31 Aug 2006drilling progress report● Neutral
ARC re-releases Origin's report that Jingemia-8 reached 2,565 m, with the Dongara Sandstone at 2,478 m pending logs. ARC cautions the implications can only be judged after logging and evaluation.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2006capital raising announcement● Neutral
The Share Purchase Plan closing date is extended a second time, now to 11 September 2006 (previously 28 August). No reason or amount raised is given.
25 Aug 2006drilling progress report● Neutral
Victoria reports Jingemia-8 at 2,281 m on 25 August, about to drill ahead toward the Dongara Sandstone at roughly 2,438 m. No new result. Restates the 4,000 bopd target and 4-8 million barrel potential.
24 Aug 2006drilling progress report● Neutral
Origin's weekly report shows Jingemia-8 (Victoria 5%) drilling ahead at 2,264 m, with surface casing set at 532 m. The target Dongara Sandstone is expected at about 2,438 m. No oil results yet.
24 Aug 2006drilling scheduled● Neutral
Victoria, as operator (40%), says Hunt Rig 3 is mobilising to Growler-1 in the Cooper Basin, with spud due 1 September to 2,079 m. The target is up to 9 million barrels, if oil is present. It starts a ten-well program over the next six months.
24 Aug 2006drilling progress report● Neutral
ARC re-releases Origin's weekly report: Jingemia-8 was drilling at 2,264 m on 24 August. Nothing new beyond the operator's report.
23 Aug 2006joint venture update▲ Good
Partner Impress reports Mirage-3 and Mirage-4 were fracture stimulated by 10 August without problems, about a month late. Pumps go in over two weeks before production starts, subject to approvals. Growler-1 is due to spud 1 September, with most likely reserves of 1 million barrels per objective.
18 Aug 2006drilling progress report● Neutral
Primero-1 reached the base of the shallow gas formation at 493 m. Gas bearing zones are more numerous than expected, and two zones give most of the flow. The initial 2.8 mmcfd flare was uncertain; a later measure at 490 m was 0.655 mmcfd. Deeper 300 bcf targets are still to be drilled.
14 Aug 2006drilling spud● Neutral
Origin, operator of the Jingemia field (Victoria 5%), began drilling Jingemia-8 on 13 August, with 536 m of hole drilled so far. It targets the Dongara Sandstone at about 2,438 m, with a planned depth of 2,560 m. This is the development well scheduled for August.
14 Aug 2006drilling spud● Neutral
Partner ARC Energy (44.141%) re-releases the operator's Jingemia-8 spud news: drilling began 13 August to 536 m, targeting the Dongara Sandstone. Victoria holds 5%. It duplicates Origin's announcement and adds only ARC's comment on its rig.
14 Aug 2006drilling spud● Neutral
Victoria confirms Jingemia-8 started on 13 August (5% interest). Its managing director says success could lift gross field output to a targeted 4,000 bopd, and the field may hold 4-8 million barrels recoverable, subject to further drilling.
9 Aug 2006capital raising announcement● Neutral
The closing date for the Share Purchase Plan (2.5 cents a share) is extended from 14 August to 28 August 2006. No reason is given and no total raised is stated.
31 July 2006investor presentation● Neutral
Corporate presentation for a Sydney upstream energy conference on 31 July-1 August. The visible content is general energy-demand and oil-price background, with company material truncated; no new announcement visible.
21 July 2006asset acquisition disposition● NeutralMajor
Victoria and Lakes Oil will each take a 33⅓% stake in new company Greenearth Energy, initially capitalised at $750,000, to bid for Victorian geothermal permits. Applications are planned for October. Victoria's share is $250,000 of stock. A new venture outside oil and gas.
18 July 2006drilling result▲ GoodMajor
Primero-1 has found more shallow gas sands, 26 m thick versus 11 m expected, with flow rising with depth. The well is likely to be completed as a future gas producer. Deeper targets, including the 300 bcf Reids Dome Beds, are still to be drilled.
