Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2006drilling progress report● Neutral
Lakes Oil (15% Eagle partner) repeats that the rig is rigging up at Eagle North-1, with drilling due 11 January. It also reports its own Banjo 1A core hole in Victoria resuming. No new Eagle result and nothing material for Victoria Petroleum.
10 Jan 2006joint venture update▲ GoodMajor
Victoria Petroleum and Sun Resources each hold 37.5% of a new Texas Gulf Coast joint venture with Wandoo Energy (25%). The two partners fund a US$360,000 six-month seismic evaluation. In return they have first right to earn 75% of any prospects, which Sun says are mainly gas.
9 Jan 2006drilling scheduled● Neutral
Partner Sun Resources says the rig is now rigging up at Eagle North-1, with drilling due about 11 January. The vertical well targets 4,200 metres in roughly 14 days, followed by a 300-metre horizontal side-track. This updates the delay reported on 5 January.
9 Jan 2006drilling scheduled▲ Good
Victoria Petroleum, as operator, says the drilling rig has arrived at Eagle North-1 and drilling should start 11 January. It holds 20% with a near-free carry through testing of the horizontal well. Management says up to 1,000 barrels a day are anticipated if the horizontal well succeeds.
4 Jan 2006drilling scheduled● Neutral
Sun Resources, a 10% partner, says the rig for Eagle North-1 (San Joaquin Basin, California) is being serviced and should start rigging up within a week. The Eagle Oil Pool is estimated at a mean 13.5 million barrels, up to 34 million barrels at P10. Victoria Petroleum operates.
