6 July 2009drilling progress report▲ Good
Snatcher-1 was cased as a producer with 7-inch casing at 1,869 m, and sampling recovered moveable 48 degree API oil. The rig is moving to the Snatcher-2 site, 899 m to the northwest.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2009drilling result▲ GoodMajor
Snatcher-1 is an oil discovery: logs show a 14 m gross oil column (1,772-1,786 m), mostly net pay, at 1,880 m total depth. It will be completed as a producer, tested mid July, and the rig moves straight to Snatcher-2. First Western Margin test succeeds.
29 June 2009drilling progress report● Neutral
Snatcher-1 shows continued to 1,787 m, but two drill stem tests over the upper interval failed through mechanical faults. Target depth is raised to 1,900 m; significance awaits logs and further testing.
29 June 2009director officer appointment● Neutral
Non-executive director Bernard Wrixon, on the board since 2000, has resigned for personal reasons. No replacement is mentioned.
26 June 2009drilling progress report▲ Good
Snatcher-1 saw fair to good oil shows at 1,772-1,781.4 m, and the well is being prepared for an open-hole drill stem test. The significance of the shows is yet to be evaluated.
25 June 2009resource reserve update● NeutralMajor
First Don Juan 2P reserves certified: 34.2 PJ gross, all in Juandah coals, against 192 PJ 3P. Carnarvon-5 (early July) is expected to lift 2P to about 100 PJ; Taroom has none yet. Net 2P to Victoria is 19 PJ in the table (45% interest).
22 June 2009drilling progress report● Neutral
Snatcher-1 was drilling ahead at 1,224 m with no new result. Growler is reported producing 950 bopd, up from 868 bopd a week or so earlier.
15 June 2009drilling spud● NeutralMajor
Snatcher-1 spudded at 2000 hours on 14 June 2009, drilling surface hole at 42 m. It is the first well of the Western Margin Oil Project drilling, planned to 1,871 m in 15 days (Victoria 40% operator).
12 June 2009drilling scheduled● Neutral
Rig is being assembled at Snatcher-1 in PEL 111, with drilling expected to start 14 June 2009. The well tests whether oil is trapped in Birkhead channel sands near Santos' Charo field; it is planned to reach 1,871 m in 15 days and partly meets the year-five commitment.
9 June 2009investor presentation● Neutral
Corporate presentation to a Brisbane investors club repeats known facts: about $20m cash at 31 March, no debt, $6m a year oil revenue, 368m shares and a 40c share price. It notes exercise of the January 2010 options would add $15m. Nothing new.
29 May 2009asset acquisition disposition● NeutralMajor
Victoria agrees to sell all its onshore Carnarvon Basin WA interests (EP 325, 359, 433, 434, 406) to Empire, subject to WA government approval. It frames this as focusing on Surat CSG and Cooper Basin oil, with Snatcher-1 due to spud mid June.
29 May 2009asset acquisition disposition● NeutralMajor
Empire Oil & Gas, through Rough Range Oil, says it is buying Victoria's Carnarvon Basin permits: EP 359 (63.30%, including the Bee-Eater prospect), EP 325 (36.1%, Rivoli gasfield), EP 433, EP 434 and EP 406. Price is not stated in the text.
29 Apr 2009quarterly activities report● Neutral
March quarter: about $20m cash, no debt, net production 35,781 barrels (398 bopd) and net oil sales about $1.1m. Don Juan 2P targeted by mid 2009, Snatcher-1 drilling in Q2, Growler upgrade mid 2009, and up to 30 wells planned for 2009.
20 Apr 2009capital raising announcement● Neutral
Administrative notice: 37,900 shares issued on exercise of listed options at 25 cents each, a trivial amount of about $9,500. Shares on issue rise to 368,218,564.
17 Apr 2009production update▲ Good
Impress says Growler passed 200,000 barrels produced, with three wells making about 920 bopd, held back by facilities. Upgrade due early June; Growler-1 and -2 then return, lifting output initially to about 1,500 bopd. Snatcher-1 is expected to spud mid May.
16 Apr 2009joint venture update▲ Good
Victoria reports that Don Juan 2P testing showed high coal permeability, so the joint venture is doubling the program from three to six wells to expand the area that can move from 3P to 2P. MHA's verification of the first three wells is due within a month.
16 Apr 2009joint venture update▲ Good
Bow (Don Juan operator) reports the first three-well test showed high coal permeability and is doubling the program to six wells to convert more 3P to 2P. It also accelerates its own Bowen Basin blocks, which Victoria doesn't hold.
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.
29 Jan 2009quarterly activities report● Neutral
December quarter: cash $20.5m, no debt, 2009 net oil revenue estimated at $6m at current low oil prices (down from $11m expected earlier). Net production 34,508 barrels; Don Juan initial 196 bcf 3P; up to 30 wells planned in 2009; 268 sq km 3D seismic from March.