds 5%. Resolves the open Jingemia-12 thread.
6 Aug 2009drilling result● Neutral
Norwest's re-release of Origin's Jingemia-12 result: 15 m hydrocarbon column in the Dongara Sandstone, cased, being prepared for completion. Victoria holds 5%. Nothing new.
6 Aug 2009drilling result● Neutral
AWE's cover note forwarding Origin's Jingemia-12 result (15 m hydrocarbon column, cased, 2,709.5 m). Re-release; nothing new.
3 Aug 2009drilling spud● Neutral
Snatcher-2 spudded at 2300 hours on 2 August 2009, 899 m from the Snatcher-1 discovery, drilling surface hole at 35 m. Planned to 2,000 m in 14 days, targeting the same sand that flowed 218 bopd.
31 July 2009quarterly activities report▲ Good
June quarter: cash $18.4m (from about $20m), no debt, net production 37,062 bbl (407 bopd), net oil sales $1.7m. Growler upgrade done, Snatcher-1 discovery flowed 218 bopd, Don Juan 34 PJ 2P. FY2010 net oil revenue estimated at $11m; up to 24 wells planned in 2009.
31 July 2009drilling progress report● Neutral
Victoria relays Origin's report that Jingemia-12 hit the Dongara Sandstone at 2,554.5 m and had reached 2,608 m. Victoria holds 5%. Repeats earlier releases.
30 July 2009drilling progress report● Neutral
Norwest's re-release of Origin's Jingemia-12 update: Dongara Sandstone intersected at 2,554.5 m, well at 2,608 m. Nothing new.
30 July 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's Jingemia-12 update: target sandstone intersected at 2,554.5 m. Re-release; nothing new.
30 July 2009drilling progress report● Neutral
Origin reports Jingemia-12 reached the Dongara Sandstone target at 2,554.5 m, close to the 2,550 m expected, and was at 2,608 m. Victoria holds 5%; no test results yet.
27 July 2009flow test result▲ GoodMajor
Snatcher-1 flowed clean 48 degree API oil at 218 bopd on a 12/64 inch choke in a short test, which continues another week. Snatcher-2 is expected to spud in about a week. A modest rate that adds to Growler output.
23 July 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's Jingemia-12 update (drilling at 675 m, Victoria 5%). Re-release; nothing new.
23 July 2009drilling progress report● Neutral
Origin's operator update repeats the Jingemia-12 spud (18 July) and reports surface casing set at 533 m, drilling at 675 m. Victoria is listed with 5%. No new result.
23 July 2009drilling progress report● Neutral
Norwest's re-release of Origin's Jingemia-12 update: surface casing set, drilling at 675 m. Victoria holds 5%. Nothing new.
21 July 2009drilling progress report▲ Good
QGC has begun coring at Lawton-3 and -4 in PL 171, the first wells of up to 11 planned over 12 months to establish 2P and 3P reserves. Victoria holds 20%. This starts the CSG drilling flagged as due mid-year.
20 July 2009drilling spud● Neutral
Origin, operator, began drilling the Jingemia-12 development well on 18 July 2009, planned to 2,709 m in about 25 days. Victoria holds 5% in the field. Small interest in an existing producing field.
7 July 2009production update▲ Good
Construction of the Growler facility upgrade to 2,000 barrels of fluid per day is complete, and rate testing is under way. This continues the early-June upgrade; no new production rate is given yet.
