Each one in plain English, with the numbers worked through for a shareholder.
8 Mar 2006drilling progress report● Neutral
Oilex says Rookwood West-1 pressure data show the Boxvale sandstone is depleted, so it suits dump flooding, though water injection was lower than expected. The rig moves to Donga-3. Victoria holds 29.69% of ATP 608P.
7 Mar 2006well test result▼ BadMajor
The Eagle North-1 vertical test failed to flow: only a small oil recovery, and the operator infers (inference from the nitrogen test) the perforations probably did not connect the Gatchell sands to the well. The venture unanimously chose a 90-150 metre horizontal lateral, now being drilled.
7 Mar 2006drilling spud● Neutral
Victoria began drilling a horizontal lateral from Eagle North-1 on 7 March, after the vertical test failed. It targets the lower Gatchell sands; up to 1,000 barrels of oil a day is anticipated if successful. Drilling is expected to take about ten days.
7 Mar 2006drilling progress report● Neutral
Mirage-3 was preparing a drill stem test of the Murta at 1,330 metres, with oil shows seen over 1,319-1330 metres. Victoria (40%) still targets lifting output from 400 to 1,000 barrels a day by mid-2006. No flow result yet.
3 Mar 2006drilling progress report● Neutral
Eagle North-1 perforations passed a pump-in test, and about 400cc of oil percolated up when the well was opened. Nitrogen-assisted cleanup is under way to induce flow; no sustained flow yet. Next update due 7 March.
3 Mar 2006drilling progress report● Neutral
Mirage-3 is completing 9 5/8 inch casing at 636 metres before drilling ahead toward 1,668 metres. No results yet.
2 Mar 2006drilling progress report● Neutral
Mirage-3 is running and cementing 9 5/8 inch casing at 636 metres. No results yet.
1 Mar 2006drilling progress report● Neutral
Mirage-3 is drilling ahead at 636 metres in 12¼ inch hole toward the Murta target at 1,316 metres. No results yet.
28 Feb 2006drilling progress report● Neutral
Victoria repeats Oilex's news that the workover rig is rigging up at Rookwood West-1 for a 5-6 day dump flood, then moves to Donga-3 for a long-term production test. Victoria holds 29.69% of ATP 608P. Nothing new.
28 Feb 2006drilling progress report● Neutral
Mirage-3 is drilling ahead at 313 metres, with a proposed total depth of 1,668 metres. Primary target is the Murta sand at 1,316 metres. Nothing new on results.
27 Feb 2006drilling spud● Neutral
Victoria began drilling the Mirage-3 development well on 27 February, targeting the Murta oil sands at 1,316 metres. It still aimed to lift Mirage field output from about 400 to 1,000 barrels of oil a day by mid-2006; Victoria holds 40%.
27 Feb 2006drilling progress report● Neutral
Oilex says the Ensign No. 44 rig is rigging up at Rookwood West-1 for a 5-6 day water injection (dump flood) to lift pressure and improve production at Rookwood South-1. It then moves to Donga-3 for a long-term production test. Victoria holds 29.69%.
27 Feb 2006drilling progress report● Neutral
Sun Resources relays that Eagle North-1 was perforated over 20 metres and is checking the perforations before unloading fluids to start flow. Results due end of week. No flow yet.
27 Feb 2006drilling progress report● Neutral
Victoria says Eagle North-1 casing was perforated over two intervals between 4,142.8 and 4,163 metres; about five more days of well cleanup precede the oil flow test. Results expected end of the week. No flow yet.
24 Feb 2006drilling progress report● Neutral
Mirage-2 is completed as a potential Murta oil well and the rig released; it is shut in awaiting a swabbing unit to bring it into production. The rig moves to Mirage-3, 400 metres northeast. No production rate yet.
