24 Dec 2007capital raising announcement● Neutral
The closing date of the current Share Purchase Plan was extended to 14 January 2008 because of Christmas postal delays. No terms or amounts are given in this notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2007drilling spud● NeutralMajor
Drilling has begun at Schoenfield #1 on the El Fatso prospect in Texas, at 2,125 ft with a 13,740 ft target in about 30 days. Victoria is committed to the first well at 20% (15% after casing point). Targets are unproven.
11 Dec 2007drilling result▲ Good
Orallo North-1 reached 399 m with about 19 m of coal below casing and was suspended as a future pilot well; connection gas gave a 2 m flame. The JV will drill a third well, Carnarvon-1 (270 m), with more drilling from February 2008.
7 Dec 2007drilling progress report● Neutral
Site work for Schoenfield #1 at El Fatso (Victoria 20%, falling to 15% after casing point) is progressing, with the rig mobilising and spud expected next week. Targets 13,740 ft; resource estimates unchanged (P50 30 bcf).
6 Dec 2007drilling progress report▲ Good
Victoria repeats Bow's report: Orallo North-1 at 342 m with about 26.5 m of coal, high water flow and connection gas, but no free gas flow expected. MD still sees first certification as early as October 2008.
6 Dec 2007drilling progress report▲ Good
Bow reports Orallo North-1 at 342 m with about 26.5 m of coal and high water flows (~1,800 bwpd), so no free gas flow is expected. Next stage is core hole drilling to measure gas content. Repeats the MHA appointment.
5 Dec 2007material agreement▲ Good
The Don Juan coal seam gas JV (Victoria 45%) hired MHA Petroleum Consultants of Denver as reserves certifiers, aiming for maximum commercial gas reserves certification by end 2008. Orallo North-1 was at 230 m with about 9 m of coal.
4 Dec 2007capital raising announcement● NeutralMajor
Victoria completed a placement of 32.5 million shares at 13c, raising $4.2m before costs, under a prospectus dated 20 November 2007. It follows the $5.6m raised at 20c in July 2007, at a lower price.
What it means for a shareholder
32.5m new shares at A$0.130 to raise about A$4.2m. 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.
30 Nov 2007drilling progress report● Neutral
Victoria repeats Bow's report that Orallo North-1 drilling has resumed after the wet-weather pause. Repeats the operator's update.
30 Nov 2007drilling progress report● Neutral
Drilling has restarted at Orallo North-1 after the weather suspension earlier in the week. Victoria holds 45%.
29 Nov 2007agm notice● Neutral
All resolutions passed at the 29 November annual general meeting, including re-election of director B. Wrixon and adoption of the remuneration report.
29 Nov 2007investor presentation● Neutral
AGM corporate presentation. Cites share price 15c, 253m shares and 61m options, cash and investments $7.1m with no debt, and a 14-well Cooper Basin program in 2008. Largely repeats known facts (text truncated).
28 Nov 2007farm in farm out agreement▲ GoodMajor
Victoria completed buying a 20% interest in the El Fatso gas and condensate prospect in Wharton County, Texas, reducing to 15% after casing point. Operator estimates unrisked recoverable up to 72 bcf; first well due to start late December.
27 Nov 2007drilling progress report● Neutral
Victoria repeats Bow's report that Orallo North-1 drilling is suspended by wet weather, with restart expected late this week or the weekend. Repeats the operator's update.
27 Nov 2007drilling progress report● Neutral
Drilling at Orallo North-1 is temporarily suspended due to wet weather, with restart expected late this week or the weekend if no more rain. Victoria holds 45%.
23 Nov 2007drilling spud● Neutral
Victoria repeated Bow's report that drilling had started at Orallo North-1, the second Don Juan well, which was not expected to flow free gas. The managing director said first reserve certification could come as early as mid next year, with the certification process still due to start early in 2008.
23 Nov 2007drilling spud● Neutral
Drilling has started at Orallo North-1, the second Don Juan coal seam gas well, 19 km from Taringa South-1, to 420 m. It is designed to test coal and dewatering, not to flow free gas. Taringa South-1 gas was 96.92% methane.
19 Nov 2007capital raising announcement● Neutral
Cover letter mailed 14 November to Victoria shareholders on their priority right to apply in the Greenearth Energy IPO ($15m, $8m priority with Lakes holders, closes 14 December). Nothing new beyond the prospectus already announced.
14 Nov 2007drilling result▲ Good
Taringa South-1 was completed for production testing after logs showed 17 m of coal, 11 m in the open hole to 188 m. Pumping equipment is due this week; second well Orallo North-1 (420 m) follows. Victoria holds 45%.
14 Nov 2007drilling result▲ Good
Victoria repeats Bow's update: Taringa South-1 completed for production testing with 17 m of coal intersected, and second well Orallo North-1 to follow. Largely repeats the operator's announcement.
12 Nov 2007well test result▲ Good
Victoria repeats Bow's report that Taringa South-1 flowed 0.37 million cubic feet a day of gas, calling it an excellent first result for its 45%. Adds that its Surat Basin coal gas interests are meant to be a second core focus area.
12 Nov 2007well test result▲ GoodMajor
Taringa South-1, the first Don Juan coal seam gas well, flowed methane at a stabilised 370,000 cubic feet a day at 145 m, with about 407 barrels of water a day. Early positive sign for Victoria's 45%; reserve certification still targeted early 2008.
9 Nov 2007drilling progress report● Neutral
Operator Bow reports Taringa South-1, the first Don Juan coal seam gas well, has surface casing at 78 m and is awaiting rig repairs before drilling the coal targets. Reserve certification still possible early 2008. Victoria holds 45%.
8 Nov 2007investor presentation● Neutral
Corporate presentation to the London Oilbarrel conference. It repeats known facts: share price 13c, market cap $28m, cash and investments $7.1m with no debt, and a 14-well Cooper Basin program. No new information (text partly truncated).
5 Nov 2007capital raising announcement● NeutralMajor
Greenearth lodged its prospectus for a $15m IPO at 30c a share, with $8m priority for Victoria and Lakes shareholders on the 12 November record date. The offer closes 14 December. Victoria expects to hold 5% after listing in January 2008.
2 Nov 2007capital raising announcement● Neutral
Lakes Oil and Victoria announce Greenearth's prospectus for a $15m IPO (up to $20m with oversubscriptions, $10m minimum), with $8m priority for Lakes and Victoria shareholders at 12 November 2007. Closes 14 December. Repeats the Victoria announcement.
1 Nov 2007drilling spud● Neutral
Victoria confirms drilling began at Taringa South-1, the first Don Juan coal seam gas well, as planned from October. Flow testing and further pilot wells could lead to reserve certification early in 2008. Victoria holds 45%. Repeats the operator's report.
1 Nov 2007drilling spud● Neutral
Operator Bow reports drilling started at Taringa South-1, the first of three Don Juan coal seam gas wells (two firm), 250-450 m deep. Wells will be suspended for flow testing, with reserve certification possible from early 2008. Victoria holds 45%.
31 Oct 2007investor presentation● Neutral
Corporate presentation for the Mining 2007 conference. It repeats known facts: share price 13c, market cap $28m, cash and investments $7.1m with no debt, and a 14-well Cooper Basin program. No new information (text partly truncated).
30 Oct 2007quarterly activities report● Neutral
September quarter: net production 195 boe/d, net cash flow $0.84m, and cash plus investments $7.1m with no debt. Warhawk-1 is now planned for March 2008, and the ATP 752P farm-in and West Florence production are noted. Mostly repeats known plans.