13 Feb 2006drilling progress report● Neutral
FAR repeats Victoria's Eagle North-1 update: 4,136 metres in the sidetrack, drilling ahead to target. FAR holds 15%. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2006drilling result▲ GoodMajor
Impress says Mirage-2 found an oil-saturated Murta section similar to producing Mirage-1, with oil indications from 1,322 to 1,337 metres in two cores. The well will be drilled to about 1,620 metres, then completed. Early positive sign for the development program.
13 Feb 2006drilling result▲ GoodMajor
Victoria reports oil shows in two Murta cores at Mirage-2 (1,322-1,337 metres), preliminarily similar to producing Mirage-1. Logs and core analysis will test their significance. Drilling continues at 1,374 metres toward 1,687 metres. Quoted gross output is now 400 barrels a day.
13 Feb 2006drilling progress report● Neutral
Enterprise Energy repeats the operator's Geordie-1 report: spudded 10 February, 754 metres, testing blow-out preventers. First reservoir zone is expected about seven days after spud. Victoria holds 10%. Nothing new.
13 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 4,136 metres, with the target and total depth of 4,206 metres expected within 5-6 hours, after which logging and coring follow. No oil result yet.
13 Feb 2006drilling progress report● Neutral
Eagle North-1 is at 4,136 metres in the sidetrack, just short of the target, now stated as 4,148 metres. Total depth remains 4,206 metres. Oil confirmation still awaits logs and testing.
13 Feb 2006drilling spud● Neutral
Cooper Energy reports Geordie-1 (PEL 88) spudded 10 February and is at 754 metres, with 9 5/8-inch casing set at 751 metres. Planned depth is 2,600 metres. Victoria holds 10%. This confirms the spud expected around 9 February.
10 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,848 metres in the sidetrack, drilling toward the 4,145 metre target, expected at the weekend. No oil result yet.
10 Feb 2006drilling progress report● Neutral
Mirage-2 is preparing to core at 1,311 metres, just above the Murta target at 1,318 metres; drilling resumes to 1,687 metres afterwards. No result yet.
10 Feb 2006drilling progress report● Neutral
Eagle North-1 is drilling ahead at 3,836 metres in the sidetrack toward the 4,145 metre target. The distance from Mary Bellocchi-1 is now given as 366 metres rather than 400. No oil result yet.
9 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 1,211 metres toward the Murta target at 1,318 metres, total depth 1,687 metres. Quoted current gross output is now 420 barrels a day, down from 440 previously. No result yet.
9 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,696 metres in the sidetrack, drilling ahead, with target and total depth expected at the end of the week. No oil result yet.
9 Feb 2006drilling progress report● Neutral
Eagle North-1 is drilling ahead at 3,696 metres in the sidetrack toward the 4,145 metre target. No oil result yet.
8 Feb 2006drilling progress report● Neutral
Sun Resources repeats Victoria's Eagle North-1 update: 3,627 metres in the sidetrack after a trip to remove the directional motor. It expects target and total depth by the end of the week. No oil result yet.
8 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 953 metres toward the Murta target at 1,310 metres. Still the first of three development wells, aiming to lift output from 440 to 1,000 barrels a day by mid-2006. No result yet.
8 Feb 2006drilling progress report● Neutral
Eagle North-1 is at 3,627 metres in the sidetrack, running back in with a new bit toward the 4,145 metre target. Victoria keeps its 20% interest with a near-free carry. No oil result yet.
7 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 750 metres. No oil result yet; the program still targets 1,000 barrels a day by mid-2006.
7 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,564 metres in the sidetrack, directionally drilling to 3,627 metres before a trip to change assembly. Target depth is expected by the end of the week. No oil result yet.
7 Feb 2006drilling progress report● Neutral
Victoria reports Eagle North-1 drilling ahead at 3,565 metres in the new sidetrack toward 4,145 metres. Drilling is back under way after the second sidetrack. No oil result yet.
6 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 is at 3,407 metres in the new sidetrack hole, running back in with a new assembly. Target is 4,145 metres and total depth 4,206 metres. No oil result yet.
6 Feb 2006drilling progress report● Neutral
Mirage-2 has set surface casing and is preparing to drill ahead from 636 metres. No oil result yet.
6 Feb 2006drilling progress report● Neutral
Victoria reports Eagle North-1 in the new sidetrack at 3,407 metres, running back in to resume drilling toward 4,145 metres. Planned time to total depth is unchanged at 24 days. No oil result yet.
6 Feb 2006drilling result● Neutral
FAR reports its Schwing A-1 Louisiana well reached 11,650 feet; three Upper Bolmex sands show no oil and the well is being plugged and abandoned. Eagle North-1's new sidetrack was drilled to 11,371 feet. FAR holds 18.3% in Schwing, with no Victoria interest.
3 Feb 2006drilling progress report● Neutral
Mirage-2 is preparing to run surface casing at 636 metres. No oil result yet; the well remains the first of three development wells.
3 Feb 2006drilling progress report● Neutral
Eagle North-1 is pulling out of the hole to pick up an assembly to sidetrack from 3,407 metres. Planned time to total depth remains 24 days. No oil result yet.
3 Feb 2006drilling scheduled● Neutral
Cooper Energy's memorandum says Geordie-1 in PEL 88 should spud around 9 February to 2,600 metres. Victoria holds 10% and the well costs A$2.3 million gross. Cooper Energy estimates a 15% chance of commercial discovery, with 7.5 million barrels mean undiscovered. New exposure for Victoria.
2 Feb 2006drilling progress report● Neutral
FAR reports Eagle North-1 is preparing a new sidetrack after the first one hit the original obstruction. Its South Louisiana Schwing A-1 well is drilling at 11,547 feet, with logs due late in the week. Nothing new for Victoria.
2 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 587 metres. Same program as before: first of three development wells, aiming to lift output from 440 to 1,000 barrels a day by mid-2006. No result yet.
2 Feb 2006drilling progress report● Neutral
Eagle North-1 is waiting on cement to set before resuming sidetrack drilling toward 4,145 metres. Planned time to total depth stays at 24 days from the 12 January start. Victoria keeps its 20% near-free carried interest.
1 Feb 2006drilling progress report▼ Bad
Victoria reports the new Eagle North-1 sidetrack drilled back into the original wellbore, so a new cement plug must be set and the sidetrack redone. Planned time to total depth is now 24 days, a second setback.