13 July 2006drilling result▲ GoodMajor
Primero-1 hit a strong shallow gas flow above 2.8 million cubic feet a day at 135-142 m, from a known formation. This is an early positive sign, not the deep 300 bcf target. Victoria holds 40% free carried.
12 July 2006drilling progress report● Neutral
Primero-1 has run and cemented 13 3/8 inch casing at 119 m, with blowout preventer installed and tested. Drilling resumes to 300 m. No new results.
11 July 2006capital raising announcement● NeutralMajor
Victoria offers a Share Purchase Plan to existing shareholders at 2.5 cents a share, a 7.4% discount, for $1,000-$5,000 each. It is not underwritten and closes 14 August; no total size is stated. Funds go to exploration and development in Australia and the USA.
29 June 2006joint venture update● Neutral
Mirage-3 and Mirage-4 fracture stimulation equipment is due on site 20 July, so production starts later than the earlier late June/July timing. Pumps arrived 23 June and flowlines start 10 July. Victoria operates with 40%.
28 June 2006drilling progress report● Neutral
Primero-1 has reached its first casing point at 119.6 m, with 13 3/8 inch casing being run. Air drilling resumes to 300 m afterwards. No results yet; the 300 bcf target remains 'if gas is present'.
21 June 2006drilling scheduled▲ Good
Updated schedule shows 7 wells planned in the next three months and 14 over six months, starting with Primero-1 and Banff-1 in late July. Timing depends on rig availability and approvals. Mainly restates known plans.
14 June 2006drilling spud▲ GoodMajor
Primero-1 began drilling on 12 June at Reids Dome (PEL 231), targeting up to 300 bcf of gas, if present, at 2,700 m. Victoria holds a 40% free carried interest. This starts the long-awaited White Sands Reids Dome well.
14 June 2006joint venture update● Neutral
Operator Bow says Banff-1 (ATP 794P, up to 34 mmbbl) is now due to spud late July via a rig-sharing deal. Victoria's interest after earning is 35%. ATP 752P Wompi wells start September; grant of ATP 752P is expected shortly. Victoria ends with 25-35% there.
8 June 2006drilling progress report▼ Bad
Sun Resources relays that Eagle North-1 testing is still waiting for a completion rig and coiled tubing unit, delayed by heavy equipment demand in the Bakersfield area. No flow results. Sun holds 10% of the Eagle project.
8 June 2006drilling progress report▼ Bad
Victoria as operator says Eagle North-1 testing has not resumed because the completion rig and coiled tubing unit are not yet secured, blamed on Bakersfield equipment demand. Still no flow result, and the earlier 'encouraging' wording is gone. Up to 1,000 bopd remains the hoped-for rate.
23 May 2006drilling progress report● Neutral
Eagle North-1 production testing continues with 'encouragement' but no flow rates. The drilling rig is moving off so a cheaper completion rig can arrive, then a coiled tubing unit. Up to 1,000 bopd is still anticipated if successful; Victoria holds 20%.
23 May 2006drilling progress report● Neutral
Eagle North-1 testing continues with 'encouraging results' (no figures). The drilling rig was released 20 May; a completion rig and coiled tubing unit are being secured to continue the test. Still no flow rates.
16 May 2006drilling progress report● Neutral
Eagle North-1 lateral section has been perforated and testing is under way, but slowly because no coiled tubing unit or nitrogen is available. No flow rates reported yet.
16 May 2006drilling result▼ BadMajor
Jindivik-1 is being plugged and abandoned after low-permeability Murta and a little water in the test. Resolves the Greater Mirage extension question negatively; more appraisal sites for second half 2006. Rig to return in August for PEL 104/111 wells (Growler up to 16 mmbbl).
16 May 2006drilling progress report● Neutral
Eagle North-1 production testing of the 177-metre horizontal section continues. Results will be released at completion; up to 1,000 bopd is still anticipated if successful. No flow result yet.