12 May 2008drilling spud● Neutral
Origin's release on Freshwater Point 1, Perth Basin, spudded 11 May, with 12¼-inch hole to 414 m. Planned depth is 1,761 m in about 10 days. Victoria holds 5%. Re-release of the operator's announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 May 2008drilling spud● Neutral
Freshwater Point 1 (EP 413, Victoria 5%) spudded on 11 May, targeting the High Cliff Sandstone. Victoria puts the mean prospect at 9 bcf gas or 6.1 million barrels of oil, with P10 of 19 bcf or 13 million barrels. It is a risky exploration well.
12 May 2008drilling spud● Neutral
ARC Energy re-releases Origin's announcement that Freshwater Point 1 spudded on 11 May (Victoria 5%). It carries no new information.
9 May 2008drilling result▼ Bad
Victoria relays Bow's Donga-4 result in ATP 805P (Victoria 15%): the swab recovered 27.5 barrels, mostly completion fluid with no hydrocarbons. The well is suspended, and stimulation may be considered later. Duplicate of the Bow release.
9 May 2008drilling result▼ Bad
Bow's Donga-4 swab test in ATP 805P recovered 27.5 barrels of mostly completion fluid and no hydrocarbons. The well is suspended. The reservoir appears tight or compartmentalised and unlikely to flow commercially without stimulation. Victoria holds 15%.
6 May 2008drilling result▲ GoodMajor
Cuisinier-1 is an oil discovery: 6 m net pay in the Murta Formation, cased as a producer. Production is expected early Q3 2008 via Santos infrastructure. It is Victoria's first Queensland Cooper oil producer, and Hudson-1 is due in June.
29 Apr 2008investor presentation● Neutral
Corporate presentation for the 1 May SA Resources & Energy conference, with oil price context and Cooper Basin oil and Surat Basin CSG focus. It repeats known facts; no new results are visible in the supplied text.
23 Apr 2008drilling spud● Neutral
Cuisinier-1 began drilling on 21 April, the first well of Santos's 7-well ATP 752P program, where Victoria is fully carried and keeps 15%. Planned depth is 2,513 m in 15 days, testing up to 2.1 million barrels unrisked.
18 Apr 2008production update● Neutral
Victoria, as operator, reports Growler making 200-210 bopd, over 5,500 barrels produced since 13 March. It states the test will run 180 days (Impress said 150 on 18 April), with initial analysis after 100 days. Growler-3 and Tigershark-1, Tigercat-1 and Meteor-1 are planned.
18 Apr 2008production update▼ BadMajor
Impress says Growler is making only 200-210 bopd, 5,500 barrels so far, below the 300 bopd target. The test may stretch to 150 days, and confirmation of productivity slips from Q1 to Q3 2008. Growler-3 and three exploration wells are planned.
7 Apr 2008production update▲ Good
Victoria, as operator, reports Growler averaging 223 bopd, with the extended test expected to last about 100 days. The Growler-1 pump needed remedial work completed 4 April. Output is to be raised toward 300 bopd; 750 bopd is targeted by end 2008.
4 Apr 2008drilling progress report● Neutral
Don Juan CSG weekly: Orallo North-3 reached 320 m and will be cased as a production well. Orallo South-1 is being partly re-drilled as a core well, with casing at 282 m and a target of 535 m. The 200 PJ 2P goal by end 2008 is unchanged.
4 Apr 2008production update● Neutral
Impress says Growler is averaging 160 bopd, with over 2,500 barrels produced since 13 March. The Growler-1 pump anchor had unseated and was fixed on 4 April. The extended test should run about 100 days.
3 Apr 2008asset acquisition disposition▲ Good
Victoria confirms it will lift its PEL 88 interest (Cooper Basin) from 10% to 50% and become operator, sharing it equally with Enterprise Energy, subject to permit renewal and ministerial approval. The block adjoins Santos's ATP 752P Barta block, where Victoria has a free-carried 15%.
1 Apr 2008farm in farm out agreement▲ GoodMajor
Enterprise Energy announces that Victoria's subsidiary and Enterprise's will take over PEL 88 interests from Cooper, Sundance and Liberty on renewal, ending at 50% each. Victoria (currently 10%) would operate. Subject to ministerial renewal and approval.
