9 July 2007drilling progress report● Neutral
Growler-2 is drilling ahead at 1,272 m toward 1,785 m. Boilerplate resource figures repeated; no new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2007drilling progress report● Neutral
Growler-2 is drilling at 783 m, toward 1,785 m. Resource figures and management's Jurassic oil fairway claims are repeated unchanged; no new result.
4 July 2007drilling progress report● Neutral
Partner Impress reports Growler-2 resumed drilling 4 July at 654 m after casing and blowout equipment testing. Murta reservoir expected in about 2 days, Lower Birkhead 2-3 days later. Impress gives a proposed total depth of 1,765 m versus Victoria's 1,785 m.
4 July 2007drilling progress report● Neutral
Growler-2 is drilling ahead at 654 m toward a planned 1,785 m, appraising the Growler-1 oil find. Repeats known resource figures (P50 1.4 mmbbl recoverable) and management's 'oil fairway' claims; no new result. Victoria operates with 40%.
3 July 2007capital raising announcement▲ GoodMajor
Victoria completes its placement of 28 million shares at $0.20, raising $5.6m before costs, announced 12 June. Each two shares carry a free option, subject to shareholder approval at a general meeting in early August. This is a cash top-up after $3.2m at March.
What it means for a shareholder
28.0m new shares at A$0.200 to raise about A$5.6m. 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.
3 July 2007drilling progress report● Neutral
Growler-2 has set 9 5/8 inch casing at 644 m and is pressure testing the blowout preventers. Target depth is 1,785 m. Restates known resource figures; no new result.
3 July 2007well test result▲ GoodMajor
Donna Carlota-1 began testing at 1.02 million cubic feet of gas per day with no water, from the 5.6 m net pay zone. Victoria holds 20%. Climaco-1, the last well, is about to start drilling.
3 July 2007well test result▲ Good
Partner Sun reports Donna Carlota-1 flowed 1,024,000 scf/day with no water and will be tied into a nearby pipeline for gas sales. Agavero-1 testing is delayed by rain, and Climaco-1 rigging up is also delayed. Victoria holds 20%.
29 June 2007drilling progress report● Neutral
Growler-2 is drilling at 379 m after setting casing at 107 m, following the weather delay. Restates the Growler resource figures and management's Jurassic oil fairway claims. No new result.
28 June 2007drilling result▲ GoodMajor
Agavero-1 is a second gas discovery in the Margarita program: 5.5 m of gross gas pay at 889 m with no water, ahead of testing. Victoria holds 20%. Climaco-1 is next, and the program is now expected to finish mid July.
28 June 2007drilling result▲ Good
Partner Sun reports Agavero-1 reached 1,341 m with 5.5 m of gross gas pay and no water; casing is being run for testing. Donna Carlota-1 testing is still delayed by flooding. Victoria holds 20%.
26 June 2007joint venture update● Neutral
Partner Adelaide Energy repeats the West Florence-1 results and testing plan (mid-July in its text, versus the third week of July in Victoria's). Its Otway Basin well delay does not involve Victoria.
26 June 2007drilling progress report● Neutral
Fall River re-releases the West Florence-1 results: 7.6 m net gas pay, testing planned late July, and the acreage expansion to 25,000 acres. Duplicate of Victoria's 25 June release; Fall River holds 15%.
26 June 2007drilling progress report▲ Good
Partner Impress reports Growler-2 operations have restarted after the rain delay, with the hole at 108 m. Primary targets at 1,650 m are expected to take about 10-12 days to drill. Resolves the weather wait; Victoria operates with 40%.
25 June 2007drilling spud● Neutral
Agavero-1 began drilling 21 June and was at 695 m, targeting 1,340 m and 0.7 bcf mean potential. Donna Carlota-1 testing is planned around 28 June. The shallow program is now expected to finish mid July, earlier than end July.
25 June 2007drilling progress report● Neutral
Partner Sun reports Agavero-1 drilling at about 693 m, while flooding has delayed testing of Donna Carlota-1 until about 26 June. Victoria's interest is 20%. No new results.