23 Feb 2006drilling progress report● Neutral
Sun Resources relays that Eagle North-1 testing should start late 24 February California time, perforating 4,143.7-4,163.6 metres for a five-day flow test. Success would lead to a 300 metre horizontal side-track. No flow result yet.
21 Feb 2006drilling progress report▲ Good
Mirage-2 is running a cement bond log before the completion string. Cores from 1,322-1,337 metres show oil saturations similar to producing Mirage-1; a short flow test will judge commercial potential. Gross output is 380 bopd versus a 1,000 bopd mid-2006 target.
21 Feb 2006drilling result▼ Bad
Victoria confirms Geordie-1 (10%) found no commercial hydrocarbons at 2,475.8 metres and will be abandoned, the first of its 8-well 2006 Cooper program. Management says minor shows prove hydrocarbons are present in PEL 88 and remains confident of a future oil pool.
21 Feb 2006drilling result▼ BadMajor
Geordie-1 is a dry hole: logs and sidewall cores at 2,475.8 metres showed no commercial hydrocarbons and it will be plugged and abandoned. The first of Victoria's 8-well 2006 Cooper program fails; Victoria held 10%.
21 Feb 2006drilling progress report▲ Good
Eagle North-1 casing is cemented at 4,217 metres; about four days of preparation precede flow testing of the Gatchell sand. Logs show up to 13.4 metres net oil pay, similar to Mary Bellocchi-1; up to 1,000 bopd anticipated if a horizontal side-track succeeds. No flow yet.
21 Feb 2006drilling result▼ Bad
Enterprise Energy (10% partner) repeats the operator's report: Geordie-1 at 2,475.8 metres found no commercial hydrocarbons and will be plugged and abandoned. Nothing new.
21 Feb 2006drilling result▼ Bad
Sundance, a 45% partner, repeats that Geordie-1 logs and sidewall cores showed no commercial hydrocarbons and the well will be plugged and abandoned. Nothing new for Victoria, which holds 10%.
20 Feb 2006joint venture update● Neutral
FAR (15% Eagle partner) repeats that Eagle North-1 is cased to 4,217 metres, with up to 13.4 metres net oil pay and a five-day test planned. Nothing new for Victoria.
20 Feb 2006drilling progress report▲ Good
Victoria reports 7 inch casing run to 4,217 metres at Eagle North-1; about four days of preparation precede flow testing. Refined logs give up to 13.4 metres net oil pay (4,143-4,164 m), up from 7 metres. Flow rate still unproven.
20 Feb 2006drilling progress report● Neutral
Sundance repeats the operator's report: Geordie-1 reached a revised total depth of 2,475.8 metres with only minor hydrocarbon indications in the Poolowanna and Tinchoo, to be checked by wireline logs.
20 Feb 2006drilling progress report● Neutral
Enterprise Energy repeats the operator's report: Geordie-1 at revised total depth of 2,475.8 metres, only minor hydrocarbon indications, wireline logs to follow. Nothing new.
20 Feb 2006drilling progress report● Neutral
Victoria reports Geordie-1 reached total depth of 2,475.8 metres with minor hydrocarbon shows in the Poolowanna and Tinchoo; logs are being run. Victoria holds 10%. No result yet.
20 Feb 2006drilling progress report● Neutral
Mirage-2 has 7 inch casing set and the rig is nippling up the blowout preventer; it is being completed as a potential Murta oil well. A short flow test will assess commercial production. No flow result yet.
20 Feb 2006drilling progress report● Neutral
Operator reports Geordie-1 reached revised total depth of 2,475.8 metres with only minor hydrocarbon indications in the Poolowanna and Tinchoo. Wireline logs will evaluate them. Victoria holds 10%.
20 Feb 2006drilling progress report▲ Good
Sun Resources relays that 7 inch casing is set at 4,217 metres on Eagle North-1 and flow testing is expected to start late Thursday. Refined log analysis lifts net oil pay to up to 13.4 metres (4,143-4,164 m), from 7 metres.
