Each one in plain English, with the numbers worked through for a shareholder.
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.
11 Sept 2008drilling progress report▲ Good
Impress reports Growler-3 at 1,837 m with a 19 m oil column, 13 m net pay and a 1,673 bopd test. It is being completed, with first production expected early October. The field currently makes about 200 bopd and the facility needs upgrading. Repeats known results.
10 Sept 2008annual report● Neutral
Annual financial report for the year to 30 June 2008. Text is truncated before the financial statements, so no results, figures or audit opinion can be reported. Shows the board, including Patten, Bajada and Short appointed 27 March 2008, and Hoops's resignation that day.
8 Sept 2008flow test result▲ GoodMajor
Growler-3 (Victoria operator, 40%) flowed 47-degree API oil at 1,673 bopd with no water, from a 19 m column and 13 m net pay. Compared with ~200 bopd field output, Growler-3 and 4 are targeted on stream in October 2008. Rig moves to Warhawk-1.
8 Sept 2008flow test result▲ Good
Impress reports Growler-3 flowed oil at 1,673 bopd on test, with 13 m net pay. The chairman says Growler results exceed expectations and will lead to a substantial reserves upgrade. Re-reporting of Victoria's operator announcement.
4 Sept 2008drilling progress report▲ Good
Impress reports Growler-3 entered the Birkhead reservoir at about 1,720 m, higher than predicted, with good oil shows. Logging is due within 24 hours. Growler-4 production is targeted for early October.
4 Sept 2008drilling result▲ Good
Victoria reports Growler-3 drilling at 1,727 m in the Birkhead reservoir with good oil shows and elevated gas. Logging will determine its quality. Same news as Impress's update.
3 Sept 2008drilling progress report● Neutral
Growler-3 was drilling ahead at 1,500 m, planned to 1,800 m, as the second well after the successful Growler-4. No new result.
2 Sept 2008investor presentation● Neutral
Corporate presentation at the Good Oil Conference. It repeats known facts: 21c share price, $67m market cap, $17.7m cash at 30 June, QGC 19.24%, and a 24-well drilling program. Text is truncated.
28 Aug 2008drilling progress report● Neutral
Impress reports Growler-3 at 453 m two days after spud. Growler-4 is suspended, with production targeted for early October, adding to the field's current ~200 bopd. Warhawk-1 follows Growler-3.
27 Aug 2008drilling spud● Neutral
Growler-3 started drilling on 26 August (Victoria operator, 40%), a flank test 600 m northwest of Growler-1, planned to 1,800 m. It follows the successful Growler-4.
