Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2006drilling progress report● Neutral
Mirage-2 is drilling ahead at 210 metres, the first of three Mirage development wells. Production is currently 440 barrels a day, with a target of 1,000 by mid-2006. This release lists Victoria 40%, Impress 40%, Roma 20%.
1 Feb 2006drilling progress report▼ Bad
Sun Resources relays that the Eagle North-1 sidetrack deviated back into the original junked hole at 3,598 metres, so another cement plug is being set to repeat the sidetrack. Target depth is now expected around 7-8 February, a further slip.
31 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 off bottom in the sidetrack at 3,459 metres, preparing to ream the hole before drilling ahead. Target and total depth are expected later in the week. No oil result yet.
31 Jan 2006drilling spud● Neutral
Impress Ventures announces Mirage-2 spudded on 31 January, the first well of a proposed nine-well Cooper Basin program. It lists Impress 40% and Victoria 40% (operator), which differs from the 27.5% Impress and 40% Victoria split previously recorded, and Roma 20%.
31 Jan 2006drilling spud▲ GoodMajor
Victoria as operator spudded Mirage-2 in PEL 115 on 31 January, the first of three Mirage development wells. The aim is to lift output from the current 440 barrels a day to a target of 1,000 by mid-2006.
31 Jan 2006quarterly activities report● Neutral
December quarter: net Australian production 32,924 barrels (358 a day), cash and investments $5.69 million. Plans a 12-well program over six months, including seven Cooper Basin exploration wells in March. It estimates $12 million 2006 net cash flow if development succeeds.
30 Jan 2006drilling progress report● Neutral
FAR relays that the Eagle North-1 sidetrack reached 11,285 feet (3,459 metres), with the crew changing bit. Its Schwing A-1 Louisiana well is at 10,984 feet and expected to reach total depth this week. Nothing new for Victoria.
30 Jan 2006drilling progress report● Neutral
Victoria reports the Eagle North-1 sidetrack drilled to 3,459 metres, and the crew is changing bit and assembly to drill on toward 4,145 metres. Total depth of 4,206 metres is now planned at 20 days from start. No oil result yet.
27 Jan 2006drilling progress report▼ Bad
Victoria reports the stuck drill pipe recovered except 20 metres, with a cement plug being set before sidetracking from about 3,500 metres. Drilling is expected to resume over the weekend. Planned time to total depth is now 17 days.
27 Jan 2006drilling progress report▼ Bad
Sun Resources reports Eagle North-1 still at 3,625 metres while a cement plug is set for the sidetrack. Target depth is now expected late the following week, with a further 24-hour pause for crop spraying. A further slip from earlier timing.
27 Jan 2006director officer appointment● Neutral
Victoria signed a three-year employment agreement with Managing Director John Kopcheff, backdated to 1 January 2006, paying $330,000 a year including superannuation. If terminated, he gets one month's notice and a payment for the remaining term.
25 Jan 2006drilling progress report▼ Bad
Victoria confirms Eagle North-1 pipe stuck at 3,625 metres. It will leave pipe in the hole, set cement and sidetrack from about 3,500 metres, with drilling to resume in roughly 48 hours. The Managing Director calls the delay disappointing; the 20% near-free carry is unchanged.
25 Jan 2006drilling progress report▼ Bad
Sun Resources reports Eagle North-1 pipe stuck at 3,625 metres. The pipe is being backed off and a cement plug set to sidetrack around it. Drilling is expected to resume in about 48 hours, so the 25 January total depth timing slips.
24 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports Eagle North-1 drilling ahead at 3,540 metres on 24 January, toward a 4,145 metre target and 4,206 metre total depth. No oil result yet.
24 Jan 2006drilling progress report● Neutral
Partner FAR reports Eagle North-1 drilling ahead at 11,614 feet (3,540 metres) and Schwing A-1 in Louisiana at 9,935 feet during rig repairs. Repeats earlier figures; nothing new for Victoria Petroleum.
24 Jan 2006production update▲ GoodMajor
Gross oil output from the Mirage and Ventura fields in PEL 115 (Victoria operator, 40%) reached a new high of 480 barrels a day. Victoria's total net production is now 455 barrels a day. Interpretation suggests up to 20 million barrels in place; the Mirage-2 well is planned to start about 29 January. Mirage-2 targets 1,000 barrels a day by mid-2006.
24 Jan 2006drilling progress report● Neutral
Sun Resources relays that Eagle North-1 was at 3,540 metres on 23 January, with target and total depth expected about 25 January. Restates the 13.5 to 34 million barrel Eagle range. No new result.
23 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports Eagle North-1 drilling ahead at 3,386 metres on 23 January, toward a 4,145 metre target. No new result.
23 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,386 metres on 22 January, finishing a wiper trip before drilling on. Total depth is now expected around 25 January. No oil result yet.
20 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 2,732 metres, with total depth now expected about 24 January rather than 26 January because of good progress. No oil result yet.
20 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports Eagle North-1 drilling ahead at 2,732 metres on 20 January, still aiming for 4,145 metres and a total depth of 4,206 metres. No oil result yet.
19 Jan 2006production update● Neutral
Victoria confirms Oilex's rig will convert Rookwood West-1 to a water-injection well in early February, then extended-test Donga-3. It says current net oil production is about 400 barrels a day, and the Surat work would add modest, incremental volumes. Largely repeats the 18 January rig news.
19 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports Eagle North-1 drilling ahead at 2,134 metres on 18 January toward a 4,145 metre target. No new result; the Managing Director repeats that success would bring significant cash flow.
19 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 drilling ahead at 2,134 metres on 18 January, with total depth still expected around 26 January. No oil result yet.
18 Jan 2006drilling progress report● Neutral
Sun Resources repeats the operator's report of Eagle North-1 at 1,444 metres on 17 January, with total depth expected around 26 January. It restates the Eagle resource range of 13.5 to 34 million barrels. No new result.
18 Jan 2006contract award● Neutral
Operator Oilex has contracted a workover rig from early February for the Rookwood West 1 well, to be converted for water injection, and for an extended test of Donga-3. Victoria Petroleum holds 29.69% of ATP 608P and 15% of ATP 805P.
18 Jan 2006drilling progress report● Neutral
Partner FAR reports Eagle North-1 approaching 5,000 feet, with surface casing at 2,995 feet. It also reports its Schwing A-1 Louisiana well at 8,755 feet. Nothing new for Victoria Petroleum.
18 Jan 2006joint venture update● Neutral
Operator Bow Energy says the Ensign No. 44 rig is contracted to complete Donga-3 for an extended production test in February 2006. If the flow rate is viable, a full Donga field plan will be considered. Victoria holds 15% of ATP 805P. This repeats the 18 January rig news. Note: it names Bow as operator with Oilex at 42.5%, which differs from earlier context.
18 Jan 2006drilling progress report● Neutral
Victoria Petroleum, as operator, reports Eagle North-1 drilling ahead at 1,444 metres on 17 January, heading for a target near 4,145 metres and total depth of 4,206 metres. No oil result yet; Victoria keeps its 20% near-free carry.
17 Jan 2006drilling progress report● Neutral
Sun Resources reports casing finished at 913 metres and the blowout preventer being tested before drilling resumes. Target depth is expected in about 10 more days. Routine progress, with no new result.
