Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2006drilling spud● NeutralMajor
Operator Bow reports Banff-1 spudded at 2 pm on 25 September. After the well, Bow says Barcoo Block interests will be Bow 25%, SEQOil 40% (Bow purchasing) and Victoria 35%. This is the first Queensland Cooper well in the ten-well program.
25 Sept 2006drilling progress report● Neutral
Primero-1 was drilling at 1,056 m toward the deeper Reids Dome Beds target (2,700 m). Cattle Creek gas of 2.8 mmcfd needs retesting after casing; operator White Sands is reviewing the shallow field's 30 bcf potential.
25 Sept 2006drilling spud● Neutral
Banff-1 began drilling on 25 September, targeting up to 34 million barrels in the Hutton Sandstone if oil is present. Victoria's 35% interest is free carried. It is Victoria's first Queensland Cooper exploration well in ten years. Duplicates Bow's spud release.
22 Sept 2006drilling result▲ Good
Fairground-1 in California (Victoria 15% before payout, 9% after) found oil shows at 1,577-1,582 m and reached 1,667 m. Logs will decide if it is tested. The prospect could hold up to 1.2 million barrels if oil is present.
21 Sept 2006asset acquisition disposition● Neutral
Victoria confirms it holds 33⅓% of geothermal vehicle Greenearth Energy, alongside Lakes Oil. Greenearth starts with $750,000 and will apply for Victorian geothermal permits. This is a small step outside oil and gas.
20 Sept 2006drilling scheduled● Neutral
Hunt Rig 2 is moving to Banff-1 (ATP 794P) with spud expected about 25 September. The 1,650 m well targets up to 34 million barrels if oil is present; Victoria holds a 35% free carried interest.
19 Sept 2006investor presentation● Neutral
FAR (15% in Eagle) quotes Victoria's Eagle North-1 workover update, with nothing new. It also gives FAR's Texas and Louisiana well updates, including Welder Ranch A2 drilling at 11,300 ft; the rest is truncated.
19 Sept 2006drilling progress report● Neutral
Growler-1 is preparing to run 7 inch casing to 1,993 m. Logs and cores confirm oil in the basal Birkhead (1,721-1,740 m). The up to 4 million barrel estimate and ten-well program are restated; the drill stem test figures are unchanged.
19 Sept 2006joint venture update● Neutral
Partner Sun Resources (10% in Eagle) repeats that the workover rig began on 18 September to retrieve the failed guns. It adds that a further delay is expected while the reason the guns did not fire is found before retesting.
19 Sept 2006drilling progress report● Neutral
A workover rig is on site at Eagle North-1 (Victoria operator, 20%). A coiled tubing rig found the perforating guns appear not to have fired in the first test, so the rig will spend about 14 days clearing the well to test 72 m of untested oil pay behind casing.
18 Sept 2006resource reserve update▲ GoodMajor
Growler-1 reached 1,993 m with no further oil shows below the Birkhead; it will be cased as a Birkhead oil producer. Victoria estimates possibly up to 4 million barrels recoverable, well below the pre-drill 16 million target, and very preliminary.
15 Sept 2006drilling progress report▲ Good
Growler-1 is drilling at 1,784 m in the Hutton Sandstone, with oil shows extending in the Birkhead to 1,754 m. Preliminary test data show an initial flow of 400 bopd into the tool and no pressure depletion; the oil recovered is restated as 33 barrels.
14 Sept 2006well test result▲ GoodMajor
Growler-1's drill stem test recovered about 38 barrels of light oil in two hours from the basal Birkhead sand. Victoria calls it very encouraging; further testing is needed. The quoted oil target is now up to 12 million barrels, down from 16.
14 Sept 2006drilling result▲ Good
Partner Impress re-reports that Growler-1's first drill stem test recovered about 30 barrels of light oil in two hours from the Birkhead sandstone (1,728-1,737 m). The well will be deepened; commercial significance awaits logs. Duplicates Victoria's own release.
