Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2008production update▲ Good
Victoria, as operator, confirms the Growler road opened 28 Feb and Growler-2 flowed 70 bbl/day to storage on 4 March during facility testing. It aims to start the extended test in mid March. Flooding now unlikely before April and may not reach the field.
5 Mar 2008production update▲ GoodMajor
Impress reports the Growler road opened 28 Feb and Growler-2 flowed 70 bbl/day to storage on 4 March, marking the start of the extended test. Flooding may not reach the area until April, and may not affect it. Pumps still need a workover rig.
4 Mar 2008other● Neutral
Odin Energy announces investor briefings in four cities from 5-12 March and circulates its presentation. It proposes replacing Pett, Wrixon and Hoops with Alex Bajada and Anthony Short, keeping Kopcheff, and reviewing assets for sale. It says it holds about 10.5%.
29 Feb 2008drilling spud● Neutral
Taringa South-2, the second of six Don Juan CSG core wells (Victoria 45%, Bow operator), has started drilling after Orallo North-2 reached 347 m and was suspended. Targets 200 PJ 2P by end 2008, certified by MHA. Core results will feed certification.
28 Feb 2008production update● Neutral
Impress's Growler update says the road is expected to open 28 Feb, with culverts within two weeks. Facility connections continue, and the flood peak is still expected in about five weeks. Restates the 300 bopd test; nothing new.
28 Feb 2008production update● Neutral
Victoria's Growler update as operator: road expected open 28 Feb, facility pipework continuing, flood peak now put at about four weeks away. Restates the 300 bopd test and 7.7 mmbbl oil in place; Warhawk-1 drilling mid 2008. No new result.
26 Feb 2008drilling result● Neutral
Victoria repeats that Paradise Downs-2 (PL 171, Victoria 20%) finished coring at 504 m with seven cores taken for gas testing, and Netherland, Sewell is engaged on certification. Up to 23 further 2008 CSG wells are cited. No gas results yet.
25 Feb 2008drilling result● Neutral
Roma reports Paradise Downs-2 (PL 171, Victoria 20%) reached 504 m, was logged and plugged, with seven coal cores taken for gas testing. Netherland, Sewell engaged to advise on resource certification. No gas content results yet.
22 Feb 2008asset acquisition disposition▲ GoodMajor
After the US operator's withdrawal, Victoria's West Florence interest rises to 41.67% in 12,000 acres and up to 29.17% in 13,000 acres, and it becomes operator. This is at little cost, and it plans to sell its US assets; buyers have expressed interest. A further well is planned for mid 2008.
22 Feb 2008asset acquisition disposition● Neutral
Adelaide Energy says the US operator and another minor participant withdrew from West Florence, Colorado, lifting its interest from 15% to 25% in 12,000 acres, and Victoria has taken over as operator. West Florence-1 is now making 5-10 bopd, down from 10-15 bopd.
19 Feb 2008production update● Neutral
Victoria, as Growler operator, reports the road due open 27 Feb and facility work resumed 12 Feb. It says flood preparations are in place and restates the 300 bopd test, 750 bopd development aim and Warhawk tie-in. No new result.
19 Feb 2008production update● Neutral
Impress's Growler update (PEL 104, Victoria operator 40%): road due open 27 Feb, facility work resumed 12 Feb. Flood peak still expected in about five weeks, possibly inundating the facility. Restates 300 bopd test rate and 7.7 mmbbl oil in place; repeats prior updates.
19 Feb 2008drilling result● Neutral
Roma reports Paradise Downs-2 reached 276 m and three coal cores were taken between 118 m and 137 m for gas-content testing. No gas results are given.
18 Feb 2008drilling progress report● Neutral
Paradise Downs-2, the second PL 171 core well (Victoria 20%), is coring ahead at 168 m toward a planned 400 m. Victoria now cites up to 22 further 2008 CSG wells, and Cooper oil drilling slipping to late March or early April.
