31 Aug 2007drilling progress report● Neutral
Lancer-1 stood at 734 m, installing blow-out prevention equipment. Routine progress with no result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2007production update▲ Good
Flour Bluff workovers added gas: D-13 flowing 1.31 mmcfd gas equivalent and D-24 0.791 mmcfd, about 2.1 mmcfd extra, against a goal of lifting field output from 1.6 to above 3 mmcfd. Victoria holds 12.5–16.67%.
30 Aug 2007drilling progress report● Neutral
Lancer-1 reached 734 m and was preparing to run 9⅝ inch casing. Routine progress with no result yet.
29 Aug 2007drilling progress report● Neutral
Lancer-1 was drilling ahead at 728 m in 12¼ inch hole. Routine progress; no hydrocarbon result yet. Victoria operates with 40%.
28 Aug 2007drilling spud● Neutral
Victoria as operator spudded Lancer-1 in PEL 115 on 27 August, targeting Jurassic and Permian oil to 2,260 m, 5 km from Mirage facilities. P50 Hutton recoverable 0.5 mmbbl if oil present. Victoria holds 40%. Key risks are seal and charge.
28 Aug 2007farm in farm out agreement▲ GoodMajor
Victoria signed a letter of intent with Santos and Avery expanding the ATP 752P farm-in from 3 to 7 wells plus 300 sq km of 3D seismic, about $18.5m total. Victoria is fully carried, ends with 15%. Santos becomes operator; Hudson-1 is delayed to Q1 2008.
28 Aug 2007drilling spud● Neutral
Impress reports Lancer-1 spudded 27 August on Ensign Rig 20, five km from Mirage facilities, to 2,260 m. Expected to take 17 days. P50 Hutton recoverable 0.5 mmbbl if oil present. Repeats Victoria's announcement.
27 Aug 2007well test result▲ Good
Partner Adelaide Energy repeats the West Florence-1 result: 25 barrels of oil in 12 hours after fracture stimulation, with mid Niobrara stimulation starting. Adelaide holds 15%; Victoria 25%. No new information.
24 Aug 2007well test result▲ Good
Partner Fall River repeats the West Florence-1 result: 25 barrels of oil in 12 hours from fracture-stimulated Codell and lower Niobrara, with mid Niobrara stimulation next. Duplicates Victoria's announcement.
24 Aug 2007drilling scheduled● Neutral
Impress says Lancer-1 (PEL 115) and Ascender-1 (PEL 111) will start shortly on Ensign Rig 20. Ascender, 2,100 m deep, has P50 recoverable 2.6 mmbbl in the Birkhead. Lancer P50 Hutton recoverable is 0.5 mmbbl. Victoria operates with 40%.
23 Aug 2007well test result▲ GoodMajor
After fracture stimulation, West Florence-1's Codell and lower Niobrara swabbed 25 barrels of oil in 12 hours with gas, which management says looks commercial versus adjacent fields. Mid Niobrara stimulation starts 24 August. Improves on earlier disappointing gas tests. Victoria holds 25%.
22 Aug 2007security holder rights change● Neutral
14,000,000 free options (25c, expiring 31 January 2010) were issued on 21 August to placement participants, following shareholder approval. Completes the June placement of 28 million shares at 20c raising $5.6m.
16 Aug 2007flow test result▲ Good
Victoria reports Growler-2 stabilised at 68 bopd over 12.5 m, 25% above clean-up, no water. On pump it could make 160 bopd; with Growler-1 at 140 bopd, field may start late Q4 2007 near 300 bopd. 32 prospects remain; drilling resumes October.
15 Aug 2007agm notice● Neutral
Shareholders passed both resolutions at the 15 August general meeting: ratifying the 28 million share placement and approving the free attaching options. Clears the option issue flagged earlier; administrative.
15 Aug 2007flow test result▲ Good
Partner Impress reports Growler-2 stabilised at 68 bopd in a short production test, 25% above the earlier clean-up, with no water. Growler extended production test preparations continue. Updates the earlier 54 bopd figure.