13 Sept 2006drilling progress report● Neutral
Growler-1 is running the drill stem test tool over the oil-show interval 1,728-1,737 m. Repeats the earlier oil show details; no test result yet.
12 Sept 2006drilling progress report▲ Good
Growler-1 showed oil in the basal Birkhead sand (1,728-1,737 m), with up to 50% sample fluorescence and gas rising from 2 to 17 units. A drill stem test will follow. Management calls it encouraging but awaits the test.
11 Sept 2006drilling progress report● Neutral
Growler-1 was drilling ahead at 1,425 m on 11 September, heading toward the main sandstone targets from 1,440 m. No oil results yet; target remains up to 16 million barrels, if oil is present.
8 Sept 2006drilling progress report● Neutral
Growler-1 is drilling out the casing shoe for a leak off test before drilling ahead in 8½ inch hole. No new results; the target and ten-well program are restated.
8 Sept 2006capital raising announcement● Neutral
The Share Purchase Plan closing date is extended a third time, to 5:00pm WST on 25 September 2006 (previously 11 September). No reason or amount raised is given.
7 Sept 2006drilling progress report● Neutral
Growler-1 is finishing casing at 589 m and installing blowout preventers. Nothing new; the up to 16 million barrel target and ten-well program are restated.
6 Sept 2006drilling progress report● Neutral
Growler-1 (Victoria operator, 40%) has 9 5/8 inch casing set at 589 m and is waiting on cement. Target remains up to 16 million barrels, if oil is present, with TD 2,079 m expected in about 15 days. No oil results yet.
6 Sept 2006investor presentation● Neutral
Victoria's corporate presentation for the Good Oil Conference, 6 September. The visible text is mostly general energy-demand and oil-price themes; the rest is truncated, so no new company figures can be confirmed.
6 Sept 2006drilling progress report▲ Good
White Sands reports Primero-1 (Victoria 40% free carried) set casing at 282 m and will drill ahead from 493 m into the deeper Reids Dome Beds. The shallow Cattle Creek gas flare of 2.8 mmcfd needs retesting after casing; a commercial review is under way.
5 Sept 2006drilling result▲ Good
Origin confirms Jingemia-8 found an oil-saturated Dongara Sandstone at 2,482 m, about 30 m above the original oil-water contact. The reservoir is not in pressure communication with the rest of the field. The well will be completed and connected. Victoria holds 5%.
5 Sept 2006drilling progress report● Neutral
Growler-1 has drilled to 612 m and is preparing to run 9 5/8 inch casing. No oil results yet; the target is up to 16 million barrels, if oil is present.
5 Sept 2006drilling result▲ Good
ARC re-releases Origin's 5 September update: Jingemia-8 (Victoria 5%) found the entire Dongara Sandstone oil-saturated, about 30 m above the original oil-water contact, and not in pressure communication with the rest of the field. Casing is being run. Repeats known results.
5 Sept 2006drilling result▲ GoodMajor
Wireline logs show Jingemia-8's entire 27 m Dongara Sandstone (2,482-2,509 m) is oil saturated, and apparently separate from the rest of the field. It will be cased as a producer. Victoria (5%) lifts its field target to 4,000-5,000 bopd gross.
4 Sept 2006drilling progress report● Neutral
Growler-1 (PEL 104, Victoria operator 40%) began drilling, at 407 m on 4 September, with a 2,079 m target depth. P10 target is 9 to 16 million barrels, if oil is present. It cites Beach's Callawonga discovery of 2,400 bopd nearby.
1 Sept 2006drilling result▲ Good
Victoria says Jingemia-8 drilled to 2,565 m, indicating 31 m of Dongara Sandstone oil reservoir (2,478-2,509 m), about 34 m above the original oil-water contact. Wireline logs must still confirm it. Victoria holds 5%.
31 Aug 2006drilling progress report▲ Good
Origin reports Jingemia-8 reached 2,565 m. The Dongara Sandstone is interpreted at 2,478 m, about 34 m above the original oil-water contact, subject to wireline logs. Oil result not yet confirmed.
