Each one in plain English, with the numbers worked through for a shareholder.
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.
15 May 2006drilling result▼ BadMajor
Jindivik-1 reached 1,700 metres. The Murta test recovered a little water, and the reservoir is low permeability, unlike Mirage-1. Mirage-3/4 production now late June/July, goal over 600 bopd this year versus the earlier 1,000 bopd target.
12 May 2006drilling progress report● Neutral
Jindivik-1 cut Core #2 (1,322-1,335 metres) and is running in to drill stem test the 1,314-1,335 metre interval. No test result yet.
11 May 2006drilling progress report● Neutral
Jindivik-1 recovered Core #1 (1,314-1,322 metres) showing minor oil fluorescence. Core #2 is next, then an open-hole drill stem test. Weak early sign for the Murta.
10 May 2006drilling progress report● Neutral
Jindivik-1 pulled out of the hole at 1,314 metres to fetch a core barrel and core the Murta sands. No results yet.
9 May 2006drilling progress report● Neutral
Jindivik-1 drilling ahead at 1,136 metres toward the primary Murta target at 1,313 metres. No new results.
8 May 2006drilling progress report● Neutral
Eagle North-1 lateral stopped at 4,386 metres because 'running sands' blocked further drilling, short of the planned 4,600 metres. Company reads this as good reservoir. A 177-metre production test follows; up to 1,000 bopd is anticipated if successful. No flow result yet.
8 May 2006drilling progress report● Neutral
Jindivik-1 drilling ahead at 642 metres after setting 9 5/8 inch casing at 633 metres. No new results.
8 May 2006drilling progress report● Neutral
Sun Resources relays that Eagle North-1 drilling stopped at 4,386 metres because of 'running sands'. A 177-metre section will be production tested, about four days. Success would be a 4 to 6 fold improvement on the 223 bopd 1986 vertical well. No flow result yet.
5 May 2006drilling progress report● Neutral
Jindivik-1 drilling ahead at 548 metres toward the Murta target at 1,313 metres. No new results.
4 May 2006drilling spud● NeutralMajor
Jindivik-1 spudded 3 May in PEL 115 to test whether the Murta oil pool extends across Mirage-Lightning-Jindivik (23 million barrels oil in place concept). Primary Murta target at 1,313 metres; planned total depth 1,683 metres. Victoria 40% operator.
1 May 2006other● Neutral
FAR's global update mostly covers Canada and China. Its Eagle section repeats Victoria's 26 April report (lateral at 4,308 metres, oil inflow) and notes drilling a 4.5 inch hole at 14,295 feet. No new Eagle information.
28 Apr 2006quarterly activities report▲ Good
March quarter: net oil 34,925 barrels (388 bopd, up 8%), sales revenue $4.1m. Cash and listed investments $9.3m (cash $3.2m). Mirage/Ventura at 410 bopd gross; Mirage target up to 1,000 bopd in 2006 after mid-2006 fracture stimulation. 2006 net cash flow estimate $8m.
27 Apr 2006drilling progress report▲ Good
Eagle North-1 lateral reached 4,308 metres with good oil shows over 11 metres and oil inflow on a flow check, so mud weight is being raised. About 320 metres of lateral remain, a further seven days; delays are acknowledged as drilling and equipment challenges. No test yet.
27 Apr 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 lateral was restarted at 4,285 metres after survey tool problems cost a week. At 4,303 metres oil flowed into the hole, so mud weight is being raised; drilling rate rose from 8 to 70 feet an hour, suggesting good sand.
27 Apr 2006drilling progress report● Neutral
Partner Lakes Oil (15%) relays Victoria's report: Eagle North-1 lateral at 4,308 metres with good oil shows and oil inflow on a flow check, mud weight being raised. Repeats known information; no new result.
21 Apr 2006drilling progress report● Neutral
Lightning-1 is at 2,007 metres heading to 2,016 metres in basement. The Patchawarra (1,909-1,962 metres) showed gas only in overlying coals, with no obvious hydrocarbons in the target sands; logs will decide. The well will be suspended as a future Murta oil producer.
21 Apr 2006drilling result● Neutral
Impress says Lightning-1 achieved its main aim, finding Murta oil, but the deeper Patchawarra does not appear to hold hydrocarbons, subject to logs. The well will be cased and suspended, then the rig moves to Jindivik-1. Permian hopes look dimmed.
20 Apr 2006drilling progress report● Neutral
Lightning-1 was drilling ahead at 1,833 metres, approaching the Permian Patchawarra target sands at 1,927-1,967 metres. No new results.
19 Apr 2006drilling progress report● Neutral
Lightning-1 was running back in the hole to drill on from 1,640 metres toward the Permian Patchawarra targets at 1,927-1,967 metres. Total depth remains 2,007 metres. No new results.
19 Apr 2006other● Neutral
FAR's global update mainly covers Canada, Louisiana and China projects. Its Eagle section only repeats Victoria's 17 April report of 4.5 inch casing set at 4,281 metres and good oil shows. No new Eagle information.
18 Apr 2006drilling progress report● Neutral
Eagle North-1 sidetrack has set 4.5 inch casing at 4,281 metres after good oil shows from 4,255 metres. It will now drill a 320-metre lateral to about 4,600 metres; up to 1,000 barrels a day is anticipated if successful. No test result yet.
18 Apr 2006well test result● Neutral
Lightning-1 found Murta oil shows over 1,317-1,331 metres, but the open-hole test recovered only two barrels of oil-cut mud, no water. Company says the Murta is oil bearing here, though a link to the Greater Mirage pool still needs confirming. Drilling on to Permian at 1,640 metres.
18 Apr 2006drilling progress report▲ Good
Eagle North-1 sidetrack hit good oil shows in the target lower Gatchell sand from 4,255 metres. A 4.5 inch liner is to be set, then a 320-metre lateral toward Mary Bellocchi-1; up to 1,000 barrels a day is still anticipated if successful. No flow result yet.
18 Apr 2006drilling progress report▲ Good
Sun Resources reports the Eagle North-1 sidetrack landed in the target Gatchell sand at 4,255 metres, with about 30 metres of good oil shows. A 320-metre lateral and test through slotted liner follow; no flow result yet.
18 Apr 2006drilling progress report▲ Good
Partner Impress repeats Lightning-1 Murta results (two barrels oil-cut mud, oil shows) and says the reservoir is the same 15 metres gross thickness as in the Mirage wells. It sees support for oil across Greater Mirage, to be evaluated after Jindivik-1.
13 Apr 2006drilling progress report● Neutral
Lightning-1 in PEL 115 was drilling ahead at 992 metres, heading for the Murta at 1,307 metres and deeper Permian targets. Plan remains total depth 2,007 metres in 14 days. No results yet.