14 Aug 2007well test result● Neutral
Partner Fall River reports the same West Florence-1 results: gas too small to measure from Upper Bench and Muddy J, small oil from Codell and Niobrara, fracture stimulation due this week. Repeats Victoria's announcement.
13 Aug 2007well test result● Neutral
At West Florence-1, Upper Bench Dakota and Muddy J gave gas too small to measure with water. Codell and Niobrara recovered small oil quantities and will be fracture stimulated this week. Victoria holds 25%; management calls oil and gas presence confirmed but not yet commercial.
9 Aug 2007drilling result● Neutral
Partner Sun Resources reports the Margarita shallow program is finished: Dona Carlota and Agavero are gas discoveries awaiting or on sales, while Climaco was plugged and abandoned as non-commercial. Repeats Victoria's same-day announcement.
9 Aug 2007well test result▼ BadMajor
Cased-hole test at Wilpinnie-4/Tomcat recovered mud filtrate, formation water and only 16 barrels of oil, differing from the earlier 144 bopd flow. Cause of water unknown; partners will review. Victoria holds 20%. Disappointing against Tomcat's earlier recoverable estimates.
9 Aug 2007drilling result● NeutralMajor
Margarita shallow program ended: Dona Carlota and Agavero are gas discoveries (1.3 bcf gross recoverable) heading to sales lines; Climaco-1 was plugged and abandoned as non-commercial. Two of three wells succeeded; about 2.3 mmcfd gross expected. Victoria holds 20%.
7 Aug 2007farm in farm out agreement▲ GoodMajor
Advent Energy (via MEC) signed conditional farm-ins to earn up to 50% of the Typhoon (PEL 104) and Catalina (PEL 111) blocks from Victoria and partners, with a right to join four wells. Bringing in a new party to test 18 Permian prospects.
6 Aug 2007investor presentation▲ Good
Victoria summarises its June quarterly, calling Growler-2 the most significant event and saying a production facility will be built. It says Growler could double Cooper oil production by December 2007. Warhawk, Gannett and Ascender drilling is planned from October 2007. Mostly repeats known facts.
6 Aug 2007drilling progress report● Neutral
Partner Sun reports Agavero-1 flowed 647,000 scf/d and is being tied into a pipeline. Climaco-1 hit a high-pressure gas zone without pay, switched to a slim-hole rig after delays, and is drilling at 1,830 m toward a target at 1,792 m. Victoria holds 20%.
1 Aug 2007flow test result▲ GoodMajor
Growler-2 flowed a stabilised 54 bopd from a 12.5 m interval, no water. Management expects over 170 bopd on pump; with Growler-1's 160 bopd, the field could produce about 330 bopd from Q4 2007. Victoria holds 40% as operator. Confirms the Growler-2 appraisal.
1 Aug 2007flow test result▲ Good
Partner Impress reports Growler-2 flowed a stabilised 54 bopd from the Birkhead with no water. It expects over 170 bopd on pump. An extended production test at Growler is planned before applying for a production licence. Repeats Victoria's result.
31 July 2007drilling progress report● Neutral
Growler-2 is still preparing to production test the 15 m oil column with the rig. Same boilerplate as previous days; no new result.
31 July 2007quarterly activities report● Neutral
June quarter: net production averaged 221 boe/d (20,097 boe net) on net cash flow of $0.93m; Mirage/Ventura averaged 256 bopd. Highlights Growler-2, Margarita gas discoveries and a 12-well program over six months. Mostly known; cash figures are truncated.
31 July 2007well test result▼ BadMajor
Partner Fall River says the first two West Florence-1 Dakota zones produced no commercial gas; the Upper Bench gave none. Re-interpreted logs suggest the remaining Dakota and Muddy J zones will not be commercial at this location. Oil formation testing follows in 2-3 weeks. Victoria holds 25%.
30 July 2007well test result▼ Bad
First West Florence-1 test, of the lowest Dakota zone, recovered gas too small to measure, with water. Management calls it non-commercial but evidence of gas. Upper zones and the Muddy J remain to be tested. Victoria holds 25%.
30 July 2007drilling progress report● Neutral
7 inch casing is set at 1,827 m in Growler-2 and the rig is preparing to production test the 15 m oil column. No test result yet.