21 Dec 2006drilling spud● Neutral
Sun Resources reports drilling has started on El Viejito #1, first of six shallow Margarita gas wells with up to 8-10 bcf gross potential. Drilling resumes 26 December to 1,920 m. Victoria's final interest is 20%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2006drilling result▲ GoodMajor
Bow reports Donga-4 was cased and suspended as a future oil producer after logs and cores showed oil-saturated sandstone from 1,565 to 1,571 m. Completion is planned early 2007. The Marracoonda-2 rig move slips to 4 January 2007 over Christmas.
18 Dec 2006drilling result▲ GoodMajor
Donga-4 (Victoria 15%) was cased and suspended as a future oil producer, with oil-saturated sandstone over 6 m from 1,565 to 1,571 m. This resolves the case-and-suspend decision after the weak test. Completion for production is planned early 2007.
15 Dec 2006drilling progress report▼ Bad
Victoria repeats that Donga-4 reached 1,603 m and may be cased and suspended. The test suggests poorly developed reservoir, contradicting the drilling interpretation. The joint venture decided not to drill Donga-5 immediately, which reverses the earlier plan to follow up straight away.
15 Dec 2006drilling progress report▼ Bad
Bow says Donga-4 reached 1,603 m. The test suggests the reservoir is not well developed, which conflicts with what was seen while drilling. Donga-5 will not be drilled immediately and the rig is released. Marracoonda-2 (Victoria 25% carried) is next in the Wompi Block.
14 Dec 2006well test result● Neutral
Repeats the Donga-4 (Victoria 15%) drill stem test: minor light sweet oil and mud, no water, with apparent blockage. Drilling continued past 1,578 m toward 1,600 m, then logs and pressure probes. Top sandstone at least 18 m above the oil-water contact.
14 Dec 2006security holder rights change● Neutral
Deferred settlement trading ended, and post-consolidation shares resumed normal trading on 14 December under the code VPE. This completes the 1-for-10 consolidation approved at the AGM.
14 Dec 2006well test result● NeutralMajor
The Donga-4 drill stem test recovered only a minor amount of light sweet oil and mud, with no water; the test appeared blocked. Drilling continues to total depth, then logs and pressure probes will decide whether to suspend the well for production.
13 Dec 2006drilling progress report● Neutral
Testing continues at Donga-4, with a drill stem test over the oil-show sandstone at 1,568 m. No flow result is reported yet.
13 Dec 2006investor presentation● Neutral
Replacement of the 12 December corporate presentation announcement, correcting a typo ("4 rise" to "4 rigs"). Content otherwise the same: 10 Cooper wells from late December, four rigs by mid-January.
13 Dec 2006investor presentation● Neutral
Updated corporate presentation highlights a 10-well Cooper Basin program starting late December, with four rigs drilling by mid-January 2007. It also cites a 23c share price and $44 million market cap on 192 million shares. Mostly known facts.
13 Dec 2006drilling progress report● Neutral
Victoria repeats that Donga-4 drill stem testing continues over the 5 m oil-show interval at 1,568 m. No result yet.
12 Dec 2006drilling result▲ GoodMajor
Donga-4 (Victoria 15%) hit good oil shows in the Donga sandstone from 1,563 m, with over 20% porosity. The top is at least 18 m above the field's oil-water contact. A drill stem test is under way; no flow result yet.
12 Dec 2006drilling result▲ Good
Victoria repeats Bow's report of good oil shows in Donga-4 over a 5 m interval from 1,563 m, with a drill stem test being run. The sandstone top is at least 18 m above the field's oil-water contact. Test result due later.
12 Dec 2006security holder rights change● Neutral
The 1-for-10 consolidation is complete, leaving 191.7 million fully paid shares. Also on issue are about 9.4 million partly paid shares and 6.7 million options at 28c expiring November 2008. Holding statements went out on 11 December.
11 Dec 2006drilling progress report● Neutral
Donga-4 was preparing to resume drilling at 1,475 m after rig repairs. No new result.
11 Dec 2006drilling progress report● Neutral
Drilling at Donga-4 paused over the weekend when the rig's rotary clutch failed at 1,475 m, about 90 m above the target. Repairs finished 11 December and the target is expected within 24 hours.
8 Dec 2006drilling progress report● Neutral
Bow reports Donga-4 at 1,224 m, running several metres high to prognosis, with the primary target expected over the weekend. Repeats Victoria's daily report with slightly more detail.
8 Dec 2006drilling progress report● Neutral
Donga-4 was drilling ahead at 1,203 m, with the target about 1,570 m. No new result.
7 Dec 2006drilling progress report● Neutral
Donga-4 was drilling ahead at 926 m, with the target about 1,570 m. No new result.
6 Dec 2006drilling progress report● Neutral
Donga-4 was drilling ahead at 670 m, with the target about 1,570 m. No new result.
6 Dec 2006farm in farm out agreement▲ GoodMajor
Victoria confirms a 5 December farmin by Empyrean Energy for the Margarita gas project in Texas, where Victoria holds 20%. Three shallow wells start about 18 December (5 bcf gross target), then three more in February, with three deep wells planned mid-2007.
5 Dec 2006drilling progress report● Neutral
Donga-4 (Victoria 15%) was drilling ahead at 313 m, with the target expected around 1,569 m. No result yet.
5 Dec 2006farm in farm out agreement● Neutral
Sun Resources describes the Margarita farmout: Empyrean (AIM-listed) funds six shallow Texas gas wells, leaving Victoria with a 20% final interest. First wells start about 15 December, with three initial prospects of 1.2-2.0 bcf mean each. Overlaps Victoria's own release.
4 Dec 2006drilling spud● NeutralMajor
Operator Bow spudded the Donga-4 appraisal well in ATP 805P on 1 December, targeting the Donga sandstone that produced oil at Donga-3. Victoria holds 15%; Bow sees 2.2-5 million barrels potential. Donga-5 follows if successful.
4 Dec 2006drilling spud● Neutral
Victoria's release of the Donga-4 spud (1 December, Victoria 15%, Bow operator). Repeats Bow's announcement; casing set at 181.5 m, well planned at 12 days, Donga-5 to follow if successful.
29 Nov 2006security holder rights change● Neutral
Post-consolidation shares began trading on 29 November on a deferred settlement basis under the code VPEDA. This implements the 1-for-10 consolidation approved at the AGM.
28 Nov 2006security holder rights change● Neutral
Timetable for the approved 1-for-10 share consolidation: deferred-settlement trading from 29 November, new holding statements from 6 December, despatch by 12 December. The timetable is one day later than in the AGM notice.
27 Nov 2006investor presentation● Neutral
AGM presentation repeating known facts: ten Cooper wells from December, 18 wells over six months, SA Cooper output 310 bopd. Pre-consolidation market value was $44 million on 1,920 million shares, giving 192 million shares after the 1:10 consolidation.
1 Nov 2006well test result▼ BadMajor
Partner Impress reports Growler-1 free flowed only 20-25 bopd, and propellant fracturing did not improve it. Preliminary recoverable is about 1.0 million barrels, well below the earlier 4 million barrel possibility. An extended production test application was lodged 18 October.