28 Mar 2008other● Neutral
Odin says its nominees Bajada and Short joined Victoria's board after the 27 March meeting. Odin claims about 18% of Victoria and plans to pursue Cooper Basin consolidation, with targets already identified. Its stake is up from 11.49% earlier in March.
27 Mar 2008director officer appointment▲ GoodMajor
The board fight ends in a negotiated settlement after talks with QGC and Odin. Denis Patten (ex-QGC founding director) becomes chairman, with Odin's Bajada and Short joining; Hoops steps down. Pett, Wrixon and Kopcheff stay, resolving the spill threat.
27 Mar 2008production update▲ Good
Victoria, as operator, confirms the first Growler oil sale: 447 barrels trucked to Moomba on 22 March, with output up from 90 to 155 bopd after pumps started. Still targets 300 bopd; flooding is unlikely to affect operations.
26 Mar 2008production update▲ Good
Impress reports the first 447 barrels of Growler oil delivered to Moomba on 22 March. Pumps started 23 March, lifting output from 90 to 155 bopd, against a 300 bopd target. Flooding is now unlikely to affect operations.
26 Mar 2008director officer appointment● Neutral
Neil Fearis is appointed alternate director to Managing Director John Kopcheff from 26 March 2008, the day before the contested shareholder meetings. No other detail is given.
17 Mar 2008production update▲ GoodMajor
Victoria, as operator, announces first oil production from Growler, PEL 104's first oil. Both wells flowed at 100 bopd from 12 March, with pumps expected to lift output to 300 bopd. Oil is trucked to Moomba. This delivers the long-awaited start of production.
17 Mar 2008drilling progress report▼ Bad
Don Juan North-2 oil twin (Victoria 24%) reached 360 m with only residual oil shows; live oil appears to have leaked away and it was suspended as a water well. Orallo South-1 cored to 195 m amid mechanical delays.
14 Mar 2008asset acquisition disposition● Neutral
Bow buys Roma CBM, which is earning 10% of Don Juan CSG, lifting Bow from 45% to 55% for 3.25m Bow shares. Victoria stays at 45%, so its share of Bow's operated project is unchanged; target remains 200 PJ by end 2008.
14 Mar 2008production update▲ Good
Impress reports both Growler wells opened to natural flow on 12 March at a combined 100 bopd, with pumps due to lift output to 300 bopd. This starts the extended production test; the flood is now doubtful to reach the field.
13 Mar 2008half year report▼ Bad
Half-year to 31 Dec 2007 shows a net loss of $1,586,735 (prior year $971,672). Directors' report restates the focus on Cooper Basin oil and Queensland CSG, with a planned orderly sale of US interests, and lists the share issues made since July 2007.
13 Mar 2008other▲ GoodMajor
Queensland Gas Company (QGC) discloses a 7.13% stake (19,853,134 shares) in Victoria. QGC already operates ATP 574P (QGC 60%, Victoria 30%); a 5-well development program there is planned from mid 2008, subject to JV approval, targeting 50 bcf certification.
11 Mar 2008drilling progress report● Neutral
Bow's weekly report: Orallo South-1 (Don Juan CSG, Victoria 45%) spudded 6 March as a core well. Don Juan North-2 oil twin (Victoria 24%) reached the oil zone top at 324 m. Target remains 200 PJ 2P by end 2008.
6 Mar 2008other● Neutral
Odin Energy reports buying another 5,506,723 Victoria shares, taking its total to 31,878,771 shares, or 11.49% of shares on issue. This builds on its earlier roughly 10% stake as the board fight continues.
6 Mar 2008agm notice▼ BadMajor
Victoria's company secretary tells shareholders that Kopcheff will not remain a director if Odin's nominees Short and Bajada are elected, contradicting Odin's claim they would work with him. Shareholder meetings are on 27 March 2008.
6 Mar 2008other● NeutralMajor
Odin raises its offer to holders under 10,000 shares to 17c, from 15c, open to 4 April 2008, and will top up earlier acceptors by 2c. It says it holds about 32.1 million shares, 11.5%, and asks for proxies for the 27 March meeting.