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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
13 Nov 2008agm notice● Neutral
Results of the 12 November AGM: Pett and Patten re-elected, remuneration report adopted, share allotment ratified, and Peak Resource Management royalty approved. Re-election resolutions for departed directors Bajada and Short were withdrawn.
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 2008quarterly activities report▲ Good
September quarter: cash $17.5m, no debt; net oil sales $1.46m on gross $2.14m. Growler produced 969 bopd, up 339% since June. Warhawk-1 and Tigercat-1 cased as producers. Sentient holds 15.52% (bought from Odin). US sale for $3.3m accepted. Up to 36 wells planned.
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.