25 June 2007drilling result▲ GoodMajor
West Florence-1 showed net gas pay of 7.6 m in Muddy J and Dakota sands, plus oil shows in other zones; through-casing testing is planned for the third week of July. Participants also gained rights to earn up to 70% of 13,000 more acres; Victoria's share is up to 17.5%.
21 June 2007drilling scheduled▲ Good
Partner Bow says Avery will drill Hudson-1 (2,550 m, up to 11 mmbbl recoverable in one zone) in ATP 752P, spudding late August or early September. Avery holds options on two more wells before 31 January 2008.
21 June 2007drilling scheduled▲ Good
Victoria confirms Hudson-1 in ATP 752P, option well exercised by Avery, a 2,550 m test with up to 11 mmbbl potential, spud expected late August. Victoria ends at 25% once all Avery options are exercised. Nora-1 awaits 3D seismic.
18 June 2007joint venture update● Neutral
Partner Adelaide Energy says West Florence-1 is cased to 1,956 m and a smaller workover rig will test it while log analysis of the hydrocarbon shows continues. Its other items (Otway, Cooper permits) do not involve Victoria.
18 June 2007drilling result▲ Good
Donna Carlota-1 reached 1,524 m with 5.6 m of net gas pay and production casing run for testing; estimated recoverable reserve is 0.62 bcf. The rig has moved to Agavero-1. Victoria holds 20%. Repeats Sun's 18 June report.
18 June 2007drilling result▲ GoodMajor
Partner Sun Resources reports Dona Carlota-1 reached 1,524 m with 5.6 m of net gas pay in the Frio 1.33 sand; casing is run for production testing. Reserve estimate is 0.62 bcf, below the 0.8 bcf pre-drill; Victoria holds 20%. Agavero #1 is next.
14 June 2007joint venture update● Neutral
Partner Bow Energy announces the Don Juan coal seam gas joint venture in the Surat Basin, combining ATP 593P and Victoria's ATP 771P. Bow 45%, Victoria 45%, Roma CBM 10%. Duplicate of Victoria's own release, though Bow states a 76% stake in ATP 593P.
14 June 2007joint venture update▲ GoodMajor
Victoria forms the Don Juan coal seam gas joint venture with Bow (operator) and Roma CBM, combining ATP 593P and ATP 771P: Victoria 45%, Bow 45%, Roma CBM 10%. Up to three core holes are planned, with a pilot by end-2007; the area could hold over 500 PJ.
13 June 2007investor presentation● Neutral
Victoria lodges its corporate presentation for the Gold Coast Resources Showcase on 14-15 June 2007. It repeats known facts: 14-well Cooper program, 20 wells over eight months, and about 250 bopd gross, with a 550 bopd end-2007 target shown here versus 1,000 bopd earlier.
7 June 2007drilling spud● Neutral
Donna Carlota-1, the first of the final three shallow Margarita gas wells, has started drilling and is setting surface casing at 116 m. Victoria holds 20%; mean potential 0.8 bcf. Program now expected to run to end of July 2007.
1 June 2007drilling progress report▼ Bad
Growler-2 is still waiting on weather at 108 m; resumption may now need a further 10 days, up from 3-4 days earlier, while the road dries. Restates Growler resource figures and management's Jurassic oil fairway claims.
1 June 2007drilling progress report● Neutral
West Florence-1 is cased with 4.5 inch production casing at 1,956 m. Log analysis continues to choose zones to test through the casing, so the well is being completed rather than abandoned; no flow result yet.
1 June 2007drilling progress report● Neutral
Fall River Resources re-releases news that West Florence-1 has 4.5 inch casing set at 1,956 m, with log analysis continuing to pick zones to test. Duplicate of Victoria's release.
30 May 2007drilling progress report● Neutral
Fall River Resources re-releases the West Florence-1 total depth of 1,957 m and log analysis plan. Duplicate of Victoria's release; no new information.