21 Aug 2008drilling result▲ Good
Impress reports Growler-4 reached 1,823 m. Logs confirm an 18 m oil column with up to 9 m net pay, better than Growler-1 or 2, and the well will be completed as a producer.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2008drilling result▲ GoodMajor
Wireline logs confirm Growler-4 (Victoria operator, 40%) has an 18 m oil column and up to 9 m net pay, better than Growler-1 and 2. It will be completed as an oil producer; the Growler field started flowing in March.
20 Aug 2008drilling result▲ Good
Victoria reports good oil shows in Growler-4's Birkhead sandstone from 1,722 to 1,740 m, similar to the producing Growler-1 and 2. Wireline logs are still needed to confirm significance.
20 Aug 2008drilling progress report▲ Good
Impress reports Growler-4 hit the Birkhead sandstone at 1,722 m as expected, with good oil shows over 18 m. The well is being deepened to 1,835 m and is likely to be completed as a producer after logging.
18 Aug 2008drilling progress report● Neutral
Taringa South-3 core hole reached 282 m with 3.95 m of net coal and the coring rig is released. Core results go to certifier MHA in Denver; an extended pilot program may follow. Reserves booking is no longer stated as a firm date in this text.
18 Aug 2008regulatory community update● Neutral
Empire received approval on 15 August to drill Bee-Eater-1 (EP 359), in which Victoria holds 31.65. The well will be drilled after Lake MacLeod-1, and Rainbow-1 would follow only on a Bee-Eater discovery.
18 Aug 2008drilling progress report● Neutral
Growler-4 (Victoria operator, 40%) was drilling ahead at 1,434 m after setting casing at 667 m, aiming for 1,800 m. Growler-3 follows immediately. No new result yet.
15 Aug 2008drilling progress report● Neutral
Impress reports Growler-4 at 671 m after running 9 5/8 inch casing, four days after spud. Rig schedule shows Growler-3, then Warhawk-1 and further exploration wells, with Fokker-1 and Tempest-1 later. No new result.
14 Aug 2008other● Neutral
Empire Oil & Gas reports Lake MacLeod-1 rig mobilisation is due 28 August, with Bee-Eater-1 (EP 359) to follow. Victoria holds 31.65% of Bee-Eater-1, whose structure is estimated at up to 5 million barrels recoverable. This is a new Victoria exposure, in Empire's permit.
11 Aug 2008drilling spud● Neutral
Victoria, as operator (40%), started Growler-4 on 11 August, a development/appraisal well 400 m north of Growler-1, planned to 1,800 m. Growler-3 follows. This begins the Growler drilling program flagged earlier for August.
8 Aug 2008drilling progress report● Neutral
Carnarvon-2 core hole reached 378 m with 6.7 m of net coal; the rig moved to Taringa South-3. Don Juan (Victoria 45%) reserves booking is still targeted for the last quarter of 2008. Oil drilling is said to resume next week.
1 Aug 2008drilling progress report● Neutral
Bow reports Carnarvon-4 core hole reached 376 m with 10 m of net coal, and the rig moves to Carnarvon-2. Core results feed Don Juan reserves certification (Victoria 45%), still expected to begin booking in the last quarter of 2008.
31 July 2008other● Neutral
Odin Energy announcement titled 'Farmin to Prime Cooper Basin Acreage'. Only the title is available; no content to summarise. Text not readable.
31 July 2008quarterly activities report● Neutral
June quarter report: $17.7 million cash after the $9.4 million QGC placement, and net oil and gas cash flow of $1.46 million. A drilling program of up to 20 wells is planned for 2008, and the board decided to divest US assets. Hudson-1 dry hole not shown in the visible text.
23 July 2008drilling progress report● Neutral
Bow reports Carnarvon-3 cored to 390 m and coring began at Carnarvon-4 on 21 July. The Don Juan core holes (Victoria 45%) support reserves certification, still expected in the last quarter of 2008.
21 July 2008drilling result▼ BadMajor
Hudson-1 reached 2,430 m and is being plugged and abandoned as a dry hole. The oil shows are read as residual oil or migration. Victoria (15%, fully carried) still sees other prospects between it and Cuisinier. Growler drilling resumes about 12 August.