14 Feb 2008other● Neutral
Victoria's board advises shareholders to take no action on Odin's 15c small-holder offer without consulting a professional adviser. This is the board's first response to Odin's bid.
12 Feb 2008drilling result● Neutral
Roma reports Paradise Downs-1 reached 492 m with eleven coal cores taken for gas-content testing. The hole will be plugged after logging, and the rig moves to Paradise Downs-2. No gas results yet.
12 Feb 2008production update▼ Bad
Victoria's Growler update: road works slowed by rain, no facility work last week due to access limits, and a flood peak may cut access and inundate the facility. Extended test expected at 300 bopd gross, with development toward 750 bopd if successful.
12 Feb 2008other● NeutralMajor
Odin Energy says it holds about 10% of Victoria, making it the largest shareholder, and offers 15c a share to holders under 10,000 shares, open to 12 March 2008. It wants to replace the non-executive directors and refocus on the Cooper Basin.
12 Feb 2008drilling result● Neutral
Paradise Downs-1 in PL 171 (Victoria 20%) finished coring at 492 m with eleven coal cores for gas testing. The rig moves to Paradise Downs-2. No gas content results are reported.
12 Feb 2008production update● Neutral
Impress's Growler update repeats the road delays and facility stoppage from rain and flooding. It restates 300 bopd initial test rate and 7.7 mmbbl oil in place. Impress chairman is Eddie Smith, the shareholder seeking to remove Victoria's board (inference: same person).
8 Feb 2008capital raising announcement● Neutral
The Share Purchase Plan's second and final allotment issued 1,015,371 shares at 13c, about $132,000. Issued shares now total 278,383,275. This completes the SPP that closed 31 January 2008.
What it means for a shareholder
1.0m new shares at A$0.130 to raise about A$132,000. 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.
6 Feb 2008drilling spud● Neutral
Paradise Downs-1, the first of two core wells in PL 171 (Victoria 20%, Roma 80% operator), has started drilling. It is coring ahead to gain gas content data. Part of the 2008 CSG program that Victoria is funding from its placement and SPP.
5 Feb 2008drilling progress report● Neutral
Roma reports the Paradise Downs-1 coal seam gas core well in PL 171 (Victoria 20%) is coring ahead at 126 m. Cores are for gas content testing.
5 Feb 2008production update▼ Bad
Growler road works slowed by rain, and production facilities slipped to mid March. Cooper Creek floods may cut access and inundate the facility with up to a metre of water within about four weeks. Text gives initial test rate as 3000 bopd, apparently a typo for 300.
1 Feb 2008other● Neutral
Barchester Pty Ltd and other shareholders have also asked directors to convene a general meeting under section 249D. Directors are seeking legal advice. This is a third requisition alongside Smith and Odin.
31 Jan 2008drilling spud▲ Good
Orallo North-2, the first of six core wells in the Don Juan CSG project (Victoria 45%), has started drilling, at 36 m. It will measure gas content for MHA certification toward the 200 PJ 2P target by end 2008.
30 Jan 2008other▼ BadMajor
Odin Energy, via Glory Run, holding about 6.5% of Victoria, has requested a general meeting to remove directors Pett, Hoops and Wrixon and replace them with two Odin nominees. A second board challenge following the Smith letter.
30 Jan 2008other● Neutral
Glory Run, the Odin Energy subsidiary, has formally asked directors to call a general meeting under section 249D. Directors are taking legal advice. This continues the Odin challenge to the board.
30 Jan 2008investor presentation● NeutralMajor
Shareholder update: Growler road due late February and production facilities mid March 2008, then extended test at 300 bopd gross. Growler P50 oil in place now 7.7 mmbbl, recovery 1.6 mmbbl. PEL 115 partners Impress and Roma have withdrawn; Victoria seeks a farm-in for 25% free carry.
24 Jan 2008other▼ BadMajor
Victoria says shareholder Eddie Smith (3m shares) is soliciting support to requisition a general meeting to remove the four directors, including MD Kopcheff and chairman Pett, and appoint three of his nominees. The board will write to shareholders.
