12 Apr 2006drilling progress report● Neutral
Lightning-1 is drilling out from the 641-metre casing shoe to continue toward 2,007 metres. Targets are unchanged: the Murta and deeper Permian gas and oil. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2006drilling progress report● Neutral
Lightning-1 is cementing 9 5/8 inch casing at 641 metres. Targets remain the Murta at 1,307 metres and Permian Patchawarra at 1,927-1,967 metres, with total depth planned at 2,007 metres. No results yet.
10 Apr 2006drilling spud● NeutralMajor
Lightning-1 began drilling on 7 April in PEL 115, testing a potential 23 million barrels of Murta oil in place plus deeper Permian targets of up to 130 bcf gas or 18 million barrels. Planned total depth is 2,007 metres in 14 days.
7 Apr 2006investor presentation● Neutral
Victoria presented 'A Major Player in the Cooper Basin' to the SA Chamber of Mines. The visible text repeats known facts, including gross Mirage output of 430 barrels a day in March and a planned 1,000 in July. No new results.
3 Apr 2006drilling progress report▲ Good
Mirage-4 is being completed, to be perforated 1,320-1,338 metres. The first Mirage phase of three wells all found Murta hydrocarbons; production testing is due by mid-June. The rig moves to Lightning-1, which also targets deeper gas and oil.
31 Mar 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 operations were halted after continuing mechanical problems and hole deterioration, and a new sidetrack was started at 4,028 metres. A conservative curve, liner and roughly 320-metre lateral are now planned, then a test. No oil result yet.
31 Mar 2006drilling progress report● Neutral
Mirage-4 finished drilling at 1,447 metres and is preparing to run wireline logs. The Murta is still interpreted as 20 metres above the lowest known oil, pending logs. The up to 1,000 barrels a day by mid-2006 target is repeated.
31 Mar 2006drilling progress report● Neutral
Victoria, as operator, said Eagle North-1 horizontal drilling restarted as a new sidetrack from 4,028 metres using a conservative medium radius curve. A 4.5 inch liner and then a 320-metre horizontal bore were planned, with up to 1,000 barrels a day anticipated if successful. No result yet.
30 Mar 2006investor presentation● Neutral
Victoria attached a presentation on its 20 years of US exploration and production, for a conference on 31 March. It is background on US history and markets; the visible text shows no new results or figures.
30 Mar 2006well test result● Neutral
Mirage-4 reached total depth of 1,447 metres. Drill stem test 1 over the Murta recovered only 3 barrels of oil-cut mud, a small recovery. The well will be logged and completed for production testing, so its real rate is still unknown.
29 Mar 2006drilling progress report● Neutral
Drill stem test 1 is under way in the Mirage-4 Murta over 1,319-1,337 metres. The company repeats that the well came in high with oil shows and the up to 1,000 barrels a day target. No result yet.
28 Mar 2006drilling progress report● Neutral
Mirage-4 is pulling out to run drill stem test 1 over the Murta from 1,319 to 1,337 metres, after oil shows continued for a further 9 metres. No test result yet; logs still to confirm the high interpretation.
27 Mar 2006drilling progress report▲ Good
Mirage-4 has oil shows in the Murta sands, drilled to 1,337 metres, and is interpreted as the highest Murta intersection in the field, 20 metres above the lowest known oil. A drill stem test follows; wireline logs must confirm the interpretation.
24 Mar 2006drilling progress report● Neutral
Mirage-4 is drilling ahead below 648 metres after testing the blow-out preventers. The production target is now stated as up to 1,000 barrels a day by mid-2006, back up from 800, and now tied to success at the follow-on Lightning and Jindivik wells.
23 Mar 2006drilling progress report● Neutral
Mirage-4 ran and cemented 9 5/8 inch casing to 648 metres and is installing blow-out preventers. Target remains up to 800 barrels a day by mid-2006 from the current 400. No results yet.
22 Mar 2006drilling progress report● Neutral
Impress's release repeats that Mirage-4 is preparing to run casing to 650 metres, with Victoria's target of up to 800 barrels a day by mid-2006. Impress's chairman says Lightning and Jindivik could allow up to 1,000 barrels a day. No results yet.
22 Mar 2006drilling progress report● Neutral
Mirage-4 is preparing to run 9 5/8 inch casing to 650 metres. Victoria's target is up to 800 barrels a day by mid-2006. No results yet.
21 Mar 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 horizontal drilling was delayed by mud motor, tool and mud circulation problems, still at 4,131 metres a week on. The plan is now a roughly 300-metre lateral, then a test. No oil result yet.
21 Mar 2006drilling progress report▼ Bad
Victoria confirms Eagle North-1 horizontal drilling is delayed by mud motor, tool and circulation problems, still at 4,131 metres. It now plans a lateral of about 300 metres, then a test; up to 1,000 barrels a day is still anticipated if successful.
21 Mar 2006drilling progress report● Neutral
Mirage-4 drilled to 650 metres and is preparing to run casing. The production target is now stated as up to 800 barrels a day by mid-2006, lowered from the earlier 1,000 target. No results yet.
20 Mar 2006drilling spud● Neutral
Drilling started on Mirage-4 on 19 March, targeting the Murta at 1,325 metres. It is the next Mirage development well after Mirage-3, with Victoria (40%) still targeting 1,000 barrels a day by mid-2006.
16 Mar 2006production update▲ Good
Victoria confirms Donga-3 is producing 40-70 barrels a day of oil from 100-120 barrels of fluid, with a one-month production test under way. It says Victoria's total net oil production is now about 420 barrels a day.
16 Mar 2006half year report▲ Good
Half-year to 31 December 2005 shows a profit of $538,319 against a $3.9m loss a year earlier. Cash was $5.43m and net assets $20.4m. The report notes the 115 million shares issued at 3 cents raised $3.45m.
15 Mar 2006investor presentation● Neutral
Victoria presented a Cooper Basin update at an industry forum, repeating known facts: 13 permits, up to 9 wells in 2006, and Mirage and Ventura output. It adds a June exploration program and Banff-1 in Queensland in May. No new results.
15 Mar 2006production update▲ Good
Oilex reports Donga-3 on pump since 11 March, with total fluid stabilising around 100-120 barrels a day, of which 40-70 is light oil. Victoria holds 15% of ATP 805P. This lists Bow and Oilex at 42.5% each, consistent with the earlier Bow release.
13 Mar 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 horizontal drilling resumed after rig mechanical problems and is at 4,131 metres, still building the curve toward the Gatchell target. A drill stem test follows once the lateral is drilled. No flow result yet.
13 Mar 2006drilling progress report▲ Good
Mirage-3 is being completed as a Murta oil producer after 7 inch casing was run to 1,653 metres, to be perforated at 1,320-1,330.5 metres. Victoria (40%) still targets 1,000 barrels a day by mid-2006. No production rate yet.
10 Mar 2006drilling progress report● Neutral
Mirage-3 reached total depth of 1,661 metres and is pulling out to run logs. It repeats the earlier Murta test of about 324 barrels a day. No new results.
9 Mar 2006drilling progress report● Neutral
Mirage-3 is drilling ahead at 1,566 metres toward the deeper Birkhead and Hutton targets, repeating the earlier 324 barrels-a-day Murta test. Total depth is planned at 1,668 metres. No new results.
8 Mar 2006well test result▲ Good
Mirage-3's first test of the Murta flowed 27 barrels of clean oil in two hours, equal to about 324 barrels a day. Similar to producing Mirage-1, it extends the Mirage oil pool north; Victoria holds 40%.