15 July 2008drilling progress report● Neutral
Hudson-1 (Victoria 15%, fully carried) was at 2,262 m with minor oil shows in several zones. The deeper Doonmulla sandstone primary target had not yet been reached. Planned total depth is 2,434 m.
14 July 2008drilling progress report● Neutral
Bow reports Orallo South-1 was cored to 540 m, and the rig moves to Carnarvon-3. The core holes feed the Don Juan reserves certification (Victoria 45%), with reserves booking still expected in the last quarter of 2008.
8 July 2008drilling spud● Neutral
Santos started drilling Hudson-1 at midnight on 7 July, after the weather delay. It was at 177 m on 8 July. Victoria is fully carried and holds 15%. The well targets a most likely 1.2 million barrels, with a P10 of 10 million.
25 June 2008production update▲ Good
Victoria reports Growler (40%, operator) averaging 200 bopd, with pumps able to reach 365. Growler-3 and 4 are planned, and production could reach 400 bopd by end 2008. Exploration drilling is planned from early August. Oil in place is 7.7 million barrels (P50).
24 June 2008production update▲ Good
Impress reports the Growler extended production test (Victoria operator, 40%) is lengthened from 100 to 150 days. Pump faults and rain shut in the wells briefly. The JV now plans Growler-3 and Growler-4 from about August, aiming at 750-1,000 bopd by end 2008.
24 June 2008asset acquisition disposition▲ GoodMajor
Victoria confirms PEL 88 renewed for 5 years and assignments approved. It now holds 50% and operates, with Enterprise Energy at 50%, completing the April agreement. The permit work program includes one well in year five.
23 June 2008well test result▲ Good
Bow, Don Juan operator, reports its Carnarvon-1 CSG pilot flowing gas after pumping water at 1,207 barrels a day. A 5-day test follows. Reserves booking is still targeted for the last quarter of 2008. Re-release of Bow's news; Victoria holds 45%.
23 June 2008asset acquisition disposition▲ Good
Enterprise Energy reports PEL 88 renewed for 5 years from 17 May 2008, with assignments approved. This completes the April deal: Victoria and Enterprise each hold 50%, with Victoria operator. Re-release of a partner's announcement.
23 June 2008well test result▲ Good
Victoria reports its first Don Juan CSG single-well pilot, Carnarvon-1 (45%), is flowing gas after pumping 1,207 barrels of water a day. Reserve booking is still aimed at late 2008. Preliminary talks with Bow cover selling some future gas to a possible LNG plant.
23 June 2008other● Neutral
AGL Energy lodges a substantial holder notice. Because it holds over 20% of QGC, it is deemed to have a relevant interest in Victoria through QGC's 19.24% stake. Administrative; no change for Victoria itself.
19 June 2008drilling scheduled● Neutral
Santos says Hudson-1 (Victoria 15%, fully carried) is delayed by 2 to 3 weeks after 80-100mm of rain damaged roads. It delays the early-June start previously expected. The well tests a prospect with a most likely 1.2 million barrels.
12 June 2008farm in farm out agreement▲ GoodMajor
Mosaic Oil can farm into Victoria's south-west Surat oil permits by funding seismic and up to three wells. After the farm-in, Victoria would keep 15.6% of Stratton, 19.297% of Rookwood and 7.5% of ATP 805P Southern Blocks, with Donga and Rookwood fields excluded.
11 June 2008investor presentation● Neutral
Corporate presentation for the Gold Coast Resources Showcase, 12-13 June. It states cash of about $16.2 million at 10 June, 320 million shares, a 28c share price and QGC at 19.24%. Mostly repeats known facts; cash reflects the QGC placement.
10 June 2008capital raising announcement▲ GoodMajor
Victoria places 41.75 million shares with Queensland Gas Company at 22.5 cents to raise $9.39 million for Surat Basin coal seam gas work. QGC becomes the largest shareholder at 19.24%, with gas marketing and technical advisory agreements.
What it means for a shareholder
41.8m new shares at A$0.225 to raise about A$9.4m